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HomeIPOGujarat Kidney & Super Speciality

About Gujarat Kidney & Super Speciality

Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) is a multispecialty health care service provider engaged in the provision of secondary and tertiary health care services in multiple locations across Gujarat, India. At the close of business on March 20, 2025, it operates six multispeciality hospitals and three pharmacies, representing a total bed capacity of 400 beds with an approved capacity of 355 beds and an operational capacity of 250 beds. The hospitals in the company include Gujarat Kidney and Super Speciality Hospital, Vadodara, Gujarat Multispeciality Hospital, Godhra, Raj Palmland Hospital Private Limited, Bharuch, M/s. Surya Hospital and ICU, Borsad, Gujarat Surgical Hospital, Vadodara, and Ashwini Medical Centre, Anand. It also holds a drugstore, Ashwini Medical Store, Anand. Services: Secondary Care Services: This refers to both general and surgical treatments. Tertiary Care Services: Super speciality surgical procedures. Gujarat Superspeciality Hospital provides medical care in the field of 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. At March 20, 2025, the company had 322 employees, which include 21 full-time Consultants and 32 visiting consultants. At September 30, 2024, the healthcare professionals of the company comprised 47 doctors and 138 nurses.

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Issue Size22561.57 Cr
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Gujarat Kidney & Super Speciality

Gujarat Kidney & Super Speciality

Open Date

22 Dec 2025

Close Date

24 Dec 2025

listed

Min Investment

₹14592

Lot Size

128 Shares

Issue Size

₹250.8 Cr

Price Range

₹108 - ₹114

Listing Date

Dec 30, 2025

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Grey Market Premium (GMP) Trend

Gujarat Kidney & Super Speciality IPO - Issue Objectives

The company will use ₹77 crore towards the proposed acquisition of Parekhs Hospital at Ahmedabad. ₹12.40 cr for part payment toward Ashwini Medical Centre. ₹10.78 cr to buy more stake in Harmony Medicare (Bharuch). The company will use ₹30.10 cr for Vadodara hospital & ₹6.82 cr for robotics. The company will use ₹1.20 crore towards repayment of certain outstanding borrowings

Funding for acquisition

30.7%

Part-payment for acquisition

4.94%

Investment in subsidiary

4.3%

Capital expenditure

14.72%

Repayment of borrowings

0.48%

1

Funding for acquisition

The company will use ₹77 crore towards the proposed acquisition of Parekhs Hospital at Ahmedabad.

30.70%
2

Part-payment for acquisition

₹12.40 cr for part payment toward Ashwini Medical Centre.

4.94%
3

Investment in subsidiary

₹10.78 cr to buy more stake in Harmony Medicare (Bharuch).

4.30%
4

Capital expenditure

The company will use ₹30.10 cr for Vadodara hospital & ₹6.82 cr for robotics.

14.72%
5

Repayment of borrowings

The company will use ₹1.20 crore towards repayment of certain outstanding borrowings

0.48%

IPO Subscription Status

QIB
1.06x
NII
5.73x
Individual
19.04x
Total
5.21x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Gujarat Kidney & Super Speciality

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue15.2740.405.480.00
EBITDA8.6316.551.95-0.01
Expenses
Profit After Tax5.409.501.71-0.01
Assets61.5955.3420.533.87
Net Worth30.5625.7110.800.37
Reserves19.4214.5710.600.17
Borrowing4.033.881.94

Gujarat Kidney & Super Speciality - Promoter(s)

Dr. Pragnesh Yashwantsinh Bharpoda

Dr. Bhartiben Pragnesh Bharpoda

Dr. Yashwantsingh Motisinh Bharpoda

Anitaben Yashwantsinh Bharpoda

Pre Issue Share Holding

99.10%

Post Issue Share Holding

71.45%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Regional leadership in renal and urology

The company has built up a significant healthcare presence in the central part of Gujarat in the field of renal sciences and urology. It has covered the field of urology with various sub-specialities like endourology, urologic oncology, the renal transplant program, and many more right from the start. Altogether, from FY23-FY25 & Q1FY26 onward, more than 2,700 endourology and more than 200 laparoscopic urology procedures have been done.

02

Asset-light expansion model

The company follows an asset-light business model where it gets control or majority ownership of hospitals without investing heavily in the purchase of land and basic infrastructure for the hospitals. The hospitals in Bharuch, Borsad, Vadodara, Anand, and Godhra are running this way, thus improving return metrics and becoming scalable.

03

Healthy operating metrics

On March 31, 2025, the average number of beds available for use was 389, with an occupancy level of approximately 56%, which indicates that there is still room for further expansion. The revenue per occupied bed has gone up consistently to ₹10,255 in FY25 from ₹9,305 in FY23, which is a positive sign of more advanced procedures being performed. The length of stay is still 6 days, which helps to keep the throughput and operational planning predictable.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Pending payment obligations from prior acquisitions

The company had already acquired Ashwini Medical Centre for ₹14 crore, out of which ₹12.40 crore is to be paid, largely reliant on the IPO. In case of any deficiency in fundraising, this may make the company resort to other funding options with unfavourable terms, thereby creating liquidity issues. Moreover, limited representation warranties in the acquisition agreement further worsen this problem.

02

Greenfield expansion risk and capital cost overruns

It plans to invest ₹37.45 crore towards setting up a new women-centric hospital in Vadodara, along with setting up robotic systems. The company lacks experience in carrying out greenfield projects and using third-party vendors, and has not yet placed orders for equipment worth ₹7.28 crore (100% of estimated capex). Delays in approvals, cost escalation, vendor execution risk, or inability to recruit skilled staff could materially impact project timelines and returns.

Contact Details

Gujarat Kidney & Super Speciality

Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara, Gujarat, India Vadodara, Gujarat, 390020

+9126529848
info@gujaratsuperspecialityhospital.com
http://www.gujaratsuperspecialityhospital.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
gujaratkidney.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Gujarat Kidney & Super Speciality IPO - FAQs

Gujarat Kidney & Super Speciality IPO is a Mainboard Listed IPO. The issue is priced at ₹108-114 per equity share. The minimum order quantity is 128 Shares. The IPO opens on 22 Dec, and closes on 24 Dec. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-12-19
  • Bidding Starts2025-12-22
  • Bidding Ends2025-12-24
  • Allotment Finalisation2025-12-26
  • Release of Funds2025-12-29
  • Demat Transfer2025-12-29
  • Listing2025-12-30
04

Ability to attract and retain medical talent

The company is very successful in attracting talent and keeping them as employees, and thus it has a very low turnover rate. The turnover of full-time doctors in FY25 and Q1 FY26 was between 2.40% and 2.99%, while the turnover rate of visiting doctors and nurses was close to zero. As of June 30, 2025, the company has 89 doctors and over 330 nurses, who were supported by well-organised engagement models and continuous medical education programs.

05

Direct patient-led revenue mix

The main source of revenue is the demand for services by patients. A huge 94.54% in Q1FY26 and 90% in FY25 were from individual patients with insurance and walk-ins. Besides that, participation in Ayushman Bharat and corporate empanelments offers additional volumes without compromising price ‍ ​discipline.

03

Geographic and asset concentration risk

A major part of their revenue is geographically concentrated in Central Gujarat, with 40.32% revenue contribution from Central Gujarat, 18.40% from North Gujarat, and 41.28% from South Gujarat in FY25. A major disruption in these regions can affect their performance.

04

Dependence on leased hospital properties

The majority of the company’s major hospitals are functionally leased and have leased terms varying from 11 months to 15 years. The cost of these lease agreements contributed 3.71% of total expenses in Q1FY26 and 3.36% in FY25. A situation where such properties are not renewed or, in case of a dispute/termination, especially where they belong to promoters, can affect operations.