On the first day, the IPO was subscribed 88% of the total offered shares (1.46 crore shares). This early subscription was largely driven by retail investors, who applied for shares about 1.37 times the portion allocated to them, showing significant demand from smaller investors. The IPO is scheduled to close on February 24.
Gaudium IVF & Women Health IPO GMP today
On February 23, the last reported grey market premium (GMP) for the Gaudium IVF and Women Health IPO stood at Rs 8.5, roughly 11% higher than the issue price of Rs 79 per share. The premium has remained steady since Day 1.Based on this GMP, the IPO’s estimated listing price is around Rs 87.5 per share, indicating a moderately positive debut on the stock exchanges. This reflects investor interest, particularly from retail participants.
Gaudium IVF & Women Health IPO subscription details
On Day 1, the Gaudium IVF and Women Health IPO was 88% subscribed overall, according to BSE data.
Retail Individual Investors (RIIs): Retail buyers showed strong demand, subscribing 1.37 times the 73.10 lakh shares allocated to them.Non-Institutional Investors (NIIs): Subscribed 91% of their 31.32 lakh share allocation, reflecting moderate participation from high-net-worth individuals and other non-institutional investors.
Qualified Institutional Buyers (QIBs): No bids have been recorded yet for the 41.77 lakh shares reserved for institutional investors.
Gaudium IVF & Women Health IPO: key details
The Gaudium IVF and Women Health IPO comprises a fresh issue of Rs 90 crore and an offer for sale of Rs 75 crore, drawing interest from both retail and institutional investors.
The IPO is priced in the range of Rs 75 to Rs 79 per share, with a lot size of 189 shares. At the upper end of the price band, the IPO places the company’s pre-IPO market capitalisation at Rs 575 crore. The subscription window closes on February 24, and the shares are set to list on the BSE and NSE on February 27.
The company intends to deploy the net proceeds primarily for capital expenditure, expansion, debt repayment and general corporate purposes. Specifically, Rs 50 crore from the fresh issue will be allocated to establishing new IVF centres, while Rs 20 crore will be used to repay or prepay certain outstanding loans, as outlined in the offer documents.
Operating in the assisted reproductive technology (ART) sector, Gaudium IVF provides fertility treatments such as IVF, ICSI and IUI through a hub-and-spoke model. With over 30 locations, including seven hubs and 28 spokes across multiple states, the company has built a scalable, pan-India platform for fertility services.
Also Read | How to manage one mutual fund portfolio for multiple financial goals
Financial performance and positioning
Gaudium IVF recorded revenue of Rs 70.72 crore in FY25, up from Rs 47.89 crore in FY24 and Rs 44.23 crore in FY23. Net profit for FY25 rose sharply to Rs 19.13 crore, compared with Rs 10.32 crore in FY24, indicating a strong financial turnaround.
The company posted EBITDA margins of approximately 40% in FY25 and a return on equity of 21.25%. Pre-IPO earnings per share stood at Rs 3.12, with a pre-issue price-to-earnings (P/E) ratio of 25.36.
Should you subscribe?
Swastika Securities has assigned a “Subscribe” rating to the issue. In its note, the brokerage highlighted that Gaudium IVF is India’s first pure-play listed fertility services company, offering a scarcity premium in a fragmented IVF market.
It also pointed to the company’s improving profitability and healthy margins, though it flagged the valuation at the upper band as relatively premium and noted a Rs 31 crore tax dispute as a key risk.
Kunvarji Wealth Solutions has also recommended “Subscribe” to the issue in its IPO note, citing the company’s expanding multi-location presence, improving financial profile and strong positioning in a high-growth IVF market.
Analysts say the issue may suit investors looking to gain exposure to India’s growing fertility services segment, backed by improving financial performance and expansion plans, but valuation sensitivity and sector-specific risks remain key factors to consider.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)