| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹108 to ₹114 | 128 | 22nd Dec, 2025 –24th Dec, 2025 | ₹250.00 Cr |
Gujarat Kidney & Super Speciality Ltd
Gujarat Kidney and Super Speciality Limited is a regional healthcare services provider headquartered in Vadodara, Gujarat, operating a chain of mid-sized, multi-speciality and super-speciality hospitals focused on secondary and tertiary care. The company has a strong presence across central, north and south Gujarat and, on a consolidated basis, operates seven hospitals and four in-hospital pharmacies, with a total bed capacity of ~490 beds, approved beds of ~445, and operational beds of ~340 as of June 30, 2025. The company offers a comprehensive range of medical services spanning general medicine, general and laparoscopic surgery, orthopaedics, obstetrics and gynaecology, pulmonology, diabetology and critical care, as well as super-specialities such as nephrology, urology, cardiology, neurology, oncology, gastroenterology, and renal transplant services. Nephrology and urology are the group’s core strengths, with Gujarat Kidney Hospital authorised to perform renal transplants and having successfully performed multiple transplants to date. The integrated care model, supported by in-house diagnostics, ICUs, HDUs and pharmacies, enables improved clinical outcomes, higher patient retention and operational efficiencies. The company has strategically focused on under-penetrated healthcare markets within Gujarat, leveraging its deep understanding of regional patient behaviour and the medical ecosystem. Growth has been driven by a combination of organic expansion and acquisitions, including majority or controlling stakes in multiple hospitals over the last few years, allowing the company to scale rapidly while maintaining capital efficiency. The company is also expanding its footprint through the development of a women’s healthcare hospital in Vadodara and the acquisition of Parekh’s Hospital Private Limited in Ahmedabad.
Objective of the Gujarat Kidney & Super Speciality Ltd IPO
The net proceeds from the fresh issue will be used towards the following purposes:
- Proposed acquisition of Parekhs Hospital at Ahmedabad;
- Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre;
- Acquisition of additional shareholding in subsidiary namely “Harmony Medicare Private Limited at Bharuch;
- Funding of capital expenditure requirements of Company towards setting up of a new hospital in Vadodara; and
- General corporate purposes.
Rationale To Gujarat Kidney & Super Speciality Ltd IPO
Strong leadership in renal sciences, aided by a comprehensive urology sub-superspeciality platform
The companies have a strong reputation and profound clinical expertise in renal sciences, positioning them well to capitalize on the rising demand for quality tertiary healthcare services in India. Over the years, it has built a robust chain of multispeciality hospitals offering advanced care, with particular strength in urology and nephrology. In the initial years of operations at its flagship Gujarat Kidney Hospital, the company successfully established multiple urology sub-specialties, including endourology, urologic oncology, pediatric and reconstructive urology, renal transplant, laparoscopic and female urology, creating a strong foundation in high-acuity renal care. This clinical depth has been added by a strong focus on minimally invasive and laparoscopic surgeries, with the laparoscopic department at the Gujarat Multispeciality Hospital in Godhra established in 2023 and the successful execution of complex procedures such as nephrectomies, radical prostatectomies, hysterectomies, and other advanced laparoscopic interventions across hospitals. The company has further diversified into other complex specialties, including oncology, gynecology, orthopedics and joint replacement, neurosurgery, and plastic and reconstructive surgery, supported by laparoscopic capabilities across all its hospitals. Recognizing favorable demographic trends, rising affordability, higher health awareness, and the growing burden of lifestyle-related diseases, the company has also expanded into cardiology, with in-house interventional cardiology units at its Vadodara and Godhra hospitals offering a comprehensive range of invasive cardiac procedures. Backed by robust infrastructure and the extensive experience of its promoters and medical team, the company has demonstrated the ability to scale specialized, complex procedures across multiple disciplines.
Asset-light regional hospital platform focused on Central Gujarat
The company follows an asset-light hospital expansion strategy, primarily operating through leased facilities and acquiring controlling stakes in existing hospitals, which allows it to scale operations without significant capital investment in land, buildings, or core infrastructure. By acquiring majority or controlling interests in hospitals across Bharuch, Borsad, Vadodara, and Anand, the company has rapidly expanded its footprint while maintaining capital efficiency and improving return ratios. This approach is being further reinforced through the proposed acquisition of Parekh’s Hospital Private Limited in Ahmedabad, funded from IPO proceeds, which is expected to add operational capacity under the same asset-light framework. Strategically, the company remains focused on the central Gujarat healthcare market, where its presence across multiple cities has enabled a deep understanding of local patient behavior, referral patterns, and medical talent, in a region that remains underserved in terms of quality and affordable healthcare. Favorable hospital locations in densely populated catchments improve accessibility and brand recall, while operational right-sizing and procurement synergies have supported EBITDA-positive operations, underscoring the scalability and profitability of the business model.
Valuation of Gujarat Kidney & Super Speciality Ltd IPO
Gujarat Kidney and Super Speciality Limited operates in the structurally strong Indian hospital sector, which has grown rapidly, driven by rising prevalence of lifestyle diseases, an ageing population, increasing insurance penetration, and higher healthcare spending, with Gujarat remaining an under-penetrated market offering significant long-term opportunity. The company follows a regional cluster-based strategy, operating mid-sized multi-speciality hospitals focused on secondary and tertiary care, with a strong presence in high-margin super-specialities such as nephrology, urology, renal transplants and cardiology, supported by in-house diagnostics and pharmacies. The company’s strategy focuses on scaling its asset-light hospital model through selective acquisitions and operational control of existing hospitals, enabling faster expansion with lower capital intensity and superior return ratios. It aims to deepen its presence in high-margin super-specialities such as renal sciences, urology, cardiology and minimally invasive surgeries, while improving bed utilization and operational efficiencies across its network. On a pro forma consolidated basis, the company reports healthy profitability and return ratios, with EBITDA margins of ~24% and low leverage, and compares favourably with listed peers despite its smaller scale. Overall, the company’s outlook remains positive, braced by strong demand for chronic and specialty healthcare, expansion of bed capacity and specialties, increasing insurance coverage and government healthcare support in Gujarat. At the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.
What is the Gujarat Kidney & Super Speciality Ltd IPO?
The initial public offer (IPO) of Gujarat Kidney & Super Speciality Ltd offers an early investment opportunity in Gujarat Kidney & Super Speciality Ltd . A stock market investor can buy Gujarat Kidney & Super Speciality Ltd IPO shares by applying in IPO before All Gujarat Kidney & Super Speciality Ltd shares get listed at the stock exchanges. An investor could invest in Gujarat Kidney & Super Speciality Ltd IPO for short term listing gain or a long term.
How to apply for the Gujarat Kidney & Super Speciality Ltd IPO through StoxBox?
To apply for the Gujarat Kidney & Super Speciality Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Gujarat Kidney & Super Speciality Ltd IPO open?
Gujarat Kidney & Super Speciality Ltd IPO is opening on 22nd Dec 2025. Apply Now
What is the lot size of the Gujarat Kidney & Super Speciality Ltd IPO?
The Lot Size of Gujarat Kidney & Super Speciality Ltd IPO is 128 equity shares. Login to your account now.
When is the Gujarat Kidney & Super Speciality Ltd allotment date?
The allotment Date for Gujarat Kidney & Super Speciality Ltd IPO is 26th Dec 2025. Login to your account now.
When is the Gujrat Kidney & Super Speciality Ltd IPO listing date?
The listing Date for Gujarat Kidney & Super Speciality Ltd IPO is 29th Dec 2025. Login to your account now
What is the minimum investment required for the Gujarat Kidney & Super Speciality Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,592. Login to your account now
What is the maximum investment allowed for the Gujarat Kidney & Super Speciality Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,89,696. Login to your account now
What are the risks associated with investing in the Gujarat Kidney & Super Speciality Ltd IPO?
The company intends to deploy a portion of the IPO proceeds to acquire a stake in Parekh’s Hospital Private Limited and subsequently assume its management and operations. Any delays, inability to complete the acquisition on the agreed terms, or challenges in post-acquisition integration could adversely impact the company’s expansion plans, operational performance, and future growth prospects.
The company’s expansion plans, including the construction of a new hospital, are subject to risks of delays in regulatory approvals, execution, and capital expenditure procurement. As orders for such capex are yet to be placed, there is no assurance that equipment and infrastructure can be sourced promptly or at commercially viable prices, which could delay project commissioning and impact returns.
Given the company’s limited operating history at its current scale and structure, its ability to compete effectively with established healthcare players remains uncertain.
When will the Gujarat Kidney & Super Speciality Ltd IPO shares be credited to my Demat account?
The Gujarat Kidney & Super Speciality Ltd IPO be credited to the account on allotment date which is 30th Dec 2025. Login to your account now
Where can I find the Gujarat Kidney & Super Speciality Ltd IPO prospectus?
The prospectus of Gujarat Kidney & Super Speciality Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
