 "Gujarat Kidney IPO closes today; subscription up 4x, retail investors lead")
Gujarat Kidney IPO subscription status Day 3: The subscription window to apply for the initial public offering (IPO) of Gujarat Kidney and Super Speciality, a multispeciality healthcare services provider, is set to close today, Wednesday, December 24, 2025, after a three-day bidding period that began on Monday, December 23, 2025. So far, the maiden public issue has received a decent response from investors.
Data from the National Stock Exchange (NSE) shows that by 12:20 PM on Wednesday, bids had been placed for 49.16 million shares, compared to the 13.22 million shares available, resulting in an overall subscription rate of approximately 3.7 times.
Among investor categories, retail investors demonstrated the highest demand, oversubscribing their allocated quota by 14.15 times. Non-Institutional Investors (NIIs) also showed decent interest, with their segment subscribed 3.89 times. However, the Qualified Institutional Buyers (QIBs) category witnessed a marginal subscription of only 46 per cent.
Gujarat Kidney IPO GMP
According to sources tracking unofficial markets. Gujarat Kidney’s unlisted shares were trading at ₹116.4, reflecting a modest grey market premium of ₹2.5 or 2.2 per cent above the upper end of the price band of ₹108 to ₹114.
Gujarat Kidney IPO Review
Brokerage firm Arihant Capital Markets has assigned a 'Neutral' rating to the issue. "At the upper band of ₹114, the issue is valued at a P/E ratio of 94.61x, based on annualised PAT of FY25 EPS of ₹1.2," the brokerage said.
Analysts at SBI Securities said the company is fairly valued and assigned a 'Neutral' rating. The business of mid-sized multi-speciality hospitals and integrated healthcare services was transferred to the company from the promoter-owned business under a Business Transfer Agreement in February 2024, which implies a limited operating history. The proposed acquisition of “Parekhs Hospital” from the net proceeds may face execution risk due to size and scale, the brokerage said. ALSO READ | Investing in Gujarat Kidney IPO? Check 5 key risks before you decide
Gujarat Kidney IPO details
Gujarat Kidney aims to raise ₹250.80 crore through a fresh issue of 22 million shares. There is no offer for sale (OFS) component. The public offering is available at a price band of ₹108 to ₹114, with a lot size of 128 shares. A retail investor can bid for a minimum of one lot with an investment amount of ₹14,592 (at the upper end of the IPO price) and in multiples thereof.
As the subscription window concludes today, the basis of allotment for Gujarat Kidney IPO shares is expected to be finalised on Friday, December 26, 2025. The successful allottees will receive the company's shares in their demat accounts by Monday, December 29, 2025.
Gujarat Kidney shares are scheduled to list on the NSE and BSE, tentatively on Tuesday, December 30, 2025.
MUFG Intime is the registrar of the issue. Nirbhay Capital Services is the sole book-running lead manager.
According to the red herring prospectus (RHP), the company proposes to use ₹77 crore from the net fresh issue proceeds for acquiring Parekhs Hospital in Ahmedabad, ₹12.4 crore for part-payment of Ashwini Medical Centre, ₹10.78 crore for additional shares in subsidiary Harmony Medicare, ₹30.09 crore for a new hospital in Vadodara, ₹6.82 crore for robotics equipment at Gujarat Kidney & Super Speciality Hospital, and ₹1.2 crore for repayment of borrowings. The balance will be used for general corporate purposes and unidentified acquisitions. (Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.)