Gujarat Kidney & Super Speciality IPO
Gujarat Kidney & Super Speciality Ltd. is launching a Book-Built SME IPO of Rs. 250.80 crore, comprising an entirely fresh issue of 2,20,00,000 equity shares.
The IPO opens on December 22, 2025 and closes on December 24, 2025.
The allotment is expected on December 26, 2025, and the tentative listing is scheduled on December 30, 2025, on BSE SME / NSE SME.
The price band is Rs. 108 to Rs. 114 per share.
The lot size is 128 shares.
(Retail application likely to be 1 lot, subject to final exchange norms.)
Lead Manager: Nirbhay Capital Services Pvt. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
🕗 Last Update: 16 December 2025, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Dec 22, 2025 – Dec 24, 2025 |
| Listing | BSE SME, NSE SME |
| Face Value | Rs. 2 per share |
| Price Band | Rs. 108 to Rs. 114 |
| Lot Size | 128 shares |
| Issue Size | 2,20,00,000 shares (Rs. 250.80 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Cap (Pre-IPO) | To be declared |
| Issue Type | Book Building IPO |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Mon, Dec 22, 2025 |
| IPO Close | Wed, Dec 24, 2025 |
| Allotment | Fri, Dec 26, 2025 |
| Refunds | Mon, Dec 29, 2025 |
| Shares in Demat | Mon, Dec 29, 2025 |
| Listing Date | Tue, Dec 30, 2025 |
| UPI Cut-off | 5 PM, Dec 24, 2025 |
Reservation Structure
| Investor Category | Allocation |
|---|---|
| QIB | Not less than 75% |
| NII (HNI) | Not more than 15% |
| Retail | Not more than 10% |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 128 | Rs. 14,592 |
| Retail (Max)* | — | — | As per exchange norms |
| *Final limits subject to exchange circular. |
Company Financials (Rs. in Crore)
| Period | 30-Jun-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 61.59 | 55.34 | 20.53 | 3.87 |
| Total Income | 15.27 | 40.40 | 5.48 | 0.00 |
| PAT | 5.40 | 9.50 | 1.71 | -0.01 |
| EBITDA | 8.63 | 16.55 | 1.95 | -0.01 |
| Net Worth | 30.56 | 25.71 | 10.80 | 0.37 |
| Borrowings | 4.03 | 3.88 | 1.94 | — |
Growth Snapshot:
Revenue grew 637%, while PAT surged 454% between FY24 and FY25.
Key Performance Indicators (FY25)
| KPI | Value |
|---|---|
| ROE | 36.61% |
| ROCE | 37.65% |
| RoNW | 36.61% |
| Debt / Equity | 0.15 |
| PAT Margin | 23.61% |
| EBITDA Margin | 41.12% |
About the Company
Incorporated in 2019, Gujarat Kidney & Super Speciality Ltd. (GKASSL) is a multispeciality healthcare provider offering secondary and tertiary care services across Gujarat.
The company operates 7 multispeciality hospitals and 4 pharmacies, with a total bed capacity of 490 beds (approved: 455 beds; operational: 340 beds). Its hospitals are located in Vadodara, Godhra, Bharuch, Borsad and Anand.
GKASSL has a strong focus on renal sciences and urology, along with services in internal medicine, general surgery, minimally invasive procedures, orthopaedics & trauma, joint replacement, obstetrics & gynaecology, cardiology (non-interventional), diabetology, respiratory care and anaesthesiology.
As on June 30, 2025, the company employed 89 doctors, 332 nurses and 338 other staff.
Competitive Strengths
-
Strong pre-eminence in renal sciences & urology
-
Asset-light model with focus on Central Gujarat
-
Ability to attract & retain skilled medical professionals
-
Proven operational and financial growth track record
Objects of the Issue
| S. No. | Purpose | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Acquisition of Parekhs Hospital, Ahmedabad | 77.00 |
| 2 | Part-payment for Ashwini Medical Centre | 12.40 |
| 3 | Capex for new hospital at Vadodara | 30.10 |
| 4 | Robotics equipment (Vadodara unit) | 6.83 |
| 5 | Repayment/prepayment of borrowings | 1.20 |
| 6 | Inorganic growth & general corporate purposes | — |
| 7 | Additional stake in Harmony Medicare Pvt. Ltd. | 10.78 |
Company Contact
Gujarat Kidney & Super Speciality Ltd.
Lead Manager
Nirbhay Capital Services Pvt. Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉️ gujaratkidney.ipo@in.mpms.mufg.com
🌐 https://linkintime.co.in/Initial_Offer/public-issues.html
Chanakya IPO Review (Short)
Gujarat Kidney & Super Speciality stands out with exceptional revenue and PAT growth, high ROE/ROCE above 36%, and a very low debt-to-equity ratio of 0.15. The healthcare expansion strategy through acquisitions and new hospitals provides long-term visibility, though execution and valuation comfort post price discovery will be key.
Chanakya View: Fundamentally strong healthcare SME. Suitable for medium-to-long-term investors; listing gains will depend on subscription and overall market sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
