The initial public offering (IPO) of healthcare firm Gujarat Kidney and Super Speciality Ltd was subscribed 2.67 times on the second day of bidding on Tuesday, reflecting strong interest from retail and non-institutional investors.

According to NSE data, the IPO received bids for 3.53 crore shares against 1.32 crore shares on offer. The retail individual investors (RII) segment saw robust demand, with subscriptions reaching 10.45 times the allotted quota. The non-institutional investors’ portion was subscribed 2.95 times, while the category reserved for qualified institutional buyers (QIBs) was subscribed 34 per cent by the end of Day Two.

Ahead of the public issue, the company mobilised slightly over Rs 100 crore from anchor investors, providing early support to the offering.

The Rs 251-crore IPO, which is entirely a fresh issue, will close for subscription on Wednesday. The company has fixed a price band of Rs 108 to Rs 114 per equity share. At the upper end of the band, the issue size aggregates to Rs 250.8 crore through the issuance of up to 2.2 crore equity shares. Proceeds from the issue will be used to fund the proposed acquisition of Parekhs Hospital in Ahmedabad and part-payment for the already acquired Ashwini Medical Centre. The company also plans to utilise funds for setting up a new hospital in Vadodara, purchasing robotic medical equipment, repaying a portion of its debt, and supporting inorganic growth through future acquisitions. A part of the proceeds will go towards general corporate purposes.

Gujarat Kidney and Super Speciality operates a network of seven mid-sized multi-speciality hospitals across Gujarat, with a total capacity of 490 beds, offering secondary and tertiary healthcare services. The company’s shares are proposed to be listed on both the BSE and the NSE.