Gujarat Kidney & Super Speciality AMC IPO subscription: Check day 2 bidding & latest GMP

The initial public offering (IPO) of Gujarat Kidney & Super Speciality continued to see a decent response during the second day of the bidding process from all the categories of the investors, after getting fully subscribed on the first day. The issue, which kicked off on Monday, December 22, was overall booked more than 1.5 times on day one.

Vadodara-based Gujarat Kidney & Super Speciality is selling its shares in the price band of Rs 108-114 apiece. Investors can apply for a minimum of 128 shares and its multiples thereafter. It is looking to raise Rs 250.80 crore via IPO, which is entirely a fresh share of 2,20,00,000 equity shares.

According to the data, the investors made bids for 3,32,68,352 equity shares, or 2.52 times, compared to the 1,32,26,880 equity shares offered for the subscription by 3.25 pm on Tuesday, December 28, 2025. The three day bidding for the issue shall conclude on Wednesday, December 24.

The allocation for retail investors was subscribed 9.82 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 2.73 times. The portion set aside for qualified institutional bidders (QIBs) saw bids for 34 per cent as of the same time.

Incorporated in 2019, Gujarat Kidney and Super Speciality specializes in providing healthcare services, including secondary and tertiary care, across multiple locations in Gujarat, India. It operates seven multispeciality hospitals and four pharmacies with a total bed capacity of 490 beds, an approved capacity of 455 beds, and an operational capacity of 340 beds.

The grey market premium (GMP) of Gujarat Kidney and Super Speciality has taken a hit amid the rising volatility and mixed bidding for the issue. Last heard, the company was commanding a premium of Rs 3-4 per share in the unofficial market, suggesting 3-4 per cent listing gains for the investors. The GMP stood around Rs 6-7 on day one.

With a growing footprint across multiple cities, supported by integrated diagnostics and pharmacy services and a strong focus on affordable healthcare in underpenetrated markets, Gujarat Kidney & Super Speciality is well positioned to benefit from rising healthcare demand and favorable industry tailwinds, said Master Capital Services.

"It plans to improve efficiency at hospitals through greater integration across hospitals and continuously invest in the latest medical technologies, equipment and innovations, attracting talented and skilled physicians and surgeons and developing expertise across key specializations. Investors may consider the IPO as a potential long-term investment opportunity," it adds.

For the three months ended on June 30, Gujarat Kidney & Super Speciality reported a net profit of Rs 5.40 crore with a revenue of Rs 15.27 crore. The company clocked a net profit of Rs 9.50 crore with a revenue of Rs 40.40 crore for the year 2024-25. At the current valuations, the company shall command a market capitalization close to Rs 900 crore.

"We Assign 'subscribe with caution' rating to this IPO as it has an asset light business model focused in the central region of Gujarat and expanding, " said Marwadi Financial Services. "However, it has a limited operating history and the company needs to continue with high growth in future as well to justify the valuation which keeps us cautious from a long term perspective."

Gujarat Kidney and Super Speciality raised Rs 100 crore from 10 anchor investors as it allocated 87,73,120 equity shares at Rs 114 per share. It has reserved 75 per cent of the net issue for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per for the allocation in the issue. Retail investors have only 10 per cent of reservation in the IPO.

Nirbhay Capital Services is the sole book running lead manager of Gujarat Kidney & Super Speciality IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, December 30.