Gujarat Kidney IPO Day 2: Issue sees 2.6x subscription, QIB demand remains weak—Here’s what to know

Gujarat Kidney IPO: The initial public offering (IPO) of Gujarat Kidney and Super Speciality Ltd concluded its second day of public bidding on Tuesday, December 23, with the issue subscribed 2.67 times, as per the provisional exchange data. The Gujarat-based healthcare company's public offer is an entirely fresh issue of shares, with no offer-for-sale (OFS) component.

The basis of allotment for the IPO shares is expected to be finalised on December 26, 2025, while the stock is expected to list on BSE and NSE on December 30, 2025.

Gujarat Kidney IPO subscription status

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On the second day of bidding, investors bid for 3.53 crore shares against the total shares on offer. The subscription includes bids primarily from institutional investors and retailers, who have subscribed 2.95 and 10.45 times against their allotted portion.

The qualified institutional buyer (QIB) category witnessed weak demand, with only 0.34 times subscription for its reserved portion of shares.

Gujarat Kidney IPO details

The Gujarat Kidney IPO is a book-building issue of around Rs 251 crore, comprising an entirely fresh issue of 2.20 shares.

The IPO has reserved 75 per cent, 15 per cent and 10 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

The minimum amount of investment required by a retail investor is Rs 14,592, translating into a lot size of 128 shares (based on the upper end of the price band).

According to the company's RHP, Nirbhay Capital Services Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar of the public offer.

Price band: Rs 108 to Rs 114 per equity share

Subscription date: December 22 to December 24, 2025

Allotment date: December 26, 2025

Listing date: December 30, 2025

Use the IPO proceeds

The company plans to use a part of the funds for the proposed acquisition of Parekhs Hospital in Ahmedabad and for making part-payment towards the already acquired Ashwini Medical Centre.

The company also intends to establish a new hospital in Vadodara and acquire robotics equipment for the facility. In addition, the IPO proceeds will be used for debt repayment, funding future inorganic growth opportunities, and meeting general corporate purposes.

About Gujarat Kidney and Super Speciality Limited

Gujarat Kidney and Super Speciality operates seven mid-sized multi-speciality hospitals across Gujarat, with a total capacity of 490 beds. The company focuses on secondary and tertiary care services.

For FY25, the company reported revenue of Rs 40.24 crore and a net profit of Rs 9.5 crore, highlighting steady financial performance.