Gujarat Kidney and Super Speciality was fully subscribed on the first day of bidding, garnering 1.47 times overall demand, reflecting strong interest from and non-institutional investors.
The non-institutional investors’ portion was subscribed 1.97 times, while the retail category saw robust demand at 4.70 times. Qualified institutional buyers bid 0.34 times.
The ₹251-crore IPO opened for public subscription today and will close on December 24, 2025. The issue is priced in a band of ₹108 to ₹114 per share and comprises an entirely fresh issue of up to 2.2 crore equity shares. Shares of the company are proposed to be listed on both the and the .
Nirbhay Capital Services is the sole book-running lead manager to the public issue.
Ahead of the public issue, Gujarat Kidney and Super Speciality raised a little over ₹100 crore from anchor investors. The anchor book attracted 10 investors, including Venus Investments, Khandelwal Finance Pvt Ltd, Nexus Global Opportunities Fund, and Sunrise Investment Opportunities Fund. The company allocated around 87.73 lakh equity shares at an anchor price of ₹114 per share, aggregating to ₹100.01 crore.
Use of proceeds
The proceeds from the IPO will be used primarily to support the company’s expansion and inorganic growth plans. These include the proposed acquisition of Parekhs Hospital in Ahmedabad, part-payment for the already acquired Ashwini Medical Centre, and the setting up of a new hospital in Vadodara. Funds will also be deployed for purchasing robotics equipment for the Vadodara facility, repayment of debt, pursuing unidentified acquisitions, and meeting general corporate purposes.
Gujarat Kidney and Super Speciality operates a chain of mid-sized multi-speciality hospitals in central Gujarat.
Brokerage view and listing expectations
Brokerage firms tracking the issue have largely maintained a positive outlook, citing the company’s regional presence, expanding hospital network, and plans to strengthen its tertiary care capabilities. However, some analysts have also advised investors to factor in execution risks associated with acquisitions and new hospital projects.
In terms of listing expectations, market participants anticipate a moderate debut, supported by healthy retail demand and a largely subscribed book on the first day, though the final outcome is expected to hinge on participation from institutional investors in the remaining days of the issue.