Gujarat Kidney IPO
₹250.80 Crores • Book Build Issue • BSE & NSE
Opens: Dec 22 → Closes: Dec 24 | Listing: Dec 30, 2025
Price Band
₹108 – ₹114
Issue Dates
Dec 22 – 24
Issue Size
₹250.80 Cr
IPO Snapshot
| Particular | Details |
|---|---|
| IPO Open | December 22, 2025 |
| IPO Close | December 24, 2025 |
| Basis of Allotment | December 26, 2025 |
| Refunds | December 29, 2025 |
| Credit to Demat | December 29, 2025 |
| Listing Date | December 30, 2025 |
| Price Band | ₹108 – ₹114 |
| Issue Size | ₹250.80 Cr |
| Fresh Issue | ₹250.80 Cr |
| OFS | - |
| Market Lot | 128 shares (₹14,592 at upper band) |
Application Amounts
| Investor | Lot | Shares | Amount (Upper Band) |
|---|---|---|---|
| Retail (Min) | 1 | 128 | ₹14,592 |
| Retail (Max) | 13 | 1,664 | ₹1,89,696 |
| sNII (Min) | 14 | 1,792 | ₹2,04,288 |
| bNII (Min) | 69 | 8,832 | ₹10,06,848 |
Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | December 19, 2025 |
| Shares Offered | [.] Shares |
| Anchor Portion Size | [.] Cr |
| Lock-in 50% (30 days) | January 25, 2026 |
| Lock-in 50% (90 days) | March 26, 2026 |
IPO Reservation
Revenue vs Profit (₹ Cr)
Financial Summary (₹ in Crores)
| Period | Revenue | Expenses | PAT | Assets |
|---|---|---|---|---|
| FY2023 | 0.00 | 0.01 | 0.01 | 3.87 |
| FY2024 | 5.48 | 3.21 | 1.71 | 20.53 |
| FY2025 | 40.40 | 27.63 | 9.50 | 55.34 |
| June 2025 | 15.27 | 7.78 | 5.40 | 61.59 |
Review: SUBSCRIBE (Long Term)
Company showed massive growth in FY25 with ₹40Cr revenue and healthy margins (23% PAT).
Good potential for long-term gains given the expansion plans.
Valuation KPIs – FY2025
| Metric | Value |
|---|---|
| Earning Per Share (EPS) | ₹1.85 (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 36.61% |
| Net Asset Value (NAV) | ₹5.04 |
| EBITDA Margin | 41.12% |
Promoters & Holding
Promoters: Dr. Pragnesh Bharpoda, Dr. Bhartiben Bharpoda, Dr. Yashwantsingh Bharpoda & Anitaben Bharpoda
| Holding | Shares | % |
|---|---|---|
| Pre-Issue | 5,68,43,250 | 99.10% |
| Post-Issue | 7,88,43,250 | 71.45% |
Objects of the Issue (₹ Cr)
| Purpose | Amount |
|---|---|
| Acquisition of Parekhs Hospital (Ahmedabad) | ₹77.00 |
| New hospital setup in Vadodara | ₹30.10 |
| Payment for Ashwini Medical Centre | ₹12.40 |
| Robotics equipment purchase | ₹6.83 |
Peer Comparison
| Company | EPS | P/E | RoNW | NAV | Revenue ₹ Cr |
|---|---|---|---|---|---|
| Yatharth Hospital | 14.72 | 55.84 | 8.13% | 166.62 | 880.49 |
| GPT Healthcare | 6.08 | 24.51 | 20.14% | 30.21 | 407.09 |
| KMC Speciality | 1.31 | 52.60 | 13.04% | 10.08 | 231.60 |
Book Running Lead Managers
- Nirbhay Capital Services Private Limited
Registrar & Contact
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: in.mpms.mufg.com
Important Documents