Ahmedabad, Dec 22: The ₹251-crore initial public offering (IPO) of Gujarat Kidney & Super Speciality Ltd (GKASSL) opened for public subscription on December 22, with the company fixing a price band of ₹108 to ₹114 per share.
The IPO, which will close on December 24, comprises an entirely fresh issue of up to 2.20 crore equity shares, with no offer-for-sale (OFS) component. Investors can bid for a minimum of 128 shares, translating into a minimum retail investment of ₹14,592 at the upper end of the price band.
Ahead of the public issue, the healthcare services provider raised ₹100 crore from anchor investors, allotting 87.73 lakh equity shares at ₹114 per share to 10 entities, including Venus Investments, Khandelwal Finance, Nexus Global Opportunities Fund and Sunrise Investment Trust, regulatory filings showed.
As per the issue structure, at least 75 per cent of the net issue has been reserved for Qualified Institutional Buyers (QIBs), while up to 15 per cent is earmarked for Non-Institutional Investors (NIIs) and up to 10 per cent for retail investors.
The company plans to deploy the IPO proceeds towards the acquisition of Parekhs Hospital in Ahmedabad, part-payment for the already acquired Ashwini Medical Centre, setting up a new hospital in Vadodara, purchase of robotics equipment, repayment of borrowings, funding inorganic growth opportunities, and for general corporate purposes.
Gujarat Kidney operates a network of seven multispeciality hospitals and four in-house pharmacies across central Gujarat, with a total capacity of 490 beds, of which 340 are currently operational. The company has a workforce of 670 employees, including 89 full-time consultants and 238 visiting consultants.
On the first day of bidding, the IPO was 31 per cent subscribed as of the morning session. The retail portion was booked 1.36 times, while the NII segment saw 33 per cent subscription. The QIB portion had not received bids at that stage.
The company’s shares are proposed to be listed on the BSE and NSE on December 30, 2025. Market participants said the grey market premium (GMP) was around ₹7, indicating a potential listing near ₹121, or a premium of about 6 per cent, though analysts cautioned that GMP is an unofficial indicator and may not reflect actual listing performance.
Brokerage firm SBI Securities has assigned a Neutral rating to the issue, citing strong growth in FY25 but fair valuation. “During FY25, the company delivered revenue, EBITDA and PAT of ₹40.2 crore, ₹16.5 crore and ₹9.4 crore, up 742.9 per cent, 748.2 per cent and 449.2 per cent year-on-year respectively. We believe the company is fairly valued,” the brokerage said.
