Gujarat Kidney & Super Speciality Ltd IPO

The IPO opens on 22 Dec 2025 & closes on 24 Dec 2025.

Gujarat Kidney And Super Speciality Limited was incorporated under the name and style of Vihaan Medicare Private Limited', a private limited company, dated December 20, 2019 issued by the Registrar of Companies, Central Registration Centre. Subsequently, the Company name was changed to Gujarat Kidney and Super Speciality Private Limited' and a fresh certificate of incorporation dated September 13, 2023 was issued by the Registrar of Companies, Gujarat at Ahmedabad. Further, Company' status was changed to a public limited company and the name of Company was changed to Gujarat Kidney and Super Speciality Limited' dated November 24, 2023 by the ROCs, Ahmedabad. The Company operate a chain of mid-sized multispecialty healthcare institution and is engaged in providing comprehensive medical services, including inpatient and outpatient care, surgical procedures, diagnostic services, and emergency care. It is one of the regional healthcare companies located in the central region of state of Gujarat. The Company categorize its healthcare services as secondary services (which are surgical services) and Tertiary Services (which are super speciality surgical services). The Hospital operates with a commitment to delivering high-quality healthcare through advanced medical technology and a team of highly skilled professionals. The Company established and commenced the operations of its first hospital under the name of Gujarat Kidney Hospital' at Vadodara, Gujarat in 2014 and later on expanded the bed capacity from 15 to 65 in 2018, with the establishment of 5 sub-specialities in the Uro Department, viz., endourology, urologic oncology, paediatric urology, reconstructive urology, and laparoscopic urology at the Gujarat Kidney Hospital. In 2019, it set up an in-house interventional cardiology department under the name of Gujarat Heart Care Unit' for offering invasive cardiology services. In 2021, carried out its first laparoscopic radical prostatectomy at the Gujarat Kidney Hospital. The Company commenced operations of its second hospital in Godhra, Gujarat in 2023, followed by carrying its first renal transplant and first Angiography in Godhra Hospital. The Company set up 3 super-speciality departments for cardiology, urology and nephrology at the Godhra Hospital in 2023-24. In 2024, Company carried out its first retrograde intrarenal surgery (RIRS) at the Godhra Hospital. It acquired majority stake in Raj Palmland Hospital Private Limited, thereby making it the Subsidiary of the Company. In 2025, the Company has acquired Ashwini Medical Centre. Company has filed a Draft Prospectus and is planning to make IPO of 2,20,00,000 equity shares of face value of Rs 2/- each through fresh issue.

Gujarat Kidney & Super Speciality Ltd IPO will close on 24 Dec 2025.

<ul><li>Pre-eminence in renal sciences, with established sub-superspecialties in urology and strong capabilities in other specialties.</li><li>`Right-sized', full service and strategically located hospitals leading to high return on capital.</li><li>Ability to attract, train and retain quality medical professionals.</li><li>Investment in infrastructure, processes and clinical excellence driving affordability, and a strong value proposition for stakeholders.</li><li>Track record of operating and financial performance and growth.</li><li>Professional management and experienced leadership.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Pragnesh Yashwantsinh Bharpoda</td> <td>30084250</td> <td>52.92</td> <td>30084250</td> <td>38.16</td> </tr> <tr> <td>2</td> <td>Bhartiben Pragnesh Bharpoda</td> <td>8749475</td> <td>15.39</td> <td>8749475</td> <td>11.1</td> </tr> <tr> <td>3</td> <td>Yashwantsingh Motisingh Bharpo</td> <td>8750000</td> <td>15.39</td> <td>8750000</td> <td>11.1</td> </tr> <tr> <td>4</td> <td>Anitaben Yashwantsinh Bharpoda</td> <td>8750000</td> <td>15.39</td> <td>8750000</td> <td>11.1</td> </tr> <tr> <td>5</td> <td>Nikita Yashvantsinh Bharpoda</td> <td>175</td> <td>---</td> <td>175</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Our Directors do not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for our Company and in the event of any material non-compliance where our Directors are held liable and responsible, we may have to appoint new directors.</li><li>Various challenges currently faced by the healthcare industry in India may adversely affect our business, results of operations and financial condition.</li><li>We face competition from other healthcare service providers. If we are unable to compete effectively, our business, results of operations and cash flows may be materially and adversely affected.</li><li>There may have been certain instances of irregularities, discrepancies and non-compliances with respect to certain corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties.</li><li>Our subsidiary Raj Palmland Hospital Private Limited has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on our business, prospects, financial condition, cash flows and results of operations.</li><li>Our Company has applied for registration of trademark in its name. Until such registration is granted, our Company may not be able to prevent unauthorised use of such trademark by third parties, which may lead to the dilution of our goodwill.</li><li>There have been certain instances of delays and delay in filings of statutory returns in payment of statutory dues by our Company in the past. Any failure or delay in payment of such statutory dues may expose us to statutory and regulatory action, as well as significant penalties, and may adversely impact our business, results of operations, cash flows and financial condition.</li><li>There are outstanding litigations involving our Company, Promoters and Directors, if determined adversely, may adversely affect our business and financial condition.</li><li>We utilize a portion of the Net Proceeds to undertake inorganic growth for which the target may not be identified. In the event that our Net Proceeds to be utilized towards inorganic growth initiatives are insufficient for the cost of our proposed inorganic acquisition, we may have to seek alternative forms of funding.</li><li>Acquisitions, strategic investments, partnerships or alliances may be difficult to integrate, and may adversely affect our business, financial condition and results of operations.</li><li>In addition to our existing indebtedness for our existing operations, we may incur further indebtedness during the course of business. We cannot assure that we would be able to service our existing and/ or additional indebtedness.</li><li>A downgrade in ratings of our Company, may affect the trading price of the Equity Shares.</li><li>We are vulnerable to failures of our information technology system, which could adversely affect our business.</li><li>Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, financial condition, cash flows and results of operations.</li><li>Our Company has issued Equity Shares in the last one year at a price which may be lower that of the Issue Price.</li><li>Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.</li><li>Our Promoters, Directors, Key Managerial Personnel and Senior Management have interests in our Company other than reimbursement of expenses incurred or normal remuneration or benefits.</li><li>Fraud or misconduct by our employees could adversely affect our reputation, business, results of operations and financial condition.</li><li>Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.</li><li>We have certain contingent liabilities and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.</li><li>Some of our Promoters and Directors may have interest in entities or one or more ventures. Such ventures and our Subsidiaries, and entities controlled by us are engaged in a similar line of business as our Company and this may result in conflict of interest with us.</li><li>We may require additional funding to finance our operations, which may not be available on terms acceptable to us, or at all, and if we are unable to raise funds, the value of your investment in us may be negatively impacted.</li><li>If we are unable to establish and maintain an effective internal control, our business and reputation could be adversely affected.</li><li>Our funding requirements and proposed deployment of the Net Proceeds of the Issue is based on management discretion and have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, our business, cash flows, financial condition and results of operations may be adversely affected.</li><li>Significant differences exist between Ind AS used to prepare our financial information and other accounting principles, such as U.S. GAAP and IFRS, which may affect investors' assessments of our Company's financial condition.</li><li>The average cost of acquisition of Equity Shares held by our Promoters could be lower than the Issue Price.</li><li>There have been instances in the past, wherein insufficient stamp duty was paid while executing certain agreements during its ordinary course of operations. Any insufficient stamp duty may impact the enforceability of agreements executed by our Company.</li><li>We may not be able to maintain profitability in the future due to unforeseen reasons, market fluctuations and other external factors beyond our control.</li><li>We are exposed to risks relating to the recovery of Business Transfer Collectables arising pursuant to the acquisition of M/s. Gujarat Kidney and Superspeciality Hospital.</li><li>This Red Herring Prospectus contains information from an industry report prepared by D&B India, commissioned by us for the purpose of the Issue for an agreed fee.</li><li>Our Equity Shares have never been publicly traded, and after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue.</li><li>QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Bidders are not permitted to withdraw their Bids after Bid/Issue Closing Date.</li><li>Fluctuations in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of our Equity Shares, independent of our operating results.</li><li>There is no guarantee that our Equity Shares will be listed on BSE and NSE in a timely manner or at all.</li><li>The requirements of being a listed company may strain our resources.</li><li>Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.</li><li>Any future issuance of Equity Shares or convertible securities or other equity linked securities by our Company may dilute your shareholding and sales of the Equity Shares by our major shareholders may adversely affect the trading price of the Equity Shares.</li><li>Foreign investors are subject to foreign investment restrictions under Indian laws that may limit our ability to attract foreign investors, which may have a material adverse impact on the market price of the Equity Shares.</li><li>Rights of shareholders of companies under Indian law may be more limited than under the laws of other jurisdictions.</li><li>Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.</li><li>A third party could be prevented from acquiring control of our Company because of anti-takeover provisions under Indian law.</li><li>Subsequent to the listing of the Equity Shares, we may be subject to pre-emptive surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.</li></ul>

The Issue type of Gujarat Kidney & Super Speciality Ltd is Book Building.

The minimum application for shares of Gujarat Kidney & Super Speciality Ltd is 128.

The total shares issue of Gujarat Kidney & Super Speciality Ltd is 22000000.

Initial public offering of up to 2,20,00,000 equity shares of face value of Rs. 2/- each ("Equity Shares") of the company for cash at a price of Rs. 108 - Rs. 114 per equity share (including a Share Premium of Rs. 106 - Rs. 112 per Equity Share) ("Issue Price") aggregating up to Rs. 237.6 - Rs. 250.8 crores ("Issue"). The issue shall constitute [*] % of the post-issue paid-up equity share capital of the company. Price Band: Rs. 108 to Rs. 114 per equity share of face value of Rs. 2 each. The floor price is 54 times the face value of the equity shares and the cap price is 57 times the face value of the equity shares. Bids can be made for a minimum of 128 equity shares of face value of Rs. 2 each and in multiples of 128 equity shares of face value of Rs. 2 each thereafter.