Gujarat Kidney and Super Speciality IPO Day 2: Issue Subscribed 2.13x; Check Subscription, GMP and Listing Details

Mumbai | December 23, 2025

Investor Demand Holds Firm on Second Day

Demand for the Gujarat Kidney and Super Speciality IPO stayed strong through second day also, led by heavy participation from retail investors. According to exchange data, the issue was subscribed 2.13 times in total, showing sustained traction.

The retail portion continued to dominate the book, subscribed 8.01 times, reflecting confidence among small investors. The non-institutional investor (NII) segment followed at 2.39 times, while the qualified institutional buyers (QIB) quota stood at 0.34 times, with larger institutional flows typically expected on the final day.

Investor Demand Holds Firm on Second Day

The Gujarat Kidney and Super Speciality IPO drew steady interest on the second day of bidding, with total subscriptions rising to 2.13 times the shares on offer. The issue, which was fully subscribed on the opening day at 1.47 times, continued to gain traction as retail investors remained active.
Sentiment around healthcare listings stayed positive, supported by the company’s focus on renal sciences and its expanding hospital network across Gujarat, themes that continue to attract long-term investors in the speciality-care space.

Grey-Market Premium (GMP) Cools Ahead of Final Day

In the unlisted market, the grey-market premium (GMP) for Gujarat Kidney shares has eased from earlier levels of ₹6 per share, now quoted around ₹4 per share, implying an estimated listing price of ₹118 versus the upper band of ₹114.

IPO Key Details

The IPO is a fresh issue of ₹250.8 crore, with the price band set at ₹108–₹114 per share. The offer closes on December 24, and shares are scheduled to list on the BSE and NSE on December 30.

Anchor Investors Provided Early Backing

Ahead of its public offering, Gujarat Kidney raised ₹100 crore from marquee anchor investors, including Nexus Global Opportunities Fund, Sunrise Investment Opportunities Fund, Venus Investments, and Khandelwal Finance Pvt Ltd.

Utilization of Proceeds

Funds raised will be used to acquire Ahmedabad-based Parekhs Hospital, expand facilities in Vadodara, repay debt, and invest in a rooftop solar power plant at its Supa facility. A portion will also go toward general corporate purposes and increasing the company’s stake in its subsidiary Harmony Medicare.

Business Overview

Founded in 2019, Gujarat Kidney and Super Speciality Ltd operates seven multi-speciality hospitals and four pharmacies across Gujarat with a total capacity of 490 beds.

Financials

The company’s financials have scaled rapidly, total income jumped to ₹40.4 crore in FY25 from ₹5.48 crore a year earlier, while profit after tax rose to ₹9.5 crore from ₹1.7 crore.
Operating margins expanded to nearly 41 percent, and return on capital employed stood at 37 percent, reflecting improving efficiency.

Peers & Valuations

Analysts suggested that at the upper end of the price band, the IPO values the company at roughly 61 times FY25 earnings, which is higher than established hospital peers like Yatharth Hospital and GPT Healthcare. Analysts say this leaves limited near-term upside unless earnings growth sustains at the current pace.

Also Read: KSH International Lists at ₹370, Debuts at 3.5% Discount

For the latest updates and detailed analysis on this IPO, stay tuned with PL Capital.