Updated: December 18, 2025 — Gujarat Kidney and Super Speciality Ltd has finalised the price band for its upcoming mainboard IPO, setting the stage for a ₹251 crore public issue that will open next week. The offer is entirely a fresh issue—meaning the company (not selling shareholders) will receive the proceeds—at a time when investors are tracking healthcare listings closely for both growth visibility and execution risks. The Economic Times
Gujarat Kidney and Super Speciality IPO: price band, dates, and key application details
The company has fixed the IPO price band at ₹108–₹114 per equity share. The public issue is scheduled to open on December 22, 2025 and close on December 24, 2025. The Economic Times
For retail investors, the lot size is 128 shares, which implies a minimum application value of ₹14,592 at the upper end of the band (128 × ₹114). The Economic Times
The broader timeline currently indicated across market trackers and issuer-linked schedules is:
- Anchor book: expected to open December 19, 2025 (one-day window) Moneycontrol
- Allotment finalisation: December 26, 2025 Zerodha
- Listing: December 30, 2025 on BSE and NSE Zerodha
Issue size, structure, and valuation: what the IPO is really selling
Gujarat Kidney and Super Speciality’s IPO is a book-built mainboard issue of up to 2.2 crore equity shares, aggregating to roughly ₹250.8 crore at the top price (often rounded to ₹251 crore). Notably, the offer is 100% fresh issue with no Offer for Sale (OFS) component. Moneycontrol
On valuation, multiple reports peg the implied post-issue market value at around ₹899–₹900 crore at the top end of the price band—useful context for investors comparing the issue to listed hospital peers and other healthcare plays. Moneycontrol
Allocation mix: why retail is only 10% here
The company’s disclosed allocation split is 75% for QIBs, 15% for NIIs, and 10% for retail. Market trackers also show a sizeable anchor portion within the institutional bucket—consistent with the way book-built issues often structure anchor allocation as part of the QIB category. The Economic Times
Where the ₹251 crore will be used: acquisitions, capex, and high-end equipment
A major investor question for any healthcare IPO is straightforward: Will the money buy growth that compounds, or complexity that overwhelms? In this issue, the proceeds are largely positioned around expansion through acquisitions plus targeted capacity and technology upgrades.
Disclosed uses of funds include:
- ₹77 crore for the proposed acquisition of Parekhs Hospital (Ahmedabad) Moneycontrol
- ₹12.4 crore for part-payment of purchase consideration for the already acquired Ashwini Medical Centre Moneycontrol
- ₹10.78 crore for additional shareholding in subsidiary Harmony Medicare (Bharuch) Moneycontrol
- ₹30 crore towards setting up a new hospital in Vadodara (some coverage characterises this as a dedicated women’s healthcare facility) Moneycontrol
- ₹6.8 crore to purchase robotics equipment for the Vadodara hospital Moneycontrol
- ₹1.2 crore for partial repayment of certain borrowings, alongside general corporate purposes and inorganic growth initiatives Moneycontrol
Taken together, the plan leans heavily into a classic hospital-chain playbook: add beds + add specialties + add higher-ticket procedures, while using acquisitions to accelerate footprint rather than building every unit from scratch.
Company profile: a Gujarat-focused hospital network scaling beyond a single flagship
Despite the name, Gujarat Kidney and Super Speciality is positioned as a regional multi-speciality hospital chain in central Gujarat with a focus on secondary and tertiary care (including super-speciality surgical procedures). The Economic Times
As of the most recently cited operational snapshot in reporting:
- The company operates seven multi-speciality hospitals and four in-hospital pharmacies across cities including Vadodara, Godhra, Bharuch, Borsad, and Anand. The Economic Times
- It reports a total bed capacity of 490, with 445 approved beds and 340 operational beds—a gap that often signals “ramp-up potential,” but also highlights the operational work required to fully sweat assets. The Economic Times
The organisation has also outlined a wide clinical mix—ranging from internal medicine and general surgery to orthopaedics, obstetrics and gynaecology, and critical care—while continuing to emphasise super-speciality capabilities. The Tribune
Operationally, staffing scale is frequently a proxy for how fast a chain can expand without compromising quality. One profile notes that, as of June 30, 2025, the company employed 89 doctors, 332 nurses, and 338 other staff. The Tribune
Financial snapshot: rapid growth off a smaller base
Financially, coverage highlights a sharp step-up in scale.
For the year ended March 31, 2025, revenue from operations has been reported at about ₹40.24 crore, with net profit around ₹9.5 crore. For the quarter ended June 30, 2025, reporting points to revenue around ₹15.26 crore and net profit about ₹5.4 crore. The Economic Times
A key takeaway investors often draw from such numbers is not just growth, but growth quality—how much of the expansion is coming from better occupancy and case mix, versus one-offs. Some profiles also highlight a high profit-after-tax margin in the June 2025 quarter, underscoring why the market tends to watch sustainability closely once a hospital network starts adding beds and integrating acquisitions. The Tribune
GMP check on December 18: grey market activity still muted
As of December 18, 2025, the grey market premium (GMP)—an unofficial indicator used by some traders to gauge expected listing pop—appears not meaningfully established for this IPO. Coverage notes that grey market trading is either yet to start or currently indicates no premium (around 0). The Economic Times
It’s worth stating plainly: GMP is unofficial, volatile, and not a substitute for fundamentals—particularly for a healthcare services business where execution (doctor hiring, occupancy ramp-up, payer mix, compliance) can materially influence outcomes post-listing.
What investors typically watch next: 5 practical checkpoints before the issue opens
With the subscription window still a few days away, the market’s focus usually shifts from “headline IPO details” to “execution and comparables.” Here are the checkpoints most tracked into the opening day:
- Anchor book outcome (December 19): the anchor allocation, if strong, can shape near-term sentiment. Moneycontrol
- Acquisition integration risk: Parekhs Hospital (Ahmedabad) and the Ashwini Medical Centre transaction payments are central to the stated use of proceeds; timelines and integration discipline will matter. Business Today
- Capacity ramp-up vs. operational load: the gap between total, approved, and operational beds can represent upside—if staffed and filled efficiently. Zerodha
- Capital intensity: hospitals require continuous capex (equipment, facilities, compliance); the robotics purchase signals a move toward higher-end procedures that can lift ARPOB (average revenue per occupied bed), but also raises the execution bar. Business Today
- Peer comparison and pricing discipline: coverage has pointed to listed hospital peers as a reference set, which is often where valuation debates centre once subscription starts. Moneycontrol
Bottom line
Gujarat Kidney and Super Speciality’s IPO is positioned as a Gujarat-centric hospital network seeking growth capital for a mix of acquisitions, new capacity, and technology upgrades, with a ₹108–₹114 price band and a December 22–24 bidding window. The Economic Times
Between now and the opening day, the biggest near-term signals are likely to be the anchor book response, clarity on execution timelines for the Ahmedabad acquisition and Vadodara expansion, and whether the grey market begins to price in any meaningful listing premium. Moneycontrol
