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₹114 - 114
Gujarat Kidney & Super Speciality Ltd
HealthcareIPO
₹114 - 114
The Company is one of the regional healthcare companies located in the central region of state of Gujarat and operate a chain of midsized multispeciality hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care. The Company, on a consolidated basis, operates seven (07) multispeciality hospitals and four (04) pharmacies operating within its Hospitals, Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand), Ashwini Medical Store (Anand) and Apex Multispeciality & Trauma Center (Bharuch) with a total bed capacity of 490 beds, approved bed capacity of 445 beds and operational bed capacity of 340 beds.
Lot128Min Invest₹14,592Face Value₹2Issue Size₹251 CrFresh Issue₹251 CrListing Price₹121CMP₹173
Timeline
22 Dec
Bidding opens
24 Dec
Bidding closes
26 Dec
Allotment
29 Dec
Refund & demat credit
30 Dec
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹251 Cr2.20 Cr shares
Fresh Issue₹251 Cr
Face Value₹2
Lot Size128 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,5921-13 lots
sNII₹2,04,288from 14 lots
bNII₹10,06,848from 69 lots
Managers & Registrar
Lead ManagerNirbhay Capital Services Pvt ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group99.09%71.46%Public0.91%28.54%
Objects of the Issue
- Proposed acquisition of Parekhs Hospital at Ahmedabad
- Part-payment of purchase consideration for the already acquired "Ashwini Medical Centre"
- Funding of capital expenditure requirements of the company towards setting up of a new hospital in Vadodara
- Buying robotics equipment for the hospital Gujarat Kidney & Super Speciality hospital in Vadodara Location
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
- Acquisition of additional shareholding in the subsidiary namely "Harmony Medicare Private Limited" at Bharuch
- Funding inorganic growth through unidentified acquisitions and General corporate Purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 0 | 5 | 40 | 82 | 101 |
| Operating ProfitCr | 0 | 2 | 17 | 27 | 27 |
| OPM% | - | 40.9 | 41.1 | 32.9 | 26.4 |
| PBTCr | 0 | 2 | 13 | 21 | 21 |
| PATCr | 0 | 2 | 10 | 17 | 17 |
| EPS | 0 | 0 | 2 | 2 | 2 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 11 | 16 | - |
| ReservesCr | 0 | 2 | 15 | 237 | - |
| BorrowingsCr | 0 | 6 | 8 | 16 | - |
| Fixed AssetsCr | - | - | 31 | 129 | - |
| Total AssetsCr | 4 | 21 | 55 | 298 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 0 | 1 | 14 | -4 | - |
| Investing Cash FlowCr | 0 | 0 | -18 | -214 | - |
| Financing Cash FlowCr | 0 | 0 | 6 | 228 | - |
| Net Cash FlowCr | 0 | 1 | 2 | 11 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Pre-eminence in renal sciences, with established sub-superspecialties in urology and strong capabilities in other specialties.
- `Right-sized', full service and strategically located hospitals leading to high return on capital.
- 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.
- Track record of operating and financial performance and growth.
- Professional management and experienced leadership.
Strategies · as stated in the DRHP
- Pursue strategic inorganic growth opportunities.
- Implementation of initiatives to improve existing operational efficiencies.
- Continue to recruit and retain skilled healthcare professionals.
- Strengthen its existing hospitals and its offerings and add new capabilities and specialties.
Risks · as stated in the DRHP
- The company proposes to use a portion of the Net Proceeds from the Issue for acquisition of Parekhs Hospital Private Limited, following which the Company will be responsible for overseeing and managing the Parekhs Hospital. Its may faces difficulties in completing the acquisition within the terms mentioned in term sheet, affecting the company future plans and prospects.
- The Company proposes to utilise a portion of the Net Proceeds from the Issue towards making part-payment of purchase consideration for the acquisition of Ashwini Medical Centre, pursuant to the Acquisition Agreement. In case of delay in raising funds from the Issue, its may face challenges in paying the consideration to sellers of Ashwini Medical Centre.
- The company proposed plans with respect to funding the capital expenditure requirement for construction of new hospital are subject to the risk of unanticipated delays in obtaining approvals and implementation which may adversely affect its business and results of operations. Further, the company are yet to place orders for such capital expenditure requirements. There is no assurance that its would be able to source such capital expenditure requirements in a timely manner or at commercially acceptable prices, which could adversely affect the company expansion plans. Its may be unsuccessful in implementing the company growth plans of expansion in Gujarat, India in a timely manner or at all, which may have an adverse effect on its business, financial condition and results of operations. Furthermore, the proposed construction of the new hospital is planned to be carried out on leased land, which includes potential challenges or risks related to the terms of lease arrangement, could have adverse effect on the company business, financial position, and results of operations.
- The Company has acquired Harmony Medicare Private Limited, subsequent to the three month period ended June 30, 2025. As its Company and Harmony Medicare Private Limited were separate entities operating independently from each other prior to June 30, 2025, the Restated Financial Statements does not include the financial information pertaining the said acquisition. Hence, the company Restated Financial Statements for the three month period ended June 30, 2025 and the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023, are not analogous and comparable to any future financial results/statements that its may prepare.
- The company is dependent on availability of nurses to provide quality healthcare services. A decline in the number of trained and available nurses may lead to a decline in its ability to provide required patient care and consequently adversely affect the company operations and performance.
- If the company are unable to keep pace with technological changes, new equipment and service introductions, changes in patients' needs and evolving industry standards as well as failures or malfunction of its medical or other equipment, the company business and financial condition may be adversely affected.