What is the story about?
The initial public offering (IPO) of mid sized multispeciality hospital chain Gujarat Kidney and Super Speciality
will open for subscription on Monday, December 22, and will close on December 24.
Ahead of the issue opening, the company has raised ₹100 crore from anchor investors.
Prominent participants in the anchor round include Venus Investments VCC Venus Stellar Fund, Khandelwal Finance, Craft Emerging Market Fund PCC Citadel Capital Fund, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund PCC Arnesta Global Fund 1, Zeta Global Funds Zeta Series C Fund PC, Innovative Vision Fund, Religo Commodities Ventures Trust, and Sunrise Investment Trust.
The IPO is priced in a band of ₹108 to ₹114 per share, with a face value of ₹2 each.
In the unlisted market, the shares are currently commanding a grey market premium of around ₹7, which suggests potential listing gains of about 6.14%. However, grey market premiums are only indicative and tend to fluctuate sharply.
Retail investors can bid for a minimum of one lot comprising 128 shares, translating into an investment of ₹14,592 at the upper end of the price band. Applications can be made in multiples of 128 shares thereafter.
At the upper end of the price band, Gujarat Kidney and Super Speciality is expected to list with a market capitalisation of around ₹899 crore.
The issue allocation comprises 75% for Qualified Institutional Buyers, 15% for non institutional investors, and the remaining 10% reserved for retail investors.
For small HNIs, the minimum application size is 1,792 shares, requiring an investment of ₹2,04,288. Big HNIs will need to bid for at least 8,832 shares, amounting to an investment of ₹10 lakh.
The IPO consists entirely of a fresh issue of 2.2 crore equity shares, with no offer for sale component.
Promoter Pragnesh Yashwantsingh Bharpoda led Gujarat Kidney currently operates seven multispeciality hospitals and four pharmacies, with a total bed capacity of 490. Of the IPO proceeds, ₹77 crore will be utilised for the acquisition of Parekhs Hospital in Ahmedabad, while ₹10.78 crore will be used to acquire additional stake in subsidiary Harmony Medicare at Bharuch.
In addition, ₹12.4 crore will go towards part payment for the already acquired Ashwini Medical Centre, ₹30 crore will be invested in setting up a new hospital in Vadodara, ₹6.8 crore will be spent on procuring robotic equipment, and ₹1.2 crore will be used to repay certain borrowings.
The remaining funds will be deployed for inorganic growth opportunities and general corporate purposes.
On the financial front, the company reported a profit of ₹5.4 crore and revenue of ₹15 crore for the June 2025 quarter. For FY25, profit surged to ₹9.5 crore from ₹1.7 crore in the previous year, while revenue jumped sharply to ₹40 crore from ₹4.8 crore.
Nirbhay Capital Services is the sole merchant banker to the issue.
The company is scheduled to finalise the basis of allotment on December 26, with shares expected to list on the exchanges on December 30.
Ahead of the issue opening, the company has raised ₹100 crore from anchor investors.
Prominent participants in the anchor round include Venus Investments VCC Venus Stellar Fund, Khandelwal Finance, Craft Emerging Market Fund PCC Citadel Capital Fund, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund PCC Arnesta Global Fund 1, Zeta Global Funds Zeta Series C Fund PC, Innovative Vision Fund, Religo Commodities Ventures Trust, and Sunrise Investment Trust.
The IPO is priced in a band of ₹108 to ₹114 per share, with a face value of ₹2 each.
In the unlisted market, the shares are currently commanding a grey market premium of around ₹7, which suggests potential listing gains of about 6.14%. However, grey market premiums are only indicative and tend to fluctuate sharply.
Retail investors can bid for a minimum of one lot comprising 128 shares, translating into an investment of ₹14,592 at the upper end of the price band. Applications can be made in multiples of 128 shares thereafter.
At the upper end of the price band, Gujarat Kidney and Super Speciality is expected to list with a market capitalisation of around ₹899 crore.
The issue allocation comprises 75% for Qualified Institutional Buyers, 15% for non institutional investors, and the remaining 10% reserved for retail investors.
For small HNIs, the minimum application size is 1,792 shares, requiring an investment of ₹2,04,288. Big HNIs will need to bid for at least 8,832 shares, amounting to an investment of ₹10 lakh.
The IPO consists entirely of a fresh issue of 2.2 crore equity shares, with no offer for sale component.
Promoter Pragnesh Yashwantsingh Bharpoda led Gujarat Kidney currently operates seven multispeciality hospitals and four pharmacies, with a total bed capacity of 490. Of the IPO proceeds, ₹77 crore will be utilised for the acquisition of Parekhs Hospital in Ahmedabad, while ₹10.78 crore will be used to acquire additional stake in subsidiary Harmony Medicare at Bharuch.
In addition, ₹12.4 crore will go towards part payment for the already acquired Ashwini Medical Centre, ₹30 crore will be invested in setting up a new hospital in Vadodara, ₹6.8 crore will be spent on procuring robotic equipment, and ₹1.2 crore will be used to repay certain borrowings.
The remaining funds will be deployed for inorganic growth opportunities and general corporate purposes.
On the financial front, the company reported a profit of ₹5.4 crore and revenue of ₹15 crore for the June 2025 quarter. For FY25, profit surged to ₹9.5 crore from ₹1.7 crore in the previous year, while revenue jumped sharply to ₹40 crore from ₹4.8 crore.
Nirbhay Capital Services is the sole merchant banker to the issue.
The company is scheduled to finalise the basis of allotment on December 26, with shares expected to list on the exchanges on December 30.
