Gujarat Kidney and Super Speciality Limited (GKSSL), a prominent regional player in renal and multi-speciality healthcare, has opened its much-anticipated initial public offering (IPO) today, December 22, 2025. The three-day subscription window will close on December 24, with allotment expected by December 26 and listing on BSE and NSE slated for December 30.

This mainboard IPO is a complete fresh issue of 2.20 crore equity shares, aggregating up to ₹250.80 crore at the upper price band of ₹108-114 per share. There is no offer-for-sale component, meaning all proceeds will directly benefit the company. The minimum bid lot is 128 shares, with allocations reserved as 75% for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail participants.

Founded by Dr. Pragnesh Bharpoda and incorporated in its current form in 2023, GKSSL operates seven mid-sized multi-speciality hospitals across Gujarat, boasting a total bed capacity of 490 (340 operational). The chain excels in nephrology, urology, kidney transplants, cardiology, orthopaedics, and general surgery, supported by four in-house pharmacies and a team of 89 full-time doctors, 238 part-time consultants, and over 300 nurses as of June 2025.

Financially, the company has demonstrated robust growth: Revenue reached ₹40.24 crore in FY25, with net profit jumping sharply to ₹9.5 crore from ₹1.7 crore the previous year. The June 2025 quarter alone posted ₹15.26 crore in revenue and ₹5.4 crore in profit, reflecting efficient operations and high occupancy from walk-in and insured patients.

The IPO proceeds will fuel ambitious expansion plans, including the acquisition of Parekhs Hospital in Ahmedabad (a 49-bed facility established in 2006), part-payment for the recently acquired Ashwini Medical Centre in Anand, establishment of a new super-speciality hospital in Vadodara equipped with cutting-edge robotic surgical systems, partial debt repayment, funding for future unidentified acquisitions, and general corporate purposes.

This asset-light model—leveraging partnerships for several facilities has enabled strong returns, positioning GKSSL to capitalize on Gujarat’s rising demand for quality secondary and tertiary care. The company competes with peers like Yatharth Hospital, GPT Healthcare, and KMC Speciality Hospitals in a sector buoyed by increasing health awareness and insurance penetration.

Market sentiment appears positive, with the IPO commanding a grey market premium (GMP) of ₹8-9 per share ahead of opening, signaling potential listing gains. The issue also raised over ₹100 crore from anchor investors prior to launch.

As India’s hospital chains increasingly tap public markets for scale, GKSSL’s debut underscores the sector’s maturation, blending specialized care with strategic growth in underserved regions.