As the year-end IPO calendar stays active, investors are also tracking offerings from healthcare-focused companies tapping the primary markets for expansion and acquisitions.
Against this backdrop, Gujarat Kidney & Super Speciality Limited (GKASSL) is set to open its IPO on December 22, 2025. Here is a detailed insight into the company, its IPO, and the key numbers investors should know.
About Gujarat Kidney & Super Speciality Ltd.
Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) specialises in providing multispeciality healthcare services, including secondary and tertiary care, across multiple locations in Gujarat, India.
The company operates seven multispeciality hospitals and four pharmacies with:
- Total bed capacity: 490 beds
- Approved capacity: 455 beds
- Operational capacity: 340 beds
The company’s hospitals include:
- Gujarat Kidney and Superspeciality Hospital (Vadodara)
- Gujarat Multispeciality Hospital (Godhra)
- Raj Palmland Hospital Private Limited (Bharuch)
- M/s. Surya Hospital and ICU (Borsad)
- Gujarat Surgical Hospital (Vadodara)
- Ashwini Medical Centre (Anand)
It also operates the Ashwini Medical Store (Anand).
Services
- Secondary Care Services: General and surgical treatments
- Tertiary Care Services: Super-speciality surgical procedures
Gujarat Superspeciality Hospital provides medical care in areas such as internal medicine, general surgery, minimally invasive procedures, orthopaedics and trauma treatment, joint replacement surgery, obstetrics and gynaecology, respiratory failure, non-interventional cardiology, diabetology, and anaesthesiology.
As of June 30, 2025, the company had 89 Doctors, 332 nurses, and 338 other staff.
Competitive Strengths
- Pre-eminence in renal sciences, with established sub-superspecialities in urology
- Asset-light business model with a focus on the central region of Gujarat
- Ability to attract, retain skilled and experienced quality medical professionals
- Track record of operating and financial performance and growth
Gujarat Kidney IPO Details
Gujarat Kidney IPO is a book build issue of ₹250.80 crores, and the issue is entirely a fresh issue of 2.20 crore shares.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Monday, December 22, 2025 |
| IPO Close Date | Wednesday, December 24, 2025 |
| Tentative Allotment | Friday, December 26, 2025 |
| Initiation of Refunds | Monday, December 29, 2025 |
| Credit of Shares to Demat | Monday, December 29, 2025 |
| Tentative Listing Date | Tuesday, December 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wednesday, December 24, 2025 |
Key IPO Details
| Particulars | Details |
| IPO Type | Bookbuilding IPO |
| IPO Size | 2,20,00,000 shares (aggregating up to ₹250.80 Cr) |
| Face Value | ₹2 per share |
| Price Band | ₹108 to ₹114 per share |
| Lot Size | 128 shares |
| Total Issue Size | 2,20,00,000 shares (₹250.80 Cr) |
| Sale Type | Fresh Capital |
| Listing | BSE, NSE |
| Market Cap (Pre-IPO) | ₹898.81 Cr |
| Shareholding Pre-Issue | 5,68,43,250 shares |
| Shareholding Post-Issue | 7,88,43,250 shares |
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Gujarat Kidney IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the Issue |
| Retail | Not more than 10% of the Issue |
| NII | Not more than 15% of the Issue |
Gujarat Kidney IPO Lot Size
Investors can bid for a minimum of 128 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 128 | ₹14,592 |
| Retail (Max) | 13 | 1,664 | ₹1,89,696 |
| S-HNI (Min) | 14 | 1,792 | ₹2,04,288 |
| S-HNI (Max) | 68 | 8,704 | ₹9,92,256 |
| B-HNI (Min) | 69 | 8,832 | ₹10,06,848 |
Gujarat Kidney & Super Speciality Ltd. Financials
Gujarat Kidney & Super Speciality Ltd.’s revenue increased by 637% and profit after tax (PAT) rose by 454% between the financial year ending March 31, 2025 and March 31, 2024.
Key Company Financials (Restated Consolidated) – ₹ Crore
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 61.59 | 55.34 | 20.53 | 3.87 |
| Total Income | 15.27 | 40.40 | 5.48 | 0.00 |
| Profit After Tax | 5.40 | 9.50 | 1.71 | -0.01 |
| EBITDA | 8.63 | 16.55 | 1.95 | -0.01 |
| Net Worth | 30.56 | 25.71 | 10.80 | 0.37 |
| Reserves and Surplus | 19.42 | 14.57 | 10.60 | 0.17 |
| Total Borrowing | 4.03 | 3.88 | 1.94 |
Key Performance Indicators (KPI)
KPI as of March 31, 2025:
| KPI | Value |
| ROE | 36.61% |
| ROCE | 37.65% |
| Debt/Equity | 0.15 |
| RoNW | 36.61% |
| PAT Margin | 23.61% |
| EBITDA Margin | 41.12% |
| Price to Book Value | 22.62 |
Pre IPO vs Post IPO Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 1.85 | 2.74 |
| P/E (x) | 61.62 | 41.59 |
| Promoter Holding | 99.10% | 71.45% |
Promoters: Dr. Pragnesh Yashwantsinh Bharpoda, Dr. Bhartiben Pragnesh Bharpoda, Dr. Yashwantsingh Motisinh Bharpoda and Anitaben Yashwantsinh Bharpoda.
Objects of the Issue (Gujarat Kidney IPO Objectives)
| S.No. | Objects of the Issue | Estimated Amount (₹ in Cr.) |
| 1 | Proposed acquisition of Parekhs Hospital at Ahmedabad. | 77.00 |
| 2 | Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre”. | 12.40 |
| 3 | Funding of capital expenditure requirements of the Company towards setting up a new hospital in Vadodara. | 30.10 |
| 4 | Buying robotics equipment for our hospital, Gujarat Kidney & Super Speciality Hospital in Vadodara. | 6.83 |
| 5 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | 1.20 |
| 6 | Funding inorganic growth through unidentified acquisitions and General Corporate Purposes. | |
| 7 | Acquisition of additional shareholding in the subsidiary, namely “Harmony Medicare Private Limited” at Bharuch | 10.78 |
Gujarat Kidney & Super Speciality IPO: Peer Comparison
Gujarat Kidney & Super Speciality IPO can be compared with peers like Apollo Hospitals Enterprise Ltd, Narayana Health, GPT Healthcare Ltd, Yatharth Hospital & Trauma Care Service Ltd, and KMC Speciality Hospitals (India) Ltd. Reviewing these established healthcare and hospital network companies helps investors gauge Gujarat Kidney’s position in the Indian healthcare services sector and make informed decisions.
People Also Read:
- Phytochem Remedies (India) IPO Opens: Key Details Investors Shouldn’t Miss
- Shyam Dhani Industries IPO Opens: Key Details Investors Shouldn’t Miss
- Global Ocean Logistics India IPO Opens: Key Details Investors Shouldn’t Miss
- MARC Technocrats IPO Opens: Key Details Investors Shouldn’t Miss
- KSH International IPO Opens: Key Details Investors Shouldn’t Miss
Conclusion
Gujarat Kidney & Super Speciality Limited (GKASSL) operates a multispeciality healthcare network across Gujarat, with a mix of secondary and tertiary care services. The IPO is a ₹250.80 crore fresh issue, and the company proposes to utilise proceeds toward acquisitions, a new hospital setup, robotics equipment, and other growth initiatives.
Investors tracking healthcare offerings may closely review the company’s operating footprint, financial performance, and the stated objectives of the issue while evaluating this IPO.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
