Gujarat, Dec 30 : Shares of Gujarat Kidney & Super Speciality Ltd made a subdued debut on the stock exchanges on Monday, December 30 listing at a modest premium amid cautious investor sentiment, marking the final mainboard IPO listing of 2025.
The healthcare services provider’s stock opened at ₹120.75 on the BSE, a 5.92 per cent premium over its issue price of ₹114. On the NSE, the shares debuted at a premium of about 5.26 per cent, broadly in line with market expectations.
Market data showed that the listing performance reflected a muted debut. “Shares of Gujarat Kidney & Super Speciality listed at a premium of around 5–6 per cent over the issue price, indicating a muted debut on Dalal Street,” analysts noted.
The ₹251-crore initial public offering, priced in the range of ₹108–₹114 per share, was open for subscription from December 22 to December 24. Ahead of the IPO, the company had mobilised a little over ₹100 crore from anchor investors, lending early support to the issue.
Overall, the IPO was subscribed 5.21 times, drawing bids for 6.89 crore shares against 1.32 crore shares on offer. In value terms, the issue attracted bids worth around ₹786 crore from nearly 2.60 lakh applications.
Retail investors showed strong interest, subscribing their portion 19.04 times, while the non-institutional investors’ segment was booked 5.73 times. The quota reserved for qualified institutional buyers (QIBs) saw a relatively muted response, with a subscription of 1.06 times.
“The IPO was subscribed 5.21 times, with strong interest from retail investors, whose portion was booked over 19 times,” market participants said.
The IPO consisted entirely of a fresh issue of about 2.2 crore shares, aimed at raising ₹250.80 crore. Ahead of the listing, the stock’s grey market premium (GMP) hovered around ₹1.5–₹2 per share, signalling limited upside. “Ahead of listing, the shares were commanding a grey market premium of ₹1.5–₹2 per share, suggesting limited upside on debut,” traders said.
Incorporated in 2019, Gujarat Kidney & Super Speciality provides secondary and tertiary healthcare services across Gujarat. The company operates seven multispeciality hospitals and four pharmacies, with a total bed capacity of 490 beds and an operational capacity of around 340 beds.
The IPO was managed by Nirbhay Capital Services as the sole book-running lead manager, while MUFG Intime India acted as the registrar. Shares of the company are listed on both the BSE and NSE.
With its listing on Monday, Gujarat Kidney & Super Speciality became the last mainboard IPO debut of 2025, closing the year on a cautious note for primary market investors.
