Gujarat Kidney IPO: Check IPO Date, Lot Size, Price & Details

Business Overview:

Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) is a regional healthcare provider operating a chain of mid-sized multispecialty hospitals in the central region of Gujarat. The company focuses on delivering integrated secondary and tertiary care services across multiple locations within the state.

On a consolidated basis, GKASSL operates seven multispeciality hospitals and four in-hospital pharmacies. The Company has a total bed capacity of 490 beds, with an approved capacity of 445 beds and an operational capacity of 340 beds. Key hospitals in the network include facilities in Vadodara, Godhra, Bharuch, Borsad, and Anand, allowing the company to serve both urban and semi-urban patient populations.

The company provides a broad range of medical services, including internal medicine, general and minimally invasive surgery, orthopaedics and trauma care, joint replacement, obstetrics and gynaecology, respiratory care, non-interventional cardiology, diabetology, and anaesthesiology. The Company has employed 89 doctors, 332 nurses and 338 other staff members, supporting clinical and operational requirements.

IPO Synopsis:

Objective of the Issue:

• Proposed acquisition of Parekhs Hospital at Ahmedabad - ₹ 77 crores.
• Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre” - ₹ 12.4 crores.
• Funding of capital expenditure requirements of the Company towards setting up of a new hospital in Vadodara - ₹ 30.1 crores.
• Buying robotics equipment for our hospital Gujarat Kidney & Super Speciality hospital in Vadodara location - ₹ 6.83 crores.
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company - ₹ 1.2 crores.
• Acquisition of additional shareholding in the subsidiary namely “Harmony Medicare Private Limited” at Bharuch - ₹ 10.78 crores.
• Funding inorganic growth through unidentified acquisitions and General Corporate Purposes.

Strengths:

• Strong Regional Presence in Gujarat:
  The company’s focused presence in Central Gujarat enables deep understanding of local healthcare needs, patient behaviour and practitioner dynamics. Operating in populous and under-served cities enhances accessibility and brand recall. This regional concentration supports steady patient inflow and provides a replicable template for expansion within similar geographies.
• Specialised Focus on Urology and Advanced Therapies:
  GKASSL has developed strong capabilities in urology through multiple sub-specialties, including endourology, urologic oncology, renal transplant, and advanced laparoscopic procedures. This clinical depth differentiates the company from general hospitals, supports higher-value procedures and strengthens its positioning in secondary and tertiary care.
• Improving Return Ratios Indicating Operating Leverage:
  The company reported a sharp improvement in ROE and ROCE in FY25, reflecting better asset utilisation and profitability from specialised services. While sustainability remains to be tested for the long run, the improvement highlights the earnings potential of its niche-focused model in under-served regions.

Risks:

• Geographical concentration of operations:
  The company’s entire hospital network is concentrated within Gujarat. While this provides strong regional understanding and operational focus, it also exposes the business to location specific risks such as local economic slowdowns, regulatory changes, or competitive pressures, which could lead to revenue volatility and limited long-term visibility for investors.
• Limited operating track record:
  Incorporated in 2019, the company has a relatively short operating history. Despite experienced medical leadership, the limited financial and operational track record restricts investors’ ability to assess business resilience, earnings stability, and sustainability of performance across different economic and industry cycles.
• Acquisition led growth risks:
  The company has pursued growth through acquisitions, with part of the IPO proceeds earmarked for acquiring Parekh Hospital. While acquisitions can accelerate scale and service breadth, successful integration, funding requirements, and consistent cash flow generation remain critical. Underperformance of acquired assets could strain profitability and balance sheet strength over the long term.

Financial Snapshot (Rs. In Crores):

IPO Allotment

Find out the allotment status for the Gujarat Kidney IPO by checking the MUFG Intime India IPO Application Status page.