Investors are watching the Gujarat Kidney and Super Specialty IPO closely as it now trades about 3.5% higher than the top of its price range in the grey market.
Grey market price movement
The issue is currently priced at roughly ₹118 per share, which is a ₹4 premium over the upper band of ₹114. This suggests the shares could open at a higher price on the stock exchange.
Subscription details
On the first day of bidding, the IPO was oversubscribed by 1.47 times overall. Demand broke down as follows:
- Retail investors: 4.70 times the 22 lakh shares allotted to them.
- Non‑institutional investors (NII): 1.97 times the 33 lakh shares offered.
- Qualified institutional buyers (QIB): 34% of the 33 lakh shares allocated.
Company overview
Gujarat Kidney runs seven multi‑speciality hospitals and four pharmacies in central Gujarat. The network has 490 beds (340 currently in use) and offers services such as urology, orthopaedics, cardiology, gynaecology and critical care. As of June 2025, the group employs 89 doctors, over 330 nurses and 300 support staff.
Financial performance
The company’s revenue jumped to ₹40.4 crore in FY25 from ₹5.48 crore in FY24. Net profit rose to ₹9.5 crore from ₹1.71 crore, and EBITDA margins improved to about 41%. Return on capital employed stood at 37.65%.
Valuation concerns
At the top of the price band, the IPO values the business at roughly 61.6 times earnings, far higher than peers like Yatharth Hospital, GPT Healthcare and KMC Specialty Hospitals. Analysts note that such a high multiple may be hard to justify given the company’s relatively small size.
Use of proceeds
Funds raised will mainly be used for expansion:
- Buying Parekhs Hospital in Ahmedabad.
- Increasing the stake in Harmony Medicare, Bharuch.
- Setting up a new hospital in Vadodara.
- Purchasing advanced medical and robotic equipment.
- Partial debt repayment and general corporate purposes.
Analyst view
Swastika Investmart advises caution. The firm points out the aggressive 61× P/E multiple and the risk that a smaller player may face execution or integration challenges. They suggest that conservative investors wait for the stock’s price to settle after listing.
Key dates
- Subscription period ends: 24 December 2025
- Allotment expected: 26 December 2025
- Listing on BSE & NSE: 30 December 2025
Disclaimer
Remember, this is perspective, not prediction. Do your own research and consider your risk tolerance before investing.