Gujarat Kidney & Super Speciality AMC IPO subscription: Check day 3 bidding & latest GMP

The initial public offering (IPO) of Gujarat Kidney & Super Speciality continued to see a mixed response during the third and final day of the bidding process from all the categories of the investors, thanks to strong bidding from retail investors. The issue was overall booked more than 1.5 times on day one and ended day two with 2.7 times bids.

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 5,24,26,752 equity shares, or 3.96 times, compared to the 1,32,26,880 equity shares offered for the subscription by 1.05 pm on Wednesday, December 24, 2025. The three day bidding for the issue, which had kicked off on Monday, December 22 shall conclude today.

The allocation for retail investors was subscribed 15.32 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 4.32 times. The portion set aside for qualified institutional bidders (QIBs) saw bids for only 58 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 no premium in the unofficial market, suggesting a flat listing gains for the investors. The GMP stood around Rs 6-7 on day one.

Gujarat Kidney & Super Speciality's outlook remains positive, braced by strong demand for chronic and specialty healthcare, expansion of bed capacity and specialties, increasing insurance coverage and government healthcare support in Gujarat, said StoxBoxx. "The issue is valued at a P/E multiple of 61.6 times FY25 earnings. We recommend a 'subscribe' rating for the IPO."

Gujarat Kidney & Super Speciality reported a net profit of Rs 5.40 crore with a revenue of Rs 15.27 crore for the three months ended on June 30. 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.

Gujarat Kidney has pre-eminence in renal sciences, with established sub-super specialties in urology and strong capabilities in other specialties. The company has the ability to attract, train and retain quality medical professionals investment in infrastructure, processes and clinical excellence driving affordability, and a strong value proposition for stakeholders, said Hem Securities.

"The issue is valued at a P/E multiple of more than 40 times on post issue annualized Q1FY25 PAT basis. It has a track record of operating and financial performance and growth along with professional management and experienced leadership. Hence, we recommend 'long term subscribe' rating to the issue," it added.

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.