Gujarat Kidney & Super Speciality IPO

About the company

Gujarat Kidney & Super Speciality Limited (GKSL) is a regional healthcare company operating a chain of mid-sized multispeciality hospitals in central Gujarat. The company operates a network of seven multispecialty hospitals & four in-hospital pharmacies with a total of 490 beds under their control, with 445 approved & 340 operational beds as of 30th June 2025. Their hospitals cater to an under-penetrated medical market in Vadodara, Godhra, Bharuch, Borsad, & Anand with demand for affordable & quality healthcare. GKSL has built a strong clinical franchise in renal sciences, anchored by urology and nephrology. The urology department alone has developed 6 sub-specialities, including endourology, urologic oncology, paediatric urology, reconstructive urology, renal transplant and laparoscopic urology. Healthcare services are broadly classified into secondary care (surgical services) and tertiary care (super-speciality surgical services), supported by in-house diagnostics and pharmacy operations within hospital premises. Between FY23 and Q1FY26, the company performed over 2,700 endourology procedures and more than 200 laparoscopic urology procedures. Its Vadodara facility is authorised to perform renal transplants and has completed 31 transplants till the RHP date. The healthcare network pursues an asset-light model of expansion, with several hospitals under lease agreements or majority equity acquisitions, which do not require significant capital investments. GKSL has controlling stakes of 51% to 90% in a number of hospitals, including those in Bharuch, Borsad, and Vadodara, which enable them to operate without actually owning the lands and properties. The company is in the middle of another acquisition – Parekhs Hospital in Ahmedabad, which currently operates 49 beds. Patient revenue is largely driven by direct demand. In FY25, it stood at 90% for self-pay and individually insured patients, which rose to an impressive 94.54% in Q1FY26, with minimal reliance on institutional and government payers, showing a strong recall at a regional level. Although it operates under Ayushman schemes and other insurance programs, such agreements are meant to be volume boosters rather than revenue generators. As of November 2025, GKSL had approximately 670 employees, including 89 full-time consultants and 238 visiting consultants, in addition to nursing and paramedical staff in hospitals. Each of its hospitals operates under an autonomous team of professionals with a Chief Operating Officer as head. Gujarat is a structurally under-penetrated healthcare market with a population of ~7.04 crore in 2023, projected to reach 9 crore by 2030, while the state has only ~64,862 hospital beds against an estimated requirement of 352,000 beds, implying a shortfall of 287,000 beds. Additionally, chronic kidney disease (CKD) cases are increasing nationally, with India contributing nearly one-third of global CKD cases and 210,000 new kidney failure cases diagnosed annually. Although Gujarat has 272 operating dialysis centres and almost 1,281 dialysis machines, specialised kidney treatment and transplantation facilities are available in a very short network of centres, leaving room for organised players. Therefore, the company is poised to benefit with a focus on central Gujarat, expertise in renal sciences, urology, and cardiology, presence in Tier II/III cities with untapped demand, and an asset-light acquisition strategy, which is in sync with the growing demand for healthcare in the state. The company aims to pursue strategic inorganic growth opportunities, implement initiatives to improve existing operational efficiencies, continue to recruit and retain skilled healthcare professionals and strengthen its existing hospitals and add new capabilities and specialities. Now, Gujarat Kidney and Super Speciality Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹250.80 crore. The total issue size of the IPO is ₹250.80 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for the Gujarat Kidney & Super Speciality IPO?** You can pre-apply for the Gujarat Kidney & Super Speciality IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Gujarat Kidney & Super Speciality IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for the Gujarat Kidney & Super Speciality IPO?** If you are interested in this investment opportunity but unsure how to apply for the Gujarat Kidney & Super Speciality IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Gujarat Kidney & Super Speciality IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Gujarat Kidney & Super Speciality IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check Gujarat Kidney & Super Speciality IPO Allotment Status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Gujarat Kidney & Super Speciality IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Gujarat Kidney & Super Speciality IPO allotment status will be mentioned

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   22 Dec 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   24 Dec 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   26 Dec 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   29 Dec 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   29 Dec 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   30 Dec 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.