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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Acquisition of Parekhs Hospital, Ahmedabad
Funding the proposed acquisition of Parekhs Hospital in Ahmedabad.
Part-payment for Ashwini Medical Centre
Part of the purchase consideration for Ashwini Medical Centre.
New hospital at Vadodara
Capital expenditure for setting up a new hospital in Vadodara.
Robotic surgery equipment at Vadodara
Purchase of robotics equipment for the Vadodara hospital.
Repayment of borrowings
Repayment or prepayment of a portion of secured borrowings.
Additional stake in Harmony Medicare, Bharuch
Acquiring an additional stake in the Bharuch facility.
General corporate purposes
Balance for inorganic growth and general corporate needs.
(₹ in Crore)
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Gujarat Kidney and Super Speciality Limited is a healthcare provider that runs a network of multispeciality hospitals in Gujarat, India. Incorporated in 2019, it delivers secondary and tertiary care with a particular strength in renal sciences and urology, the clinical areas that give the company its name, while also offering a broader range of super speciality services across its locations. The company operates a group of multispeciality hospitals together with in house pharmacies, and it has built out its bed capacity steadily as it has grown. As of early 2025 its network spanned six hospitals and three pharmacies with a few hundred beds in operation, and it has continued to add capacity since. The business is promoted and led by the Bharpoda family, several of whom are practising doctors, which keeps clinical leadership close to the ownership of the company. Gujarat Kidney has expanded largely by acquiring and integrating hospitals, and it reported rapid growth in revenue and profit in the years leading up to the issue. This offering is entirely a fresh issue, and the proceeds are earmarked for acquiring Parekhs Hospital in Ahmedabad, part funding the purchase of Ashwini Medical Centre, building and equipping a new hospital in Vadodara including robotic surgery equipment, buying an additional stake in a Bharuch facility, repaying a small amount of borrowing, and general corporate purposes including further inorganic growth.
Gujarat Kidney raised about Rs 100 crore from anchor investors, who were allotted 8,773,120 shares at the issue price of Rs 114 each ahead of the opening. The largest commitment came from Craft Emerging Market Fund (through its Citadel Capital Fund and Elite Capital Fund vehicles) at around Rs 45 crore, followed by Khandelwal Finance at Rs 15 crore and Venus Investments at Rs 10 crore, with several smaller funds including Nexus Global Opportunities Fund, Arnesta Global Opportunities Fund, Zeta Global Funds and Sunrise Investment Trust taking about Rs 5 crore each.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 5:30 AM
Renal and urology expertise
The company has established strength in kidney care and related urology subspecialties, a focused clinical niche that differentiates it from general hospitals.
Right-sized hospital model
Strategically located, appropriately scaled hospitals help the company use capital efficiently and reach reasonable returns.
Clinical talent base
It has shown an ability to attract, train and retain skilled doctors and medical staff, which is critical in a service business.
Investment in infrastructure
Ongoing spending on equipment and clinical processes supports its aim of delivering quality care at accessible prices.
Strong growth track record
Revenue and profit have grown quickly in recent years, reflecting successful expansion of the network.
Related-party acquisitions
Several hospitals were acquired from the promoter group and further such deals may follow, which raises governance and valuation questions.
Integration risk
Acquiring and absorbing hospitals carries operational, financial and regulatory execution risk.
Rapid expansion complexity
Running a fast growing chain across multiple sites strains management bandwidth and systems.
Gujarat Kidney & Super Speciality Limited
Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara, Gujarat, 390020
View on Maps →MUFG Intime India Private Limited
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Dependence on promoters
Heavy reliance on promoter-led clinical and managerial expertise creates concentration and continuity risk.
Uneven service breadth
Some hospitals lack certain departments, which can limit the range of services they can offer.