Gujarat Kidney IPO Day 1 Highlights: Issue booked 1.47 times on first day — GMP signals 6% listing pop

Gujarat Kidney IPO was subscribed on the first day, garnering 1.47 times bids. Retail portion was booked 4.70 times, NII quota 1.97 times and the QIB segment 34%.

By 2:54 PM on the first day of bidding, the public issue had been subscribed 0.94 times, the retail portion had been booked 3.83 times, whereas the NII segment had been filled 1.23 times.

As per the offer document, the company has shown Yatharth Hospital, GPT Healthcare, KMC Speciality Hospitals, as its listed peers. They are currently trading at a P/E of 44.0, 26.7, and 39.9 (as of December 16, 2025). However, they are not truly comparable on an apple-to-apple basis. This comparison appears to be an eyewash.

The company has not declared any dividends for the referred periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.

The company operates through using leased property in Gujarat Multispecialty Hospital in Godhra and Gujarat Kidney and Superspeciality Hospital in Vadodara. In the past, it had acquired operational control in Raj Palmland Hospital Private Limited in Bharuch, M/s Surya Hospital and ICU in Borsad, Gujarat Surgical Hospital in Vadodara and Harmony Medicare Private Limited in Bharuch through acquisition of 51%, 90%, 90% and 51% holding respectively. Such acquisition of holding had allowed it to operate hospital without investing in land and building, medical equipment and necessary furniture and fixtures.

The company's reputation, experienced management team, investment in medical technology, continual upgradation of its knowledge and sharing best practices has helped it to become a preferred choice for medical treatment, among masses. This has also helped it attract and retain talented healthcare professionals for its operations, which in turn draws more patients to its facilities and provides an added advantage.

By 1:54 PM on the first day of bidding, the public issue had been subscribed 0.81 times, the retail portion had been booked 3.25 times, whereas the NII segment had been filled 1.06 times.

Post-listing, Gujarat Kidney would be competing against its peers like Yatharth Hospital, GPT Healthcare, KMC Speciality Hospitals, etc.

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.

By 1:00 PM on the first day of bidding, the public issue had been subscribed 0.68 times, the retail portion had been booked 2.82 times, whereas the NII segment had been filled 0.84 times.

“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,” Swastika Investmart report says.

It appears that post this issue, primary markets on the main board are likely to take a short holiday hopefully. It would be a good time to look at the over 103 issues listed in the year so far and final number of 105 that would complete the tally for 2025.

By 12:00 PM on the first day of bidding, the public issue had been subscribed 0.54 times, the retail portion had been booked 2.27 times, whereas the NII segment had been filled 0.65 times.

'The objects of the offer include two acquisitions. The first is of Parekhs Hospital Pvt Limited and the second is of Ashwini Medical Centre, both of which are operating hospitals in Gujarat. Further, the company since filing the DRHP has acquired another hospital, Harmony Medicare in the current first half of FY26," said Arun Kejriwal, Founder of Kejriwal Research and Investment Services.

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.

By 11:15 AM on the first day of bidding, the public issue had been subscribed 0.41 times, the retail portion had been booked 1.80 times, whereas the NII segment had been filled 0.45 times.

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.

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.

Ahead of the IPO launch, Gujarat Kidney raised slightly over ₹100 crore from anchor investors. According to a circular filed with the BSE on Friday, the anchor portion attracted investments from 10 entities, including Venus Investments, Khandelwal Finance Pvt Ltd, Nexus Global Opportunities Fund, and Sunrise Investment Opportunities Fund.

By 10:45 AM on the first day of bidding, the public issue had been subscribed 0.31 times, the retail portion had been booked 1.37 times, whereas the NII segment had been filled 0.33 times.

The IPO consists entirely of a fresh issue of up to 2.2 crore equity shares, with no offer-for-sale (OFS) component. The company plans to use the funds for acquiring Parekhs Hospital in Ahmedabad, part-payment towards the acquisition of Ashwini Medical Centre, setting up a new hospital in Vadodara, and purchasing robotic equipment for the Vadodara facility. The funds will also be used for debt repayment, pursuing inorganic growth through potential acquisitions, and meeting general corporate expenses.

Gujarat Kidney IPO price band has been fixed at ₹108 to ₹114 per share.

Gujarat Kidney's ₹251-crore initial public offering (IPO) has opened for bidding today, December 22, as the new week kicked off on Dalal Street. The mainboard offering will be available for bidding till December 24.

According to market observers, shares of the company are available at a premium of ₹7 in the grey market today.

Gujarat Kidney IPO mobilised a little over ₹100 crore from anchor investors days before the launch of the offer.

The anchor book saw participation from 10 entities, including Venus Investments, Khandelwal Finance Pvt Ltd, Nexus Global Opportunities Fund, and Sunrise Investment Opportunities Fund, according to a circular uploaded on BSE's website on Friday.

The company has allocated a little over 87.73 lakh equity shares at an anchor price of ₹114 per equity share, totalling ₹100.01 crore, it added.