Gaudium IVF IPO Day 3: Subscribed 7.27x on the Last Day
Despite a cautious institutional response in the first two days, the IPO sailed through with flying colours on its last day, closing at a robust oversubscription as investors looked to capitalise on India's rapidly growing assisted reproductive technology sector.
This IPO is a public issue of Rs 165.00 crore, which is a combination of a fresh issue of equity shares worth Rs 90.00 crore and an offer for sale (OFS) of Rs 75.00 crore. On the last day, the overall subscription was 7.27 times, whereas the grey market premium cooled down to Rs 0, indicating a flat listing with no listing gain. Here, we explore in detail what occurred on day 3 of Gaudium IVF IPO.
Key dates for the Gaudium IVF IPO
The bidding process for the Gaudium IVF IPO officially opened for public subscription on Friday, February 20, 2026, and concluded today, Tuesday, February 24, 2026. After the closing of the issue, the focus now moves to the basis of allotment, which is expected to be finalised on Wednesday, February 25th 2026.
Investors who are not allotted shares can anticipate refunds to begin on Thursday, February 25, 2026, and successful bidders will receive the equity shares credited to their demat accounts on Friday, February 26, 2026. Finally, the company is slated to make its stock market debut on both the BSE and NSE on Friday, February 27, 2026.
About Gaudium IVF
Founded in 2015 by Dr Manika Khanna, Gaudium IVF and Women's Health Limited has emerged as one of the leading brands in the Indian fertility and reproductive healthcare market. The company has a scalable hub-and-spoke network that is spread across multiple states. Gaudium specialises in advanced treatments including In Vitro Fertilisation (IVF), Intracytoplasmic Sperm Injection (ICSI), genetic testing and high-risk pregnancy management.
The company has been reporting a dramatic financial turnaround and impressive profitability. In FY25, its revenue jumped to Rs 70.96 crores from Rs 48.15 crores in the previous year. Profit after tax (PAT) almost doubled on a year-on-year basis to Rs 19.13 crore. With strong EBITDA margins of 40%, Gaudium IVF plans to use Rs 50 crore from the fresh issue proceeds to set up 19 new IVF centres across the country.
Last-day subscription status and GMP
At the end of the last day, the Gaudium IVF IPO was subscribed by 7.27 times overall. The momentum was driven aggressively by Non-Institutional Investors (NIIs), whose portion got booked 14.05 times. Within this segment, the small NII category witnessed massive traction, with a booking of more than 16.72 times.
There was sustained and strong interest from retail investors during the IPO window, closing at a solid 7.59 times subscription. On the other hand, Qualified Institutional Buyers (QIBs) had a more measured response, subscribing to their allocated quota 1.62x by the close of the issue.
In the unlisted market, there is an air of cautious optimism. The Grey Market Premium (GMP) for Gaudium IVF slipped from prior highs of Rs 15 to close around Rs 0 today. At the upper price band of Rs 79, this implies a flat listing at Rs 79, which translates into no gain/loss of 0.00% on listing day.
Investor sentiment and outlook
Market analysts attribute the cooling grey market premium to the aggressive valuation of the company and a pending tax dispute highlighted in the risk factors. At the higher end of the price band, the stock is valued at a Price-to-Earnings (P/E) multiple of 25.36x based on its FY25 earnings. While investors like the strong margins and asset-light expansion model, the high dependency on a small number of embryologists and the concentration of revenue at a regional level are keeping some investors on edge.
As the bidding window officially shut, investors are now eagerly waiting for February 25 to know their ipo allotment status in India's pioneering fertility IPO ahead of its debut on the Indian stock market this Friday.
