Gujarat Kidney & Super Speciality Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹108 – ₹114
Lot Size
128
₹14,592
Face Value
₹2
Listing Price
₹123
Important Dates
Open Date
22 Dec 2025
Close Date
24 Dec 2025
Allotment
26 Dec 2025
Refund
29 Dec 2025
Listing
30 Dec 2025
About Company
Incorporated in 2019, Gujarat Kidney & Super Speciality Ltd (GKASSL) provides multispeciality healthcare services including secondary and tertiary care across multiple locations in Gujarat.
The company operates seven multispeciality hospitals and four pharmacies in Gujarat.
Its hospitals collectively have 490 total beds, 455 approved beds and 340 operational beds as of June 30, 2025.
Key hospitals include Gujarat Kidney & Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara) and Ashwini Medical Centre (Anand).
The company also operates Ashwini Medical Store in Anand.
Service offerings include internal medicine, general surgery, minimally invasive procedures, orthopaedics and trauma care, joint replacement, obstetrics and gynaecology, respiratory care, non-interventional cardiology, diabetology and anaesthesiology.
As of June 30, 2025, the company employed 89 doctors, 332 nurses and 338 other staff.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Proposed acquisition of Parekhs Hospital at Ahmedabad. | ₹77 |
| 2 | Part-payment of purchase consideration for the already acquired Ashwini Medical Centre. | ₹12.4 |
| 3 | Funding of capital expenditure requirements towards setting up of a new hospital in Vadodara. | ₹30.1 |
| 4 | Buying robotics equipment for Gujarat Kidney & Super Speciality Hospital in Vadodara. | ₹6.83 |
| 5 | Full or part repayment and/or prepayment of certain outstanding secured borrowings. | ₹1.2 |
| 6 | Funding inorganic growth through unidentified acquisitions and general corporate purposes. | ₹87.44 |
| 7 | Acquisition of additional shareholding in subsidiary Harmony Medicare Private Limited at Bharuch. | ₹10.78 |
Financial Performance
Share Reservations
QIB
16,50,00,000
Anchor
87,73,120
NII
3,30,00,000
Retail
2,20,00,000
Employee
0
Total
22,00,00,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Large-Scale Healthcare IPO with Pure Fresh Issue
The ₹251 crore IPO is entirely a fresh issue, aimed at funding acquisitions, new hospital capex, robotics equipment, debt repayment and inorganic growth.
Impact: HighStrong Growth in Revenue and Profitability
Revenue increased significantly from FY 2024 to FY 2025, with PAT rising from ₹1.71 crore to ₹9.50 crore, indicating rapid scaling.
Impact: HighHealthy Return Ratios with Low Leverage
Key metrics include ROE and RoNW of 36.61% and a debt-to-equity ratio of 0.15 as of March 31, 2025, reflecting strong profitability with modest debt.
Impact: HighIssue Valuation Considered Expensive
Pre-IPO P/E stands at about 61.62x and post-IPO P/E at 41.59x, leading the analyst review to term the issue greedily priced.
Impact: LowRegional Focused Multispeciality Platform
The company’s asset-light, acquisition-driven model in central Gujarat provides scale benefits but concentrates geographic risk.
Impact: ModerateSWOT Analysis
AI-generated strategic view
Strengths
- •Pre-eminence in renal sciences with strong expertise in nephrology and urology.
- •Asset-light business model with focus on central Gujarat and use of leased facilities and inorganic acquisitions.
- •Ability to attract and retain skilled and experienced medical professionals.
- •Track record of operating and financial performance with strong growth in recent years.
Weaknesses
- •Boosted margins from FY24 onwards raise concerns about sustainability in a highly competitive and fragmented healthcare market.
- •Issue considered greedily priced based on recent financials and valuation metrics.
- •Geographic concentration in central Gujarat increases regional exposure risk.
Opportunities
- •Growing demand for quality secondary and tertiary care in tier-2 and tier-3 cities of Gujarat.
- •Planned expansion through acquisition of Parekhs Hospital in Ahmedabad and new hospital in Vadodara.
- •Deployment of robotics equipment to enhance surgical capabilities and attract higher value procedures.
- •Inorganic growth opportunities through acquisitions and consolidation in regional healthcare.
Threats
- •Intense competition from established hospital chains and regional players.
- •Regulatory changes in healthcare and pricing controls can impact profitability.
- •Dependence on specialist doctors and medical professionals for service quality.
- •High execution risk in planned acquisitions and new hospital projects.
Gujarat Kidney & Super Speciality Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Yatharth Hospital & Trauma Care Services Ltd | 14.72 | 14.83 | 88.05 | 55.84 | 8.13 | Consolidated |
| GPT Healthcare Ltd | 6.08 | 12.26 | 40.71 | 24.51 | 20.14 | Consolidated |
| KMC Speciality Hospitals (India) Ltd | 1.31 | 9.25 | 23.16 | 52.6 | 13.04 | Consolidated |
Gujarat Kidney & Super Speciality Ltd - Documents & Links
Registrar
Company contact
Gujarat Kidney & Super Speciality Ltd
Address: Plot No. 1, City Survey No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara, Gujarat, 390020
info@gujaratsuperspecialityhospital.comhttp://www.gujaratsuperspecialityhospital.com/Lead managers
Frequently Asked Questions
Common questions about Gujarat Kidney & Super Speciality Ltd IPO.