Gujarat Kidney and Super Speciality IPO to hit Dalal Street on December 22; price band set

The initial public offering (IPO) of Gujarat Kidney and Super Speciality, the mid-sized multispeciality hospitals chain, opens for subscription on December 22 and will remain available for bidding until December 24. The anchor book will open on December 19.

The company has set a fixed price band of ₹108 to ₹114 per share, with a face value of ₹2 each.

Retail investors can apply for a minimum of one lot comprising 128 shares, requiring an investment of ₹14,592 at the upper end. Bids can be placed in multiples of 128 shares thereafter.

At the top of the price band, Gujarat Kidney and Super Speciality is expected to command a post-listing market capitalisation of ₹899 crore.

Of the total issue size, 10% has been earmarked for retail investors, 75% for Qualified Institutional Buyers, and the remaining 15% for non-institutional investors.

For Small HNIs, the minimum lot size is 1,792 shares, amounting to an investment of ₹2,04,288, while for Big HNIs, the minimum bid size is 8,832 shares, requiring an investment of ₹10 lakh.

The company is raising funds entirely via fresh issue of 2.2 crore equity shares, with no offer-for-sale component.

Pragnesh Yashwantsingh Bharpoda-promoter Gujarat Kidney that operates seven multispeciality hospitals and four pharmacies with a total capacity of 490 beds will use ₹77 crore of IPO proceeds for acquisition of Parekhs Hospital at Ahmedabad, and ₹10.78 crore for acquisition of additional shareholding in subsidiary Harmony Medicare at Bharuch.

Further, ₹12.4 crore will be utilised for part-payment of purchase consideration for the already acquired Ashwini Medical Centre, ₹30 crore for setting up of a new hospital in Vadodara, ₹6.8 crore for buying robotics equipment, and ₹1.2 crore for repayment of certain borrowings.

And the remainder funds will be used for inorganic growth and general corporate purposes.

On the earnings front, Gujarat Kidney has posted a profit of ₹5.4 crore and revenue of ₹15 crore for the June 2025 quarter. Profit for FY25 rose sharply to ₹9.5 crore as against ₹1.7 crore in the previous year. Revenue during the same period jumped to ₹40 crore, up from ₹4.8 crore.

Nirbhay Capital Services is the sole merchant banker managing the Gujarat Kidney IPO.

The company will finalise IPO share allotment by December 26, and its shares will be available for trading on the exchanges, effective December 30.