Gujarat Kidney IPO Day 2: 2.10x Subscription, GMP Falls to 3.5%, Key Details

Finance Saathi Team

23/Dec/2025

Gujarat Kidney IPO booked 2.10 times subscription on Day 2 of the offer.
Grey Market Premium (GMP) drops sharply to 3.5%, indicating tempered listing expectations.
The IPO price band is ₹95–₹100 per share, with shares being offered on the NSE SME platform.
Retail investors can apply for a minimum of 15 shares in multiples of 15.
Subscription closes on December 24, 2025, with allotment expected on December 26 and listing on December 30.

The IPO has attracted strong investor interest across categories:

Category	Subscription (Times)
Retail Investors	1.85x
Non-Institutional Investors	3.10x
Qualified Institutional Buyers	2.25x
Overall	2.10x

This shows that while overall demand remains healthy, retail investor participation is slightly muted compared to institutional appetite.

Grey Market Premium (GMP) Update

The GMP has cooled down sharply from initial levels of 6–7% to around 3.5%, suggesting a more moderate listing gain than initially expected.

Implications:

Investors can still anticipate a positive listing, but the earlier hype has tempered.
Grey market movements indicate that investor sentiment is stabilizing, which could impact first-day gains.

Price Band & Lot Size

Price Band: ₹95–₹100 per share
Minimum Application: 15 shares (₹1,500 at upper band)
Multiples: In multiples of 15 shares

The IPO aims to raise ₹12.5 crore through the public issue to fund expansion of hospital facilities, purchase of medical equipment, and general corporate purposes.

Should You Apply?

Pros:

Strong fundamentals in the healthcare segment; rising demand for specialized kidney care.
Potential listing gains, even with lower GMP.

Cons:

SME IPOs often have limited liquidity post-listing.
GMP indicates moderate upside, not as high as initially expected.
Investors should evaluate long-term growth prospects rather than only listing gains.

Timeline

Subscription closes: December 24, 2025
Basis of allotment: December 26, 2025
Refunds/Demat credit: December 29, 2025
Listing date: December 30, 2025

Conclusion:
Gujarat Kidney IPO shows strong institutional interest but a tempered retail sentiment, reflected in the sharp decline in GMP to 3.5%. Investors looking for long-term healthcare exposure may consider applying, while short-term listing gains appear moderate.

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