The Initial Public Offering of Gujarat Kidney and Super Speciality Limited was subscribed 1.47 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 1,94,73,280 equity sharesagainst the offered 1,32,26,880 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 4.7 and 1.97timesrespectively. Qualified Institutional Investors was subscribed 0.34 times.

The issue kicked off for subscription on Monday, December 22, 2025 and will close for subscription on Wednesday, December 24, 2025.

A day before the opening of the issue, Gujarat Kidney and Super Speciality had raised Rs 100 crore from anchor investors. 

Some of the marquee institutions that participated in the anchor include Venus Investments VCC – Venus Stellar Fund, Khandelwal Finance Private Limited, Craft Emerging Market Fund PCC Citadel Capital Fund, Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund PCC – Arnesta Global Fund 1, Zeta Global Funds – Zeta Series C Fund PC, Innovative Vision Fund, Religo Commodities Ventures Trust and Sunrise Investment Trust.

Leading brokerage firms like Adroit Financial, BP Wealth, Lakshmishree and Stoxbox have given a “Subscribe” rating to the issue highlighting the company has a strong presence across central, north and south Gujarat and, on a consolidated basis, operates seven hospitals and four in-hospital pharmacies, with a total bed capacity of approximately 490 beds, approved beds of nearly 445, and operational beds of approximately 340 as of June 30, 2025. The integrated care model, supported by in-house diagnostics, ICUs, HDUs and pharmacies, enables improved clinical outcomes, higher patient retention and operational efficiencies.

The company has strategically focused on under-penetrated healthcare markets within Gujarat, leveraging its deep understanding of regional patient behaviour and the medical ecosystem.

On the valuation front, at the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6 times of FY25 earnings, and we recommend a subscribe rating.