Gujarat Superspeciality Hospital, a leading regional healthcare provider based in central Gujarat, has filed its Draft Red Herring Prospectus (DRHP) with SEBI, marking a major step towards its Initial Public Offering (IPO). The proposed issue comprises a fresh issue of up to 2.20 crore equity shares with a face value of INR 2 per share.
Gujarat Superspeciality Hospital: IPO Structure and Key Details
- Issue Type: 100% Fresh Issue
- Total Issue Size: Up to 2.20 crore equity shares
- Listing: Proposed to be listed on NSE and BSE
- Book Running Lead Manager: Nirbhay Capital Services Private Limited
- Registrar: MUFG Intime India Private Limited
Gujarat Superspeciality Hospital: Utilization of Net Proceeds
The net proceeds from the IPO will be strategically deployed across several initiatives to strengthen and expand the hospital chain’s operations:
- Proposed acquisition of “Parekhs Hospital Private Limited” at Ahmedabad – INR 77 crore
- Part-payment of purchase consideration for the already acquired “Ashwini Medical Centre” – INR 12.40 crore
- Funding of capital expenditure requirements of the company towards setting up a new hospital in Vadodara – INR 30.17 crore
- Buying robotics equipment for the hospital Gujarat Super Speciality hospital in Vadodara location – INR 7.28 crore
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company – INR 1.50 crore
- Funding inorganic growth through unidentified acquisitions and General Corporate Purposes
Gujarat Kidney & Superspeciality Hospital: Business Overview
Established in 2014 by Dr. Pragnesh Y. Bharpoda, Gujarat Superspeciality Hospital has evolved into a chain of six multispecialty hospitals and three pharmacies, operating primarily in Vadodara, Godhra, Anand, Borsad, and Bharuch.
- Total bed capacity: 400
- Approved beds: 355
- Operational beds: 250
- ICU beds: 62
- Employees (as of 20 March 2025): 322
- Full-time consultants: 21
- Visiting consultants: 32
The company provides both secondary (surgical) and tertiary (super-speciality) services, including diagnostics, in-house pharmacies, and specialty departments like cardiology, neurosurgery, orthopaedics, and more. Gujarat Kidney has built a strong reputation in renal sciences, particularly urology, with six sub-specialties, including endourology, urologic oncology, pediatric urology, and renal transplant services.
Asset-Light Growth Strategy
The company follows an asset-light model, operating some hospitals through strategic stake acquisitions instead of owning physical infrastructure:
- Raj Palmland Hospital (Bharuch) – 51% stake
- Surya Hospital and ICU (Borsad) – 90% stake
- Gujarat Surgical Hospital (Vadodara) – 90% stake
- Ashwini Medical Centre (Anand) – Already acquired
- Upcoming Acquisition: Parekhs Hospital (Ahmedabad)
This strategy reduces capital expenditure and enhances ROI.
Gujarat Superspeciality Hospital: Financial Performance
| FY 2023 | FY 2024 | H1 FY 2025 | |
| Revenue | — | 4.77 | 18.67 |
| EBITDA | 0.006 | 1.95 | 9.33 |
| EBITDA Margin (%) | NA | 40.86 | 50.02 |
| Net Income | 0.006 | 1.71 | 5.63 |
| PAT Margin (%) | NA | 35.90 | 30.16 |
| Net Worth | 0.37 | 10.80 | 20.39 |
| Total Borrowings | — | 1.94 | 3.69 |
| Debt/Equity | NA | 0.18 | 0.18 |
| ROE (%) | 1.67 | 15.86 | 27.32 |
| ROCE (%) | 1.70 | 9.79 | 26.73 |
Competitive Edge and Future Outlook
Gujarat Kidney’s regional dominance, focus on secondary and tertiary care, low attrition among medical staff, and consistent expansion position it well in the underpenetrated healthcare market of central Gujarat. The hospital chain also serves patients under Ayushman Bharat PMJAY and offers services to PSUs and private companies, strengthening its payer mix.
With a strong brand, leadership from an experienced promoter, and a commitment to high-quality care, Gujarat Kidney & Superspeciality Hospital aims to scale its presence and enhance medical infrastructure through this IPO.
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two month stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024. For more details related to IPO GMP, and Live Subscription, stay tuned to IPO Central.