Gujarat Kidney and Super Speciality’s ₹251-cr IPO to open on Dec 22; price band fixed at ₹108–₹114

Gujarat Kidney and Super Speciality Limited (GKASSL) on Tuesday announced a price band of ₹108–₹114 per share for its upcoming initial public offering (IPO). The healthcare provider, which operates a network of mid-sized multispeciality hospitals and pharmacies across central Gujarat, aims to raise ₹250.80 crore through the IPO. The issue will open for subscription on December 22 and close on December 24, 2025.

The allotment for the Gujarat Kidney IPO is expected to be finalised on December 26, while the shares are slated to make their debut on the BSE and NSE on December 30, 2025.

The IPO is entirely a fresh issue of 2.20 crore equity shares. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,592 for one lot of 128 shares.

The company has reserved 75% of the issue for qualified institutional buyers (QIBs), while the quotas for retail and non-institutional investors have been fixed at 10% and 15%, respectively.

Gujarat Kidney plans to utilise the net proceeds from the IPO towards expansion, acquisitions and strengthening its balance sheet. A significant portion of the proceeds—₹77 crore—will be used for the proposed acquisition of Parekhs Hospital in Ahmedabad.

The company also intends to deploy ₹12.40 crore towards part-payment of the purchase consideration for Ashwini Medical Centre, which has already been acquired. In addition, ₹30.10 crore has been earmarked for capital expenditure towards setting up a new hospital in Vadodara, while ₹6.83 crore will be used to purchase robotics equipment for its Gujarat Kidney & Super Speciality Hospital at the Vadodara location.

Further, ₹1.20 crore will be allocated towards the full or partial repayment and/or prepayment of certain outstanding secured borrowings. The remaining funds will be used to support inorganic growth through unidentified acquisitions, general corporate purposes, and the acquisition of additional shareholding in its subsidiary, Harmony Medicare Private Limited, based in Bharuch.

On the financial front, Gujarat Kidney reported strong growth in revenue and profitability in the financial year ended March 31, 2025. For FY25, the company posted total income of ₹40.40 crore, up from ₹5.48 crore in FY24, while profit after tax (PAT) rose to ₹9.50 crore from ₹1.71 crore a year earlier. EBITDA increased sharply to ₹16.55 crore in FY25 from ₹1.95 crore in FY24. Net worth also strengthened to ₹25.71 crore as of March 31, 2025, compared with ₹10.80 crore a year earlier.

The growth momentum has continued into FY26, with the company reporting a PAT of ₹5.40 crore and total income of ₹15.27 crore for the quarter ended June 30, 2025. Total assets stood at ₹61.59 crore as of June 30, 2025, up from ₹20.53 crore a year earlier, while borrowings remained modest at ₹4.03 crore.

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