Gujarat Kidney IPO opens: Check GMP, subscription status, price band and other details — Should you bid?

Gujarat Kidney IPO Day 1: The initial public offering (IPO) of Gujarat Kidney & Super Speciality opened for subscription today, December 22. The mainboard public offering will close for bidding on Wednesday, December 24. Gujarat Kidney IPO price band has been set at ₹108-114 per share.

The multispeciality healthcare service provider aims to raise ₹250.80 crore via the IPO, which is entirely a fresh issue of 2.20 crore shares with no offer-for-sale (OFS) component.

The IPO allotment is expected on Friday, December 26, 2025, while successful applicants are likely to receive their shares on Monday, December 29. Refunds for non-allottees will also be processed on the same day. Gujarat Kidney stock is scheduled to list on the BSE and NSE with a tentative listing date of December 30, 2025.

Gujarat Kidney outlined that it would channel ₹77 crore from the IPO proceeds towards acquiring Parekhs Hospital in Ahmedabad. Meanwhile, ₹12.40 crore would go towards part-payment of the purchase consideration for Ashwini Medical Centre.

According to the RHP, the company also proposed to deploy ₹10.78 crore for acquiring additional equity in its subsidiary, Harmony Medicare Pvt. Ltd. In addition, ₹30.09 crore has been set aside to meet capital expenditure requirements for a new hospital project in Vadodara. The proceeds will also be used to purchase robotics equipment worth ₹6.82 crore, repay borrowings to the tune of ₹1.20 crore, with the balance earmarked for general corporate purposes.

The IPO has a lot size of 128 equity shares, translating into a minimum retail investment of ₹14,592 at the upper end of the price band.

Ahead of the public issue, Gujarat Kidney separately announced that it had mobilised over ₹100 crore from anchor investors. As per the exchange filing, the company allotted 87,73,120 equity shares to anchor investors at a price of ₹114 per share.

The anchor book saw participation from several marquee investors, including Venus Investments VCC – Venus Stellar Fund, Khandelwal Finance Private Limited, Craft Emerging Market Fund PCC Citadel Capital Fund, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund PCC – Arnesta Global Fund 1, Zeta Global Funds – Zeta Series C Fund PC, Innovative Vision Fund, Religo Commodities Ventures Trust and Sunrise Investment Trust.

In terms of allocation, not less than 75% of the net issue has been reserved for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for retail investors.

Nirbhay Capital Services is acting as the book-running manager to the issue, while MUFG Intime India Pvt. Ltd, formerly known as Link Intime India, has been appointed as the registrar.

Gujarat Kidney IPO GMP Today

Investor sentiment toward the IPO is decent, as Gujarat Kidney grey market premium (GMP) is ₹3 as of December 22. This suggested that the stock was likely to debut at ₹117, a premium of 2.63% over the IPO price of ₹114.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Gujarat Kidney IPO subscription status

The IPO was subscribed 0.94x by 2:55 pm on Day 1. The retail portion was subscribed 3.83x, and NII portion was booked 1.23x, Qualified Institutional Buyers (QIBs) portion hadn't received any bids till now.

The company has received bids for 1.24 crore shares against 1.32 crore shares on offer.

Gujarat Kidney IPO: Should you subscribe?

In its IPO note, Swastika Investmart urged investors to remain cautious, pointing to stretched valuations and limited near-term upside.

“The valuation looks aggressive at around 61x P/E, well above most listed hospital peers. The smaller scale also heightens risk, as execution delays or integration challenges could materially impact earnings,” the brokerage said, adding that conservative and medium-term investors may be better placed to wait for clearer post-listing price discovery before taking exposure.

About Gujarat Kidney

The Gujarat-based company is a healthcare service provider which provides secondary and tertiary care across multiple locations in the State. Gujarat Kidney operates seven multispeciality hospitals and four pharmacies with nearly 490 beds.

As per the RHP, the company reported a net profit of ₹5.40 crore in the April–June quarter of FY26. For the full year, profit stood at ₹9.49 crore in FY25, compared with ₹1.71 crore in FY24. Revenue from operations came in at ₹15.26 crore in the April–June quarter of FY26. The company posted revenues of ₹40.24 crore in FY25, sharply higher than ₹4.77 crore in FY24.

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