The Initial Public Offer (IPO) of multispeciality healthcare service provider Gujarat Kidney & Super Speciality witnessed strong demand in the 3 days of bidding. The issue was subscribed 5.21 times by the end of Day 3, which was yesterday, December 24.
The focus now shifts to its share allotment, which is likely to be finalised tomorrow, December 26. Meanwhile, the shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 29, 2022.
Investors can check their share allotment status on BSE, NSE and IPO registrar MUFG Intime India.
Ahead of the allotment, investor sentiment toward the IPO remained muted. Gujarat Kidney’s grey market premium (GMP) has stayed at to ₹0 as of December 25. This GMP indicates that the stock will likely debut at ₹114, same as IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Gujarat Kidney IPO subscription status
The IPO was subscribed 5.21x by end of Day 3. The retail portion was subscribed 19.04x, and NII portion was booked 5.73x. Meanwhile, the Qualified Institutional Buyers (QIBs) portion received 1.06x bids till now.
It received bids for 6.89 crore shares as against 1.32 crore shares on offer.
Gujarat Kidney IPO Details
Gujarat Kidney IPO was open for subscription between December 22-224. The mainboard public offering had set its price band in the range of ₹108-114 per share.
The ₹250.80 crore IPO of the multispeciality healthcare service provider was entirely a fresh issuance of 2.20 crore shares with no offer-for-sale (OFS) component.
The allotment of the issue is expected to be finalised on Friday, December 26, 2025, while successful applicants are likely to receive their shares in their Demat accounts on Monday, December 29. Refunds for non-allottees will also be processed on the same day.
As per details disclosed in the red herring prospectus (RHP), Gujarat Kidney has laid out a clear roadmap for deploying the funds to be raised through its initial public offering. The company said it intends to utilise ₹77 crore towards acquiring Parekhs Hospital in Ahmedabad, while another ₹12.40 crore will be used as part payment for the acquisition of Ashwini Medical Centre.
In addition, the RHP noted that ₹10.78 crore is proposed to be invested for purchasing additional equity in its subsidiary, Harmony Medicare Pvt. Ltd. Separately, the company has set aside ₹30.09 crore to meet capital expenditure requirements for establishing a new hospital facility in Vadodara. Gujarat Kidney also plans to deploy ₹6.82 crore for the purchase of robotics equipment and ₹1.20 crore towards repayment of borrowings. Any balance amount from the IPO proceeds will be utilised for general corporate purposes.
The issue has a lot size of 128 equity shares, which means a retail investor will need to invest a minimum of ₹14,592 for one lot at the upper end of the price band.
Ahead of the IPO opening, Gujarat Kidney announced that it had raised over ₹100 crore from anchor investors. Exchange data showed that the company allotted 87,73,120 equity shares to anchor investors at an issue price of ₹114 per share.
The anchor book saw participation from a diverse group of institutional 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 issue allocation, the company has earmarked at least 75% of the net issue for Qualified Institutional Buyers. Up to 15% of the offer has been reserved for Non-Institutional Investors, while Retail Individual Investors will be allocated up to 10% of the net issue.
Nirbhay Capital Services is acting as the book-running lead manager to the IPO. MUFG Intime India Pvt. Ltd, formerly known as Link Intime India, has been appointed as the registrar to the issue.
About Gujarat Kidney
Gujarat Kidney is a Gujarat-based healthcare company operating in the secondary and tertiary care segment, with facilities spread across multiple locations in the state. The company manages a network of seven multispeciality hospitals and four pharmacies, collectively offering nearly 490 beds.
On the financial front, the RHP showed that Gujarat Kidney posted a net profit of ₹5.40 crore during the April–June quarter of FY26. For the full year, net profit rose sharply to ₹9.49 crore in FY25, compared with ₹1.71 crore in FY24. Revenue from operations stood at ₹15.26 crore in the April–June quarter of FY26. On a full-year basis, the company reported revenue of ₹40.24 crore in FY25, marking a significant increase from ₹4.77 crore recorded in FY24.
