Gujarat Kidney IPO: Fair valuations, analysts cautious; should you bid?

Gujarat Kidney IPO:The initial public offering (IPO) of Gujarat Kidney and Super Speciality, a multispeciality healthcare services provider, is scheduled to open for public subscription on Monday, December 22, 2025. The ₹250.80 crore public offer comprises a fresh issue of 22 million equity shares. There is no offer for sale (OFS) component. 

Gujarat Kidney IPO: Should you apply or not?

Arihant Capital - Cautiously optimistic

According to analysts at Arihant Capital, the company is well-positioned for steady medium-term growth, supported by rising demand for tertiary healthcare services in Gujarat, a strong renal focused clinical franchise and a scalable asset-light expansion model. 

 

 

Additionally, ongoing acquisitions, operational integration and investments in high-value specialities and medical technology are expected to improve capacity utilisation and operating efficiencies. 

 

"With a clear focus on affordability, quality care and disciplined capital deployment, the company is likely to sustain stable patient volumes and gradually improve profitability over time. 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 in its note. Arihant Capital has assigned a 'Neutral' rating to the issue.   ALSO READ | Investing in Gujarat Kidney IPO? Check 5 key risks before you decide

SBI Securities - Neutral

Analysts at SBI Securities believe the company is fairly valued and hence assigned a 'Neutral' rating to the issue. 

 

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 Y-o-Y respectively.

 

The brokerage pointed that the business of mid-sized multi-speciality hospitals and integrated healthcare services was transferred to the company from the promoter-owned busines 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. 

Gujarat Kidney IPO GMP

On Monday, the unlisted shares of Gujarat Kidney were trading at ₹121 in the unofficial markets, commanding a grey market premium of ₹7 or 6.14 per cent against the upper end of the price band of ₹108 to ₹114, according to sources tracking unofficial markets.  ALSO READ | Pre-listing hype or real gains? What 2025's IPO numbers say about GMPs

Here are the key details of Gujarat Kidney IPO:

The three-day subscription window to bid for the Gujarat Kidney IPO will close on Wednesday, December 24, 2025. The allotment of shares is expected to be finalised on Friday, December 26, 2025. The successful allottees will receive the company's shares in their respective demat accounts on Monday, December 29. 

 

Shares of Gujarat Kidney will make their debut on the exchanges, NSE and BSE, tentatively on Tuesday, December 30, 2025. 

 

The company has set the price band in the range of ₹108 to ₹114, with a lot size of 128 shares. A retail investor would require a minimum investment of ₹14,592 to bid for at least one lot and in multiples thereafter.

 

MUFG Intime India is the registrar for the issue. Nirbhay Capital Services is the sole book-running lead manager. 

 

According to the red herring prospectus (RHP), the company plans to utilise ₹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.

 

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