Gaudium IVF IPO Day 2: Subscribed 3x Till Now
The initial public offering (IPO) of Gaudium IVF and Women Health, India's first pure-play fertility services and reproductive healthcare provider to tap into the public markets, received steady momentum on its second day of bidding. After a cautious start on Day 1, the issue of the Rs. 165 crore was fully subscribed by an overall subscription of 3 times and a GMP of ₹5 at the end of Day 2.
While retail and high-net-worth investors (HNIs) are displaying strong interest in this unique healthcare debut, institutional buyers are in their standard wait-and-watch mode, holding their big bids for the final day of the issue. Compared to the last few high-profile tech debuts, the reception for Gaudium has been encouraging due to the group's profitability and asset-light expansion model.
Key dates for the Gaudium IVF IPO
The Gaudium IVF IPO is currently in the middle of the subscription period, having officially opened for public bidding on Friday, February 20, 2026. Prospective investors are being given time until Tuesday, February 24, 2026, to apply. Following the end of the issue, the basis of IPO allotment is expected to be on Wednesday, February 25, 2026.
The process of refunds is expected to be on February 25, and the credit of shares into the demat accounts is expected to commence on Thursday, the 26th of February. The listing of shares will be done on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 27th February, 2026.
The issue is priced between ₹75 and ₹79 per share. For those who are participating under the retail category, the minimum application is 1 lot of 189 shares, which implies the capital commitment of ₹14,931 at the upper price band.
About Gaudium IVF
Founded in 2015 by Dr Manika Khanna, Gaudium IVF and Women's Health Limited has swiftly gained a reputation as a pioneer in India in the field of assisted reproductive technologies (ART). The Delhi-based company offers a whole gamut of fertility treatments such as In Vitro Fertilisation (IVF) and Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), genetic testing, and high-risk pregnancy support.
Gaudium uses a highly scalable hub and spoke business model and currently operates more than 7 central hubs and 28 spokes across several states in India. This structure enables them to effectively reach a broader population of patients while managing their capital expenses.
Financially, Gaudium has reported an attractive growth trajectory in FY25. The company's revenue from operations grew to ₹70.96 crore, and its Profit After Tax (PAT) increased nearly 100% year-on-year to reach ₹19.13 crore. With healthy EBITDA margins around 40%, the company enjoys predictable revenue with large gross margins in the specialised fertility sector.
Recent GMP and subscription status on day 2
At the end of Day 2, the public issue received bids for over 4.38 crore shares against 1.46 crore shares on offer, pushing the overall subscription to 3 times. The Retail Individual Investors (RII) were the second most active segment, with subscriptions of 4.01. Non-Institutional Investors (NII) were the first with a strong participation of 4.62 times. Qualified Institutional Buyers (QIB) were almost on the periphery, with a mere 0.02 times subscription.
In the unlisted market, the Grey Market Premium (GMP) experienced softening on Day 2. After peaking at GMP of ₹15 last week, and ending at about ₹8 on Day 1, the GMP corrected to ₹5 on Day 2. At the upper band of ₹79, it shows a tentative listing price of ₹84, giving an expected listing gain of approximately 6.33%.
What is next?
Market observers attribute this softening in the GMP to broader market volatility and investors taking into account the company's valuation. At the upper price band, the IPO is valued at a P/E ratio of roughly 25.36 times. While the company's asset-light model, scalable infrastructure and robust return on equity (ROE) drive its long-term positives, some caution is there among investors due to a pending tax dispute of ₹31 crores, and the inherent risks in executing their expansion plans.
As the last day of bidding draws near for tomorrow, all eyes will be on the QIB segment. A strong institutional surge on Day 3 could change the market sentiment and reignite the momentum in the Grey market.
For long-term investors, the focus will continue to be on Gaudium's ability to successfully implement its plan of setting up 19 new IVF centres across India using the IPO proceeds and capitalising on the booming demand for specialised fertility care in India.
