Gujarat Kidney's IPO Stumbles as Shares Tumble 8%

Gujarat Kidney and Super Speciality Ltd's shares fell over 8% on debut, after initially rising. The IPO was oversubscribed, with proceeds intended for acquisitions and expansions. The company plans to acquire new hospitals and invest in technology to enhance its healthcare services.

Gujarat Kidney and Super Speciality Ltd witnessed a rocky market debut as its shares closed over 8% lower than the issue price of Rs 114. Despite starting at Rs 120.75, a 5.92% increase, shares fell sharply, closing at Rs 104.65 on the BSE.

On the NSE, the stock commenced at Rs 120, marking a 5.26% rise, but ultimately decreased to Rs 104.54, an 8.29% drop. The company's market valuation stood at Rs 825.09 crore, reflecting the volatile nature of its IPO performance.

The IPO, valued at Rs 251 crore, was entirely a fresh issue aimed at acquisitions and expansions. Gujarat Kidney plans to utilize the funds for acquiring hospitals, buying advanced equipment, and supporting inorganic growth, further establishing its presence in Gujarat's healthcare sector.