Basis of Allotment

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.
THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF BSE LIMITED AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("BSE", AND TOGETHER WITH "NSE", THE "STOCK EXCHANGES") IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED ("SEBI ICDR REGULATIONS")
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GUJARAT KIDNEY AND SUPER SPECIALITY LIMITED
(TO BE LISTED ON THE MAIN BOARD OF BSE AND NSE)

Gujarat Kidney And Super Speciality Limited (the "Issuer" or the "Company") was incorporated under the name and style of ‘Vihaan Medicare Private Limited', a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 20, 2019 issued by the Registrar of Companies, Central Registration Centre. Subsequently, in order to align our name with the business carried out by our Company of offering multi-speciality and super-speciality medical services, pursuant to a resolution passed by our Board of Directors in their meeting held on September 04, 2023, and by our Shareholders in an extraordinary general meeting held on September 06, 2023, the name of our Company was changed to ‘Gujarat Kidney and Super Speciality Private Limited' and a fresh certificate of incorporation dated September 13, 2023 was issued by the Registrar of Companies, Gujarat at Ahmedabad. Further, our Company was converted into a public limited company pursuant to a resolution passed by our Board of Directors in their meeting held on November 02, 2023 and by our Shareholders in an extraordinary general meeting held on November 04, 2023 and consequently the name of our Company was changed to ‘Gujarat Kidney and Super Speciality Limited' and a fresh certificate of incorporation dated November 24, 2023 was issued by the Registrar of Companies, Gujarat at Ahmedabad. For further details, including in relation to change in name of our Company, see "History and Certain Corporate Matters" on page 244 of the prospectus dated December 24, 2025 ("Prospectus") filed with the ("RoC").

Registered Office: Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara - 390 020, Gujarat, India. Telephone: +91 265 298 4800; Website: www.gujaratsuperspecialityhospital.com; Contact Person: Niki Paresh Tiwari, Company Secretary and Compliance Officer; E-mail: info@gujaratsuperspecialityhospital.com;
Corporate Identity Number: U85300GJ2019PLC111559
OUR PROMOTERS: DR. PRAGNESH YASHWANTSINH BHARPODA, DR. BHARTIBEN PRAGNESH BHARPODA, DR. YASHWANTSINGH MOTISINH BHARPODA AND ANITABEN YASHWANTSINH BHARPODA

Our Company has filed the Prospectus dated December 24, 2025 with the RoC, the SEBI and the Stock Exchanges and the Equity Shares (as defined below) are proposed to be listed on the Main Board platform of the Stock Exchanges and the trading will commence on December 30, 2025.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 2,20,00,000 EQUITY SHARES OF FACE VALUE OF RS. 2 EACH ("EQUITY SHARES") OF OUR COMPANY FOR CASH AT A PRICE OF RS. 114 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 112 PER EQUITY SHARE) ("ISSUE PRICE") AGGREGATING TO RS. 25,080 LAKHS ("ISSUE"). THE ISSUE SHALL CONSTITUTE 27.90% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

ANCHOR INVESTOR ISSUE PRICE: RS. 114 PER EQUITY SHARE OF FACE VALUE OF RS. 2 EACH
ISSUE PRICE: RS. 114 PER EQUITY SHARE OF FACE VALUE OF RS. 2 EACH
THE ISSUE PRICE IS 57 TIMES OF THE FACE VALUE OF THE EQUITY SHARES
RISKS TO INVESTORS:
(For details, refer to section titled "Risk Factors" on page 34 of the Prospectus)

Our Company proposes to use a portion of the Net Proceeds from the Issue for acquisition of Parekhs Hospital Private Limited, following which our Company will be responsible for overseeing and managing the Parekhs Hospital.

Our Company proposes to use a portion of the Net Proceeds from the Issue for part-payment of purchase consideration for the acquisition of the Parekhs Hospital Private Limited. See "Objects of the Issue - Proposed Acquisition of "Parekhs Hospital Pvt. Limited" at Ahmedabad" on page 118 of the Prospectus. With respect to acquisition of Parekhs Hospital Private Limited, our Company had entered into Term Sheet on February 28, 2025 for acquiring 100% of the share capital for total consideration of Rs.7,900 lakhs (including Rs.100 lakhs non-compete fees and Rs.200 lakhs of exclusivity fees). Our Company proposes to use issue proceeds amounting to Rs.7,700 lakhs towards payment of consideration. We have limited business operating history and had never acquired companies of the size and scale of Parekhs Hospital Private Limited. The term sheet further provides for exclusivity period of upto January 31, 2026 (extended from September 30, 2025) to complete the acquisition process or such other mutually extended timelines, post which the term sheet expires. Our Company had paid Rs.30 lakhs of Non-Refundable Exclusivity fees and Rs.170 lakhs towards Refundable Exclusivity fees. For further details, see "Proposed Acquisition"on page 206 of the Prospectus. The integration of Parekh Hospital with our business may face challenges due to potential changes in regulatory policies affecting the healthcare industry. Our industry is a regulated sector and approvals required for the integration in light of any change in regulatory policies may face delays. These changes could lead to stricter compliance requirements or increased operational costs. Such increase compliance burden and cost may adversely affect our business and financial operation.

Our Company proposes to utilise a portion of the Net Proceeds from the Issue towards making part-payment of purchase consideration for the acquisition of Ashwini Medical Centre, pursuant to the Acquisition Agreement.

Pursuant to the Acquisition Agreement and the Acquisition Agreement – II, our Company acquired the entire business of M/s Ashwini Medical Centre and M/s. Ashwini Medical Store, respectively, for a lump sum consideration equal to Rs. 1,400 lakhs and Rs.100 lakhs, respectively. Our Company proposes to utilise a portion of the Net Proceeds of the Issue towards making part-payment of purchase consideration for the acquisition of M/s. Ashwini Medical Centre undertaken in terms of the Acquisition Agreement. For further details, please see "Objects of the Issue - Part-payment of purchase consideration for thealready acquired "Ashwini Medical Centre" hospital" and "History and Certain Corporate Matters - Details regarding material acquisitions or divestments of business/undertakings, mergers or amalgamation" on pages 120 and 249, respectively of the Prospectus. Our Company had entered into the Acquisition Agreement for acquiring the entire business of M/s Ashwini Medical Centre, along with all the assets and liabilities as well as all rights and obligations on a slump sale basis and on a going concern basis for a lump sum consideration equal to Rs. 1,400 lakhs. Our Company was required to pay a lump sum purchase consideration of Rs. 1,400 lakhs, in the manner provided in the Acquisition Agreement. As on date of the Prospectus, the entire business and operations of M/s. Ashwini Medical Centre including, its movable and immovable properties, other assets and liabilities have been transferred to our Company, on a slump sale basis. Our Company is yet to pay an amount of Rs. 1,240 lakhs towards the purchase consideration to the partners of M/s. Ashwini Medical Centre, in accordance with the Acquisition Agreement. We propose to pay the balance amount of Rs. 1,240 lakhs from the Net Proceeds of this Issue. The Acquisition Agreement provide for limited representations and warranties, primarily concerning payment obligations, transfer of assets and liabilities, and possible impact where payment not made and transitional compliances, which may limit our Company's recourse under the said arrangements. All of these risks, aswell as the others that typically accompany a large transaction such as the acquisition, could adversely affect our business, financial condition or results of operations.

Our proposed plans with respect to funding the capital expenditure requirement for construction of new hospital are subject to the risk of unanticipated delays in obtaining approvals and delay in placing of orders, which could adversely affect our expansion plans.

Our Company is proposing to establishing a women healthcare hospital in Vadodara and intend to utilise a portion of the Net Proceeds from the Issue for Capital expenditure requirements towards setting up of a new hospital in Vadodara. Developing and operating new hospitals/ facilities could also be subject to certain risks, including, delays in construction or delays or failure to secure approvals; inability to obtain the requisite financing at favourable costs if at all; difficulties arising from coordinating and consolidating corporate and administrative functions; difficulties in procuring equipment or recruiting and retaining healthcare professionals; and unforeseen legal, regulatory, contractual, labour or other issues. There is no assurance that we will be able to procure favourable terms i.e., securing financing at competitive renegotiating favourable terms for procurement of equipment, recruitment of qualified healthcare professionals and the lease agreement for the property is renewed on commercially acceptable terms or that such projects will be completed in a timely manner, or at all.

While we will apply for all necessary approvals pertaining to the new hospital proposed to be constructed in Vadodara, in the case of failure to obtain licenses, could adversely affect our future prospects. Further, we have entered into a lease deed with Mr. Rakesh Chhatrasinh Bakaliya for obtaining the land on which the proposed hospital shall be situated on lease basis. While, the tenure of the said lease is for a period of seven years, however we cannot assure you that the lease deed shall be terminated, on account of a breach of the terms of the lease deeds, including delay in payment or non-payment of rent, usage of the property other than for the purposes for which it has been leased. Further, if we are unable to manage the growth of our business or successfully commence operations of, or integrate, newly developed hospitals/ facilities, our reputation and ability to compete effectively could be impaired, which would have a material adverse impact on our business, financial condition and results of operations.

Acquisition of Harmony Medicare Private Limited has been undertaken subsequent to the three month period ended June 30, 2025. Accordingly, the Restated Financial Statements do not include the financial information pertaining the said acquisition. Hence, our Restated Financial Statements for the three month period ended June 30, 2025 and the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023, are not analogous and comparable to any future financial results/statements that we may prepare: Our Proforma Consolidated Financial Statements set forth an illustrative situation to highlight the impact of the recent acquisitions undertaken by our Company of Harmony Medicare Private Limited, including the results of operations and the financial position that would have resulted, had the acquisitions been completed during the period presented therein. Accordingly, our Proforma Consolidated Financial Statements may not necessarily be indicative of what our actual results of operations, financial position and cash flows would have been for such periods or as of such dates, nor are these intended to be indicative of expected results or operations in the future periods or our future financial position.

As a result of our limited operating history, we may not be able to compete successfully, and it may be difficult to evaluate our business and future operating results on the basis of our past performance: While, our Company was incorporated in 2019, however the business of operating a chain of mid-sized multi-speciality hospitals in central Gujarat and providing integrated healthcare services was transferred to our Company from M/s. Gujarat Kidney and Superspeciality Hospital, pursuant to the Business Transfer Agreement dated February 18, 2024 executed between our one of the Promoter as well as Chairman and Managing Director of our Company, Dr. Pragnesh Yashwantsinh Bharpoda and our Company. Pursuant to the said transfer, the hospital in Vadodara and Godhra operated by M/s. Gujarat Kidney and Superspeciality Hospital, along with its ongoing business operations, licenses, employees, consultants, movable assets, etc., were transferred to our Company on a going concern basis. While, our Promoters hold a collective experience of more than four decades in the medical industry, however our Company commenced its business operations in 2024. Due to our limited operating history, the investors may not be able to evaluate our business, future prospects and viability.

Given our limited greenfield project experience and the complexities of adopting new technologies and processes, we may face challenges in planning, developing, and executing new facilities, including hospitals and other infrastructure: Our company is relatively new to greenfield projects, which involve the planning, development, and execution of new facilities, such as hospitals and other infrastructure. However, one of the promoters and Managing Director Dr. Pragnesh Bharpoda has a limited experience in execution of greenfield project i.e. construction of Gujarat Kidney and Super Speciality Hospital. These greenfield projects inherently carry risks, including delays in construction, cost overruns, and challenges in meeting regulatory and operational requirements. Due to our limited experience, we may encounter difficulties in completing these projects on time and within budget, which could have a negative impact on our financial performance, business operations, and overall reputation.

The land and buildings of our Registered Office and certain hospitals are leased or consented to us. Any issues with the owners' title, or any breach, expiry, or non-renewal of these arrangements on favourable terms, could disrupt operations and materially affect our business, financial condition, results of operations, and cash flows.

Our Registered Office and our Hospitals are held on a leasehold / consented basis. The details of these are as below:

S. No. Hospital Property Description Term date Commencement Date Expiry
1. Gujarat Kidney & Super Speciality Hospital, Vadodara Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara - 390 020, Gujarat, India Seven (07) Years January 23, 2025 January 22, 2032
2. Gujarat Multispeciality hospital, Godhra Shreeji Tiles, Opposite IOCL petrot pump, Bamroli Road, Vavdio Buzarg, Godhara - 389 001, Gujarat, India Nine (09) years and 11 (Eleven) months December 1, 2022 October 31, 2032
3. Raj Palmland Hospital Pvt. Ltd, Bharuch Hospital Railway station road, Falshruti Nagar, Moficer Jin Compound, Bharuch - 392001, Gujarat, India Five (05) years April 1, 2022 March 31, 2027
4. Surya Hospital & ICU Hospital, Borsad Shan Aroma Complex, opposite SURYA MANDIR, Ishvar Krupa Society, Borsad, Gujarat 388540 India Nine (09) years October 1, 2024 September 30, 2033
5. Proposed New Women Hospital in Vadodara Mouje Village: Sama Khata no. 5588, R.S. No. 647/1 Seven (07) years January 23, 2025 January 22, 2032
6. Gujarat Surgical in Vadodara 3, City Park, New Sama Road, Sahkar Nagar 4, Near Chanakyapuri, New Sama, Vadodara, Gujarat - 390008 11 months October 01, 2025 August 31, 2026
7. Apex Multispeciality and Trauma Center in Bharuch 2nd Floor, No 3013, Ward 08, Adarsh Market, Panchbatti, Bharuch 392001 Ten (10) Years March 01, 2023 February 29, 2032
Block No 83/2 & 84/2, Plot No 12, Labheshwar Complex, Zadeshwar, Bharuch Fifteen (15) Years August 1, 2023 July 31, 2038

Any use of the leased / consented premises pursuant to the lease deeds will have to be in compliance with the terms and conditions contained in such lease deeds. Our Company incurs expenditure due to leasing of space for our Hospitals and Registered Office. The table below indicates expenses incurred under leases along with a percentage of total lease expenses for the three month period ended June 30,2025 and the Fiscals 2025,2024 and 2023:

Based on Restated Consolidated Financial Statements

Particulars Three-month period ended June 30, 2025 March 31,2025 March 31,2024 March 31,2023
Expenses under the leases (in Rs. lakhs) 28.83 92.71 6.96 -
% of total expenses 3.71% 3.36% 2.17% 0.00%

Based on Unaudited Proforma Condensed Combined Financial Statements

Particulars Three-month period ended June 30,2025 March 31,2025 March 31, 2024 March 31,2023
Expenses under the leases (in Rs. lakhs) 74.14 298.09 244.20 181.18
% of total expenses 3.78% 3.16% 2.88% 2.53%

In the event, we are required to vacate our properties, especially our Hospitals and our Registered Office our business operations may come to a standstill.

Our revenues are significantly dependent on our Gujarat Kidney Hospital in Vadodara, Gujarat. Further, majority of the Hospitals of our Company, entities controlled by our Company and our Subsidiaries are located in the central Gujarat: We derive significant revenue from our Gujarat Kidney and Superspeciality Hospital in Vadodara, Gujarat. Further, majority of the Hospitals of our Company, entities controlled by our Company as well as of our Subsidiaries are concentrated in Central Gujarat, therefore, any localized social unrest and natural disaster in and around Gujarat could have material adverse effect on our business and financial condition. The following table is as per unaudited proforma condensed combined financial statements sets forth the revenue breakup of our Company from each of the regions for the periods indicated:

(Rs. in lakhs except %)

Region Revenue from operations
Three-month period ended June 30, 2025 % of Revenue from Operations Fiscal 2025 % of Revenue from Operations Fiscal 2024 % of Revenue from Operations Fiscal 2023 % of Revenue from Operations
Central Gujarat 1,253.67 40.32 4,449.73 37.09 3,375.74 32.63 2,848.46 33.20
North Gujarat 571.95 18.40 2,566.69 21.39 2,635.59 25.48 2,408.44 28.07
South Gujarat 1,283.39 41.28 4,981.04 41.52 4,332.82 41.89 3,322.29 38.73
Total 3,109.01 100.00 11,997.46 100.00 10,344.15 100.00 8,579.19 100.00

Any material impact on our revenues from our Gujarat Kidney Super Speciality Hospital, including by reason of a reduction in patient footfall, regulatory changes, reputational harm, liabilities on account of medical negligence, adverse publicity or natural calamities and increased competition, could have a material adverse effect on our business, financial condition and results of operations.

Our insurance coverage may not adequately cover all damages arising out of the claims against our Hospitals: Our existing insurance may not be sufficient to cover all damages, whether foreseeable or not. Further, while we maintain insurance against professional errors and negligence for medical services provided at our Hospitals, there is no certainty that such insurance will be adequate to cover all claims arising from medical negligence or malpractice. We maintain insurance policies to cover certain risks, including, among other, fire, burglary, professional negligence, damage to vehicle and equipment. The rising costs of insurance premia could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects. We may not be insured for certain types of risks and losses that we may also be subject to, as such risks are either uninsurable or that relevant insurances are not available on commercially acceptable terms. To the extent that we suffer loss or damage for events for which we are not insured or for which our insurance is inadequate, the loss would have to be borne by us, and, as a result, our business, financial condition, results of operations, cash flows and prospects could be adversely affected.

We are highly dependent on our healthcare professionals including doctors and nurses, and any future inability to attract/ retain such professionals will adversely affect our business, financial condition and results of operations. Our operations depend on the skills, efforts, ability and experience of our healthcare professionals including doctors and nurses at our Hospitals. In the event, we are unable to attract or retain professionals, quality of services may be impacted, thereby resulting in a loss of revenue from operations. Set out below are details in relation to the attrition rate for our doctors and nurses for the periods indicated:

Particulars Numbers as at
Three Month period ended June 30, 2025 Fiscal 2025 Fiscal 2024 Fiscal 2023
Full time Doctors 89 91 106 106
Visiting Consultants* 238 238 209 199
Nurses 332 303 306 309
Particulars Attrition rate
Full time Doctors 2.99% 2.40% 1.02% 2.53%
Visiting Consultants - 2.10% 2.39% 2.51%
Nurses - 0.85% 2.66% 2.91%

*Visiting doctors are not full-time employees of the Company.

There is no assurance that the attrition amongst our healthcare professionals will not increase in the future. Our doctors work with us as consultants under various arrangements including on a fixed fee basis (fixed monthly remuneration) and pay-for-services model (remuneration is calculated based on number of visits and other services provided and does not include any fixed monthly remuneration), and are permitted to practice outside of our Hospital beyond the committed business hours and to work at Hospitals that compete with us. Even though we are not dependent on any particular doctor for providing services to our patients, certain patients may choose our Hospitals because of the reputation of some of our individual doctor. There is no assurance that we will be able to retain our doctors or they will continue to provide services to us or devote the whole of their time to our Hospitals or that our doctors will not prematurely terminate such arrangements, which they may unilaterally terminate by serving a notice of typically three months.

Our industry is highly regulated. Any regulatory changes or violations of such rules and regulations may adversely affect our business, financial condition and results of operations. We require certain statutory and regulatory licenses, registrations and approvals to operate our business, some of which our Company has either received, applied for or is in the process of application. There can be no assurance that we will be able to obtain these registrations and approvals including approvals in relations to our operations in a timely manner or at all. Healthcare providers are subject to a wide variety of governmental, state and local environmental and occupational health and safety and other laws and regulations. Further, we are required to obtain and renew from time to time, a number of approvals, accreditations, licenses, registrations and permits from governmental and regulatory authorities such as in relation to establishment of Hospitals, operation of our Hospitals, procurement and operation of medical and other equipment and storage and sale of drugs. In particular, we are required to obtain certificate of registrations for carrying on certain of our business activities including from the Government of India, the State Governments and other such regulatory authorities that are subject to numerous conditions. The regulatory licenses that we require are typically granted for a limited term and are subject to renewal at the end of such terms. Further, if we fail to comply with the requirements for applicable quality standards, or if we are otherwise unable to obtain or renew such quality accreditations in the future, in a timely manner, or at all, our business and prospects may be adversely affected. We may incur substantial costs in order to comply with current or future laws, rules and regulations, and we may not be able to maintain, at all times, full compliance with such laws, regulations, policies and guidelines.

Our Company depends on the knowledge and experience of our Promoter, Dr. Pragnesh Yashwantsinh Bharpoda, for our growth. The loss of their services may have a material adverse effect on our business, financial condition and results of operations. Our Company depends on the management skills and guidance of our Promoter for development of business strategies, monitoring its successful implementation and meeting future challenges. Our Promoter had initially started his business by instituting a sole proprietorship under the name of M/s. Gujarat Kidney and Superspeciality Hospital, under which he has founded the Gujarat Kidney and Superspeciality Hospital in Vadodara and the Gujarat Multispeciality ospital in Godhra, which were subsequently transferred to our Company through the Business Transfer Agreement. Accordingly, our business and operations are solely dependent upon our Promoter, his stature and experience in the medical field. We cannot assure you that we shall be able to identify any placements of our Promoter, that would be able to carry out the functions and the responsibilities entrusted by our Company in an efficient manner and would contribute successfully in the business and operations of our Company.

Our Company, our Subsidiaries and one of the Entities Controlled by our Company have incurred losses in Fiscal 2023. Such losses may impact our reputation or business or financial results, on a consolidated basis.

Our Company, our Subsidiaries and one of the Entities Controlled by our Company have incurred losses in the past, details of losses based on unaudited proforma condensed combined financial information which are as under:

(Rs. in lakhs)

Name of the entity Profit/(Loss)
March 31, 2023
Gujarat Kidney And Super Speciality Limited (0.62)
Raj Palmland Hospital, Bharuch (62.59)
Surya Hospital and ICU, Borsad (1.57)

Gujarat Kidney and Super speciality Limited become operational company pursuant to business transfer agreement in FY 2023-24. Prior to FY 2023-24, Company was having no revenue from operations, however, it had to incur compliance cost, audit expenses and other ancillary expenses towards keeping Company active and compliant. Hence, in FY 2022-23, the Company had incurred loss. Similarly, Raj Palmland Hospital had purchased fixed assets and availed loans during FY 2022-23, which resulted in higher depreciation and interest cost, resulting in loss of Rs.62.59 Lakhs. Further, Surya Hospital and ICU reported loss of Rs.1.57 lakhs during the FY 2023-24 due to restatement undertaken to align the Partnership firm accounts with those of the other hospitals as mentioned in unaudited pro forma condensed combined financial information. There can be no assurance that we, our Subsidiaries or the Entities Controlled by our Company will not incur losses in any future periods, or that there may not be an adverse effect on our reputation or business as a result of such losses.

BID/ISSUE PROGRAMME
ANCHOR INVESTOR BIDDING DATE OPENED AND CLOSED ON: FRIDAY, DECEMBER 19, 2025
BID/ISSUE OPENED ON MONDAY, DECEMBER 22, 2025 | BID/ ISSUE CLOSED ON WEDNESDAY, DECEMBER 24, 2025

The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") ("QIB Portion"), provided that our Company may, in consultation with the Book Running Lead Manager, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), of which 40% shall be available for allocation as follows, (i) 33.33% shall be available for allocation to domestic Mutual Funds, and (ii) 6 .67% for life insurance companies and pension funds, subject to valid Bids being received from domestic Mutual Funds, life insurance companies and pension funds at or above the price at which Equity Shares are allocated to Anchor Investors ("Anchor Investor Allocation Price"). In the event of under-subscription in (ii) above, the allocation may be made to domestic Mutual Funds, subject to receipt of valid bids from domestic Mutual Funds. In the event of under-subscnption or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the remaining QIB Portion ("Net QIB Portion") Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Issue Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs. Further, not more than 15% of the Issue shall be available for allocation to Non-Institutional Bidders and not more than 10% of the Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. One-third of the Non- Institutional Portion shall be available for allocation to Non-Institutional Bidders with a Bid size of more than Rs.2.00 lakhs and up to Rs.10.00 lakhs and two-thirds of the Non-Institutional Portion shall be available for allocation to Non- Institutional Bidders with a Bid size of more than Rs.10.00 lakhs provided that under-subscription in either of these two sub-categories of the Non- Institutional Portion may be allocated to Non- Institutional Bidders in the other sub-category of Non- Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. All potential Bidders (except Anchor Investors) are mandatorily required to participate in the Issue through the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the SCSBs or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, see "Issue Procedure" on page 521 of the Prospectus.

The bidding for Anchor Investor opened and closed on Friday, December 19, 2025. The Company received 10 applications from 10 Anchor Investors for 11,404,937 Equity Shares. The Anchor Investor Issue Price was finalized at Rs.114 per Equity Share. A total of 87,73,120 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs.100,01,35,680.

The Offer received 2,60,754 applications for 6,91,68,896 Equity Shares (excluding applications from Anchor Investors and prior to rejections) resulting in 5.23 times subscription. The details of the applications received in the Issue from various categories are as under (before rejections):

Sl. No. Category No. of Applications Received* No. of Equity Shares Applied No. of Equity Shares Reserved as per Prospectus No. of times Subscribed Amount (Rs.)
A Retail Individual Bidders 2,55,737 4,20,70,272 22,00,000 19.12 4,79,46,86,080.00
B Non-Institutional Bidders - More than Rs.2 lakhs and upto Rs.10 lakhs 3,722 74,06,720 11,00,000 6.73 84,41,15,328.00
C Non-Institutional Bidders - More than Rs.10 lakhs 1,284 1,16,85,376 22,00,000 5.31 1,33,20,76,800.00
D Qualified Institutional Bidders (excluding Anchor Investors) 11 80,06,528 77,26,880 1.04 91,27,44,192.00
Total 2,60,754 6,91,68,896 1,32,26,880 5.23 7,88,36,22,400.00

*This excludes 1,310 applications for 2,10,688 Equity Shares aggregating to Rs.2,40,39,424.00/- from Retail Individual which were not in bid book but which were banked.

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date at different Bid prices is as under:

Sr. No Bid Price (Rs.) No. of Equity Shares % to Total Cumulative Total Cumulative % of Total
1 108 6,34,368 0.64 6,34,368 0.64
2 109 72,960 0.07 7,07,328 0.71
3 110 2,28,480 0.23 9,35,808 0.94
4 111 76,288 0.08 10,12,096 1.02
5 112 97,536 0.10 11,09,632 1.11
6 113 73,984 0.07 11,83,616 1.19
7 114 3,93,92,768 39.52 4,05,76,384 40.71
8 CUT-OFF 5,90,96,960 59.29 9,96,73,344 100.00
TOTAL 9,96,73,344 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on December 26, 2025.

A. Allotment to Retail Individual Bidders (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.114 per Equity, was finalized in consultation with BSE. This category has been subscribed to the extent of 18.31 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 22,00,000 Equity Shares to 2,44,758 successful applicants. The category-wise details of the Basis of Allotment are as under:

Sr. No Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares Allotted per Bidder Ratio Total No. of Equity Shares allotted
1 128 2,16,004 88.25 2,76,48,512 68.63 128 21:299 19,41,504
2 256 16,741 6.84 42,85,696 10.64 128 21:299 1,50,528
3 384 4,535 1.85 17,41,440 4.32 128 21:299 40,704
4 512 2,325 0.95 11,90,400 2.95 128 21:299 20,864
5 640 1,517 0.62 9,70,880 2.41 128 21:299 13,696
6 768 659 0.27 5,06,112 1.26 128 21:299 5,888
7 896 699 0.29 6,26,304 1.55 128 21:299 6,272
8 1024 281 0.11 2,87,744 0.71 128 20:281 2,560
9 1152 156 0.06 1,79,712 0.45 128 11:156 1,408
10 1280 445 0.18 5,69,600 1.41 128 21:299 3,968
11 1408 112 0.05 1,57,696 0.39 128 8:112 1,024
12 1536 110 0.04 1,68,960 0.42 128 8:110 1,024
13 1664 1,174 0.48 19,53,536 4.85 128 21:299 10,496
14 0 2019 Allottees from Serial no 2 to 13 Additional 1(one) share 1 64:2019 64
TOTAL 2,44,758 100.00 4,02,86,592 100.00 22,00,000

B. Allotment to Non-Institutional Bidders (more than Rs.2 Lakhs and up to Rs.10 Lakhs) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-Institutional Bidders (more than Rs.2 Lakhs and up to Rs.10 Lakhs), who have bid at the Issue Price of Rs.114 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 6.53 times. The total number of Equity Shares allotted in this category is 11,00,000 Equity Shares to 3,608 successful applicants. The category-wise details of the Basis of Allotment are as under:

Sr. No Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per applicant Ratio Total No. of Equity Shares allotted
1 1,792 3132 86.81 56,12,544 78.19 1,792 8:47 9,55,136
2 1,920 115 3.19 2,20,800 3.08 1,810 20:115 36,200
3 2,048 31 0.86 63,488 0.88 1,810 5:31 9,050
4 2,176 22 0.61 47,872 0.67 1,810 4:22 7,240
5 2,304 17 0.47 39,168 0.55 1,810 3:17 5,430
6 2,432 5 0.14 12,160 0.17 1,810 1:5 1,810
7 2,560 36 1.00 92,160 1.28 1,810 6:36 10,860
8 2,688 23 0.64 61,824 0.86 1,810 4:23 7,240
9 2,944 5 0.14 14,720 0.21 1,810 1:5 1,810
10 3,072 10 0.28 30,720 0.43 1,810 2:10 3,620
11 3,200 7 0.19 22,400 0.31 1,810 1:7 1,810
12 3,456 5 0.14 17,280 0.24 1,810 1:5 1,810
13 3,584 16 0.44 57,344 0.80 1,810 3:16 5,430
14 3,840 8 0.22 30,720 0.43 1,810 1:8 1,810
15 3,968 4 0.11 15,872 0.22 1,810 1:4 1,810
16 4,096 5 0.14 20,480 0.29 1,810 1:5 1,810
17 4,352 116 3.22 5,04,832 7.03 1,810 20:116 36,200
18 4,480 4 0.11 17,920 0.25 1,810 1:4 1,810
19 5,120 7 0.19 35,840 0.50 1,810 1:7 1,810
20 8,704 15 0.42 1,30,560 1.82 1,810 3:15 5,430
21 2,816 3 0.08 8,448 0.12 1,810 0:3 0
22 3,328 2 0.06 6,656 0.09 1,810 0:2 0
23 3,712 3 0.08 11,136 0.16 1,810 0:3 0
24 4,224 3 0.08 12,672 0.18 1,810 0:3 0
25 4,608 2 0.06 9,216 0.13 1,810 0:2 0
26 4,992 1 0.03 4,992 0.07 1,810 0:1 0
27 5,248 1 0.03 5,248 0.07 1,810 0:1 0
28 5,376 1 0.03 5,376 0.07 1,810 0:1 0
29 5,504 1 0.03 5,504 0.08 1,810 0:1 0
30 6,144 1 0.03 6,144 0.09 1,810 0:1 0
31 6,400 1 0.03 6,400 0.09 1,810 0:1 0
32 7,040 1 0.03 7,040 0.10 1,810 0:1 0
33 7,168 1 0.03 7,168 0.10 1,810 0:1 0
34 7,680 1 0.03 7,680 0.11 1,810 0:1 0
35 8,448 2 0.06 16,896 0.24 1,810 0:2 0
36 8,576 1 0.03 8,576 0.12 1,810 0:1 0
37 0 All applicants from Serial no 21 to 36 for 1 (one) lot of 1810 shares 1,810 1:25 1,810
38 0 80 Allottees from Serial no 2 to 37 Additional 1(one) share 1 64:80 64
TOTAL 3,608 100.00 71,77,856 100.00 11,00,000

C. Allotment to Non-Institutional Bidders (more than Rs.10 Lakhs) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non- Institutional Bidders (more than Rs.10 Lakhs), who have bid at the Issue Price of Rs.114 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 3.83 times. The total number of Equity Shares allotted in this category is 22,00,000 Equity Shares to 916 successful applicants. The category-wise details of the Basis of Allotment are as under:

Sr. No Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per applicant Ratio Total No. of Equity Shares allotted
1 8,832 865 94.43 76,39,680 90.57 2,370 1:1 20,50,050
1 ADDITIONAL SHARE FOR CATEGORY 8832 1 41:50 716
2 8,960 24 2.62 2,15,040 2.55 2,381 1:1 57,144
3 9,088 1 0.11 9,088 0.11 2,392 1:1 2,392
4 9,216 4 0.44 36,864 0.44 2,403 1:1 9,612
5 9,344 2 0.22 18,688 0.22 2,413 1:1 4,826
6 9,600 2 0.22 19,200 0.23 2,434 1:1 4,868
7 10,112 1 0.11 10,112 0.12 2,476 1:1 2,476
8 10,880 1 0.11 10,880 0.13 2,539 1:1 2,539
9 12,160 1 0.11 12,160 0.14 2,644 1:1 2,644
10 12,800 2 0.22 25,600 0.30 2,697 1:1 5,394
11 17,408 1 0.11 17,408 0.21 3,076 1:1 3,076
12 17,536 1 0.11 17,536 0.21 3,086 1:1 3,086
13 17,920 2 0.22 35,840 0.42 3,118 1:1 6,236
14 20,480 1 0.11 20,480 0.24 3,328 1:1 3,328
15 22,784 1 0.11 22,784 0.27 3,518 1:1 3,518
16 25,600 1 0.11 25,600 0.30 3,749 1:1 3,749
17 30,976 1 0.11 30,976 0.37 4,191 1:1 4,191
18 32,256 1 0.11 32,256 0.38 4,297 1:1 4,297
19 32,896 1 0.11 32,896 0.39 4,349 1:1 4,349
20 49,280 1 0.11 49,280 0.58 5,696 1:1 5,696
21 64,000 1 0.11 64,000 0.76 6,907 1:1 6,907
22 88,320 1 0.11 88,320 1.05 8,906 1:1 8.906
TOTAL 916 100 84,34,688 100.00 22,00,000

D. Allotment to QIBs excluding Anchor Investors (After Rejections)

Allotment to QIBs, who have bid at the Issue Price of Rs.114 per Equity Share or above, has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 1.04 times of Net QIB portion. As per the SEBI ICDR Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. Nil Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 77,26,880 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 77,26,880 Equity Shares, which were allotted to 11 successful Applicants.

Category FI'S/BANK'S MF'S IC'S NBFC'S AIF FPC VC'S TOTAL
QIB - - - 26,17,092 9,32,893 41,76,895 - 77,26,880

E. Allotment to Anchor Investors (After Rejections)

The Company, in consultation with the BRLMs, have allocated 87,73,120 Equity Shares to 10 Anchor Investors (through 10 Anchor Investor Application Forms) (including Nil domestic Mutual Funds through Nil schemes) at an Anchor Issue Price at Rs.114 per Equity Share in accordance with SEBI ICDR Regulations. This represents 53.17 % of the QIB portion.

Category FI'S/BANK'S MF'S IC'S NBFC'S AIF FPC OTHERS TOTAL
ANCHOR - - - 13,16,096 13,15,968 61,41,056 87,73,120

The Company at its meeting held on December 26,2025 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unlocking of funds and transfer to the Public Issue Account on December 26,2025 and the payments to non-syndicate brokers have been issued on December 26,2025. In case the same is not received within ten days, investors may contact the Registrar to the issue at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on December 29,2025 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on December 29,2025. The trading on the stock exchanges will commence on December 30,2025 (Subject to receipt of listing trading approval from stock exchanges).

Note: All capitalized terms used and not specifically defined herein shall have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made was hosted on the website of Registrar to the Issue, MUFG Intime India Private Limited (formerly Link Intime India Private Limited) at www.in.mpms.mufg.com.

All future correspondence in this regard may kindly be addressed to the Registrar to the issue quoting full name of the First/ Sole applicant, Serial number of the Bid cum Applicatio form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

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MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, India. Telephone: +91 810 811 4949; Facsimile: N.A.;
Email: gujaratkidney.ipo@in.mpms.mufg.com; Website: www.in.mpms.mufg.com; Investor Grievance: gujaratkidney.ipo@in.mpms.mufg.com
Contact Person: Shanti Gopalkrishnan; SEBI Registration Number: INR000004058; CIN: U67190MH1999PTC118368
For GUJARAT KIDNEY AND SUPER SPECIALITY LIMITED
On behalf of the Board of Directors
Sd/-
Place: Vadodara, Gujarat Niki Paresh Tiwari
Date : December 29,2025 Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF GUJARAT KIDNEY AND SUPER SPECIALITY LIMITED.

GUJARAT KIDNEY AND SUPER SPECIALITY LIMITED has filed the prospectus dated December 24, 2025 with the RoC. The Prospectus is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., Nirbhay Capital Services Private Limited at www.nirbhaycapital.com, the website of the BSE at www.bseindia.com and the website of the NSE at www.nseindia.com and the website of the Company at www.gujaratsuperspecialityhospital.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section "Risk Factors" beginning on page 34 of the Prospectus.

Potential investors should not rely on the Prospectus filed with the RoC, the SEBI and the Stock Exchanges, for making any investment decision and should instead rely on examination of our company and the Issue, including the risks involved. The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act ("Regulation S")) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares are being offered and sold only outside the United States in "offshore transactions'' as defined in and in reliance on Regulation S. and the applicable laws of the jurisdictions where such offers and sales are made.