Indian healthcare IPOs have started attracting investor attention due to rising demand for quality medical services, increasing insurance penetration, and a growing preference for organised hospital chains. Gujarat Kidney & Super Speciality Limited (GKASSL) is entering the primary market at a time when investors are selectively looking at niche healthcare players with scalable business models. In this detailed IPO review, we analyse Gujarat Kidney & Super Speciality IPO from all key angles – company background, business strengths, issue details, financial performance, valuation, positives, risks, GMP outlook, and finally whether this IPO is good or bad for investment.
About Gujarat Kidney & Super Speciality Limited
Incorporated in 2019, Gujarat Kidney & Super Speciality Limited is a multi-speciality healthcare services provider operating primarily in central Gujarat. The company focuses on secondary and tertiary care services with a strong presence in renal sciences and urology.
As of June 30, 2025, the company operates:
- 7 multi-speciality hospitals
- 4 pharmacies
- Total bed capacity of 490 beds
- Approved bed capacity of 455 beds
- Operational bed capacity of around 340 beds
The hospitals are spread across Vadodara, Godhra, Bharuch, Borsad, and Anand. Some of the key hospitals under the group include Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital (Bharuch), and Ashwini Medical Centre (Anand).
The company provides treatment across multiple disciplines such as internal medicine, general surgery, orthopaedics, joint replacement, obstetrics and gynaecology, minimally invasive surgeries, respiratory care, non-interventional cardiology, diabetology, and anaesthesiology.
As of June 2025, GKASSL employed:
- 89 doctors
- 332 nurses
- 338 other healthcare and support staff
Competitive Strengths of Gujarat Kidney & Super Speciality
Strong presence in renal sciences and urology
The company has built a specialised reputation in renal care, dialysis, and urology-related procedures. This niche positioning helps attract repeat patients and referrals, especially in tier-2 and tier-3 cities.
Asset-light business model
GKASSL operates largely on an asset-light model with leased hospital infrastructure and inorganic growth through acquisitions. This reduces upfront capital expenditure and improves return ratios compared to traditional hospital chains.
Focused regional strategy
Instead of spreading operations across India, the company has concentrated on central Gujarat, allowing better operational control, local brand recall, and doctor retention.
Ability to attract medical talent
The promoters are doctors themselves, which helps the company attract and retain experienced doctors and specialists, a critical success factor in the healthcare industry.
Strong recent financial growth
The company has reported sharp growth in revenue and profitability over the last two financial years, supported by expansion, acquisitions, and improved operating leverage.
Gujarat Kidney & Super Speciality IPO Issue Details
- IPO Type: Bookbuilding IPO
- Issue Size: ₹250.80 crore
- Fresh Issue: 2,20,00,000 equity shares
- Face Value: ₹2 per share
- Price Band: ₹108 to ₹114 per share
- Listing: BSE and NSE
IPO Dates
- IPO Open Date: Monday, December 22, 2025
- IPO Close Date: Wednesday, December 24, 2025
- Tentative Allotment: Friday, December 26, 2025
- Refunds Initiation: Monday, December 29, 2025
- Shares Credit to Demat: Monday, December 29, 2025
- Tentative Listing Date: Tuesday, December 30, 2025
Market Capitalisation
- Pre-IPO Market Cap: ₹898.81 crore
Gujarat Kidney IPO Lot Size and Investment Details
- Lot Size: 128 shares
Retail Investors
- Minimum Investment: 1 lot (128 shares)
- Amount: ₹14,592 (at upper price band)
- Maximum Investment: 13 lots (1,664 shares)
- Amount: ₹1,89,696
Non-Institutional Investors (NII)
- sNII Minimum: 14 lots (1,792 shares) – ₹2,04,288
- bNII Minimum: 69 lots (8,832 shares) – ₹10,06,848
Gujarat Kidney IPO Reservation Details
- QIB: Not less than 75% of the issue
- NII: Not more than 15% of the issue
- Retail Investors: Not more than 10% of the issue
Financial Performance of Gujarat Kidney & Super Speciality
Restated Consolidated Financials (₹ Crore)
- FY2023
- Total Income: 0.00
- PAT: -0.01
- FY2024
- Total Income: 5.48
- PAT: 1.71
- FY2025
- Total Income: 40.40
- PAT: 9.50
- Q1 FY2026 (June 2025)
- Total Income: 15.27
- PAT: 5.40
The company reported a 637% jump in revenue and a 454% rise in PAT between FY2024 and FY2025, indicating aggressive expansion and improved capacity utilisation.
Key Profitability Ratios (FY2025)
- EBITDA Margin: 41.12%
- PAT Margin: 23.61%
- ROE: 36.61%
- ROCE: 37.65%
- Debt to Equity: 0.15
While margins appear strong, investors should note that such high margins in hospital businesses may fluctuate as scale increases and competition intensifies.
Objects of the Gujarat Kidney IPO
The company plans to utilise IPO proceeds for:
- Acquisition of Parekhs Hospital, Ahmedabad – ₹77.00 crore
- Part payment for Ashwini Medical Centre acquisition – ₹12.40 crore
- Capital expenditure for a new hospital in Vadodara – ₹30.10 crore
- Purchase of robotics equipment – ₹6.83 crore
- Repayment/prepayment of borrowings – ₹1.20 crore
- Inorganic growth and general corporate purposes
- Acquisition of additional stake in Harmony Medicare Private Limited – ₹10.78 crore
The focus on acquisitions and expansion indicates aggressive growth plans.
Valuation and P/E Ratio Comparison
- EPS (Pre-IPO): ₹1.85
- EPS (Post-IPO): ₹2.74
- P/E at upper band (Post-IPO): ~41.6x
Peer Comparison (Indicative)
- Highest P/E among peers: 55.8x (Yatharth Hospital & Trauma Care)
- Lowest P/E among peers: 24.5x (GPT Healthcare)
- Industry Average P/E: 44.3x
Gujarat Kidney IPO appears reasonly priced compared to industry averages.
Reasons to Invest in Gujarat Kidney IPO
1. Strong demand outlook for healthcare services
India’s healthcare sector continues to benefit from ageing population, lifestyle diseases, and increasing insurance coverage, supporting long-term growth.
2. Focus on specialised renal and super speciality care
Renal care is a recurring revenue segment with high patient stickiness, which may provide stable cash flows.
3. Asset-light and acquisition-led expansion
Lower capital intensity and inorganic growth can improve return ratios if integration risks are managed well.
4. Strong recent financial growth
Sharp improvement in revenue and profitability over the last two years reflects operational scaling.
5. Low leverage
Debt-to-equity of 0.15 provides financial flexibility for future expansion.
Risk Factors and Concerns
1. Sustainability of margins
The sudden spike in EBITDA and PAT margins raises questions about long-term sustainability in a competitive healthcare market.
2. Geographic concentration risk
Operations are largely limited to central Gujarat, exposing the company to regional risks.
3. Execution risk in acquisitions
A large portion of IPO proceeds is earmarked for acquisitions, which carry integration and operational risks.
4. Highly competitive and fragmented industry
Healthcare services face intense competition from local hospitals, large chains, and government facilities.
Gujarat Kidney IPO Grey Market Premium (GMP)
As of now, Gujarat Kidney IPO GMP is unofficial and may change daily based on market sentiment. Investors should not rely solely on GMP for investment decisions, as grey market prices are speculative and unregulated.
How to Apply for Gujarat Kidney IPO
- Apply through your bank’s ASBA facility
- Use online platforms such as Zerodha, Upstox, Groww, or Angel One
- Enter bid price within ₹108–₹114
- Approve UPI mandate before 5 PM on December 24, 2025
Gujarat Kidney IPO – Should You Invest or Avoid?
Gujarat Kidney & Super Speciality IPO offers exposure to a fast-growing regional healthcare player with a niche focus on renal care. IPO price appears reasonably valued. However, recent margin expansion may not be sustainable in the long run.
Risk-averse and long-term conservative investors may consider avoiding or waiting post-listing for better clarity. High-risk investors with surplus funds may consider applying with a medium- to long-term view, keeping allocation moderate.
Frequently Asked Questions (FAQs)
What is the Gujarat Kidney IPO price band?
The price band is ₹108 to ₹114 per share.
When will Gujarat Kidney IPO open and close?
The IPO opens on December 22, 2025, and closes on December 24, 2025.
What is the minimum investment for retail investors?
₹14,592 for one lot of 128 shares.
Is Gujarat Kidney IPO good or bad for investment?
It is suitable only for high-risk investors.
When is the Gujarat Kidney IPO listing date?
Tentatively December 30, 2025.
Disclaimer
IPO investments are subject to market risks. Please read the Red Herring Prospectus (RHP) carefully before investing. Grey Market Premium (GMP) is speculative and should not be the sole basis for investment decisions. The views expressed are for educational purposes only and not investment advice.
