Gujarat Kidney and Super Speciality files DRHP for IPO

Gujarat Kidney and Super Speciality that operates a chain of mid-sized multi-speciality hospitals has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO). The company hopes to raise about ₹128 crore through this IPO.

The IPO, with a face value of ₹2, is a fresh issue of shares up to 2.2 crore equity shares. Led by promoter and Managing Director, Dr Pragnesh Yashwantsingh Bharpoda, the Gujarat-based company categorises its healthcare services as secondary services (surgical services) and tertiary services (super-speciality surgical services).  

The proceeds from the fresh issue will be used for the proposed acquisition of Parekhs Hospital at Ahmedabad — ₹77 crore; part-payment of purchase consideration for the already-acquired Ashwini Medical Centre — ₹12.4 crore; funding of capital expenditure requirements of the company towards setting up of a new hospital in Vadodara — ₹30.2 crore; buying robotics equipment for Gujarat Kidney & Super Speciality hospital at Vadodara — ₹7.3 crore; full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company — ₹1.5 crore; and funding inorganic growth through unidentified acquisitions and general corporate purposes.

Hospital chain

As of March 20, 2025, the company operates six multi-speciality hospitals and three pharmacies operating within its hospitals — Gujarat Kidney and Super-speciality Hospital (Vadodara), Gujarat Multi-speciality Hospital (Godhra), Raj Palmland Hospital Private ltd (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand) and Ashwini Medical Store (Anand) with a total bed capacity of 400 beds, approved bed capacity of 355 beds and operational bed capacity of 250 beds.

Nirbhay Capital Services Private Ltd is the sole book-running lead manager and the equity shares are proposed to be listed on the NSE and BSE.