Mumbai 23rd December 2025( TGN): The Initial Public Offering of Gujarat Kidney and Super Speciality Limited was subscribed 2.67 times on the second day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.
The issue received bids of 3,53,72,544 equity shares against the offered 1,32,26,880 equity shares, according to data available on the stock exchanges.
Retail Portion and Non-institutional portion were subscribed 10.45 and 2.95 respectively. Qualified Institutional Investors was subscribed 0.34 times.
The issue kicked off for subscription on Monday, December 22, 2025, and will close for subscription on Wednesday, December 24, 2025.
Leading brokerage firms like Adroit Financial, BP Wealth, Lakshmishree and Stoxbox have given a “Subscribe” rating to the issue highlighting the company has a strong presence across central, north and south Gujarat and, on a consolidated basis, operates seven hospitals and four in-hospital pharmacies, with a total bed capacity of approximately 490 beds, approved beds of nearly 445, and operational beds of approximately 340 as of June 30, 2025. The integrated care model, supported by in-house diagnostics, ICUs, HDUs and pharmacies, enables improved clinical outcomes, higher patient retention and operational efficiencies.
The company has strategically focused on under-penetrated healthcare markets within Gujarat, leveraging its deep understanding of regional patient behaviour and the medical ecosystem.
On the valuation front, at the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6 times of FY25 earnings, and we recommend a subscribe rating.
Company Information
Gujarat Kidney and Super Speciality is a regional healthcare provider based in central Gujarat, operating a chain of mid-sized, multi-specialty hospitals that deliver integrated healthcare services with a focus on secondary and tertiary care.
The company operates seven multi-specialty hospitals and four in-hospital pharmacies.
The company has strategically focused on relatively underpenetrated healthcare markets in Gujarat, with a presence across four cities.
Nirbhay Capital Services Private Limited is the book-running lead manager and MUFG Intime India Limited is the registrar of the offer.
The table below shows subscription data for all the categories of investors:
