The Gujarat Kidney and Super Speciality IPO marks another important healthcare listing in the Indian primary market. As a mid-sized multispeciality hospital chain, the company is looking to raise growth capital to expand its hospital footprint, strengthen technology adoption, and pursue inorganic acquisitions.
Healthcare IPOs often attract long-term investors due to stable demand, defensive business nature, and rising healthcare spending in India. In this Finowings IPO analysis, we break down everything investors should know before applying.
Gujarat Kidney and Super Speciality IPO Overview
The Gujarat Kidney and Super Speciality IPO opens for public subscription from December 22 to December 24, while the anchor book opens on December 19. The IPO is offered at a price band of Rs 108 to Rs 114 per share, with a face value of Rs 2 per share.
At the upper price band, the company is targeting a post-listing market capitalisation of around Rs 899 crore, positioning it as a mid-cap healthcare player in the listed space.
Issue Structure and Investor Categories Explained
The IPO consists entirely of a fresh issue of 2.2 crore equity shares, with no offer for sale component. This means all the funds raised will directly go into the company for expansion and balance sheet strengthening.
- Qualified Institutional Buyers (QIBs): 75%
- Non-Institutional Investors (NIIs): 15%
- Retail Investors: 10%
Retail investors must apply for a minimum of 128 shares, requiring an investment of Rs 14,592 at the upper price band. For non-institutional investors, the minimum application size is significantly higher, reflecting the mid-sized nature of the issue.
About Gujarat Kidney and Super Speciality
Gujarat Kidney and Super Speciality is promoted by Pragnesh Yashwantsingh Bharpoda and operates as a regional healthcare platform with a growing footprint in Gujarat.
The company currently runs seven multispeciality hospitals and four pharmacies, with a combined bed capacity of 490 beds. Its hospital network focuses on delivering specialised and tertiary care services, catering to rising urban and semi-urban healthcare demand.
Business Model and Healthcare Focus
The company operates in a high-demand healthcare segment, offering multispeciality hospital services supported by in-house pharmacies. This integrated model helps improve patient retention, operational efficiency, and ancillary revenue streams.
With increasing lifestyle diseases, ageing population trends, and rising insurance penetration, demand for organised hospital chains continues to grow steadily.
Financial Performance: Sharp Improvement in Profitability
Gujarat Kidney and Super Speciality has shown significant improvement in financial performance, particularly in FY25.
For the quarter ended June 2025, the company reported revenue of Rs 15 crore and profit after tax of Rs 5.4 crore. On a full-year basis, FY25 profit rose sharply to Rs 9.5 crore, compared to Rs 1.7 crore in the previous year.
Revenue also witnessed a strong jump to Rs 40 crore, up from Rs 4.8 crore earlier. This growth reflects expansion benefits, improved utilisation, and better operational leverage, though investors should assess sustainability over the medium term.
Objects of the Gujarat Kidney and Super Speciality IPO
A major strength of this IPO lies in its clearly defined growth objectives.
- Acquisition of Parekhs Hospital in Ahmedabad
- Increase in stake in subsidiary Harmony Medicare in Bharuch
- Partial acquisition of Ashwini Medical Centre
- Construction of a new hospital in Vadodara
- Investment in robotics medical equipment
- Partial repayment of borrowings
- General corporate purposes
Industry Outlook: Healthcare as a Structural Growth Sector
India’s healthcare sector is considered a long-term structural growth story, driven by rising income levels, urbanisation, government healthcare initiatives, and growing private sector participation.
Mid-sized hospital chains like Gujarat Kidney can benefit from regional dominance, faster execution, and focused specialty care, especially in under-penetrated cities.
Competitive Landscape and Risks
Gujarat Kidney and Super Speciality operates in a competitive hospital industry, facing competition from both regional players and large listed hospital chains.
- Execution risks in acquisitions and expansions
- Maintaining consistent patient inflows
- Rising operational and staffing costs
- Dependence on skilled medical professionals
Any delay in expansion projects could impact near-term profitability.
Gujarat Kidney and Super Speciality IPO – Lead Manager & Timeline
The IPO is managed by Nirbhay Capital Services, acting as the sole merchant banker. IPO allotment is expected to be finalised on December 26, with shares likely to be listed on the stock exchanges from December 30.
Should You Invest in Gujarat Kidney and Super Speciality IPO?
The Gujarat Kidney and Super Speciality IPO offers exposure to a fast-growing regional healthcare platform with improving profitability and an aggressive expansion strategy.
The absence of an OFS is a positive, as all funds are directed toward growth. However, given the company’s relatively short operating history and competitive industry dynamics, this IPO may be more suitable for investors with moderate risk appetite and a long-term view.
Finowings IPO Verdict
Gujarat Kidney and Super Speciality presents a healthcare growth opportunity backed by strong recent financial momentum and clear capital deployment plans. While execution risks remain, the company’s focus on capacity expansion, acquisitions, and technology adoption could drive long-term value creation.
As always, investors should consult a registered financial advisor before investing.
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