On the second day, the IPO was subscribed three times the total offered shares of 1.46 crore. The robust early subscription was driven primarily by Non-Institutional Investors (NIIs), who bid 4.62 times their allocation, along with retail investors applying for about four times their allotted shares, reflecting strong overall demand.
Gaudium IVF & Women Health IPO GMP today
As of February 24, the latest grey market premium (GMP) for the Gaudium IVF and Women Health IPO was Rs 5, about 6.33% above the issue price of Rs 79 per share, down from an earlier 11% premium.Based on this GMP, the IPO is expected to list at around Rs 84 per share, suggesting a moderately positive debut on the stock exchanges.
Gaudium IVF & Women Health IPO subscription details
On Day 2, the Gaudium IVF and Women Health IPO was subscribed three times overall, according to BSE data.
Retail Individual Investors (RIIs): Retail investors exhibited strong demand, applying for shares four times their allocated 73.10 lakh shares.Non-Institutional Investors (NIIs): Subscribed 4.62 times their 31.32 lakh share allocation, indicating strong interest from high-net-worth individuals and other non-institutional investors.
Qualified Institutional Buyers (QIBs): Only 2% of bids were recorded against the 41.77 lakh shares reserved for institutional investors.
Also Read | Investing Rs 95,000 a month through mutual fund SIPs – Can it build a Rs 5 crore corpus in 15 years?
Gaudium IVF & Women Health IPO: key details
The Gaudium IVF and Women Health IPO consists of a fresh issue of Rs 90 crore and an offer for sale of Rs 75 crore.
The IPO is priced between Rs 75 and Rs 79 per share, with a lot size of 189 shares. At the top of the price band, the company’s pre-IPO market capitalisation stands at Rs 575 crore. The subscription window closes on February 24, with listing on the BSE and NSE scheduled for February 27.
The company plans to use the net proceeds mainly for capital expenditure, expansion, debt repayment and general corporate purposes. Of the fresh issue, Rs 50 crore will be allocated to setting up new IVF centres, while Rs 20 crore will go towards repaying or pre-paying certain outstanding loans, as detailed in the offer documents.
Operating in the assisted reproductive technology (ART) space, Gaudium IVF offers 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 established a scalable, pan-India platform for fertility services.
Financial performance and positioning
Gaudium IVF reported 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 surged to Rs 19.13 crore in FY25, compared with Rs 10.32 crore in FY24, reflecting strong financial improvement.
The company achieved EBITDA margins of around 40% in FY25 and a return on equity of 21.25%. Pre-IPO earnings per share stood at Rs 3.12, translating to 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 experts are their own. These do not represent the views of Economic Times.)