The initial public offering (IPO) of Gaudium IVF and Women Health Ltd. opened for subscription today, Friday, Feb. 20, marking the IVF-focused healthcare company's debut in the public markets. As of 12:40 noon, the IPO of Gaudium IVF received 0.51x bids on Day 1.
The category for retail individual investors (RIIs) was subscribed 0.81 times. The portion reserved for qualified institutional buyers (QIBs) saw no subscription, while the non-institutional investor (NII) quota was subscribed 0.48 times.
The New Delhi–based fertility services provider aims to raise Rs 165 crore through its mainboard offering, which will remain open for bidding until Feb. 24.
Gaudium IVF, speaking to NDTV Profit, said it expects significant consolidation in the fertility sector, noting that nearly 70% of India's IVF market remains unorganised and 98% of the overall opportunity is still untapped. The company sees medical tourism as a major growth driver, with patients already coming from over 30 countries, and highlighted its plans to open 19 new hubs as it prepares to scale rapidly.
Gaudium emphasised that its asset‑light model has supported steady EBITDA expansion, recording around 25% historical EBITDA growth, while maintaining independence from referral‑based patient inflows. The promoters are set to hold 71.2% equity post‑IPO, as the company positions itself as the first IVF player to list on Indian stock exchanges.
With infertility rising due to lifestyle‑related factors—and expected to grow further—Gaudium said it has built a strong clinical foundation and is poised for exponential expansion amid robust demand and a transforming market landscape.
As the issue opens for Day 1 bidding, here is a detailed look at the offer structure, price band, timelines, GMP trends and how the company plans to utilise the IPO proceeds.
Gaudium IVF IPO Key Details
Issue Size
The book-built issue aggregates to Rs 165 crore, comprising:
- Fresh Issue: 1.14 crore shares (Rs 90 crore)
- Offer-for-Sale (OFS): 95 lakh shares (Rs 75 crore)
Price Band
The price band has been set at Rs 75 to Rs 79 per share.
Lot Size
Each lot consists of 189 shares. Minimum investment requirements:
Retail Investors:
1 lot → Rs 14,931 (at the upper band)Small NIIs:
14 lots → 2,646 shares → Rs 2,09,034Big NIIs:
67 lots → 12,663 shares → Rs 10,00,377
Allotment & Listing
- Basis of Allotment: Feb. 25
- Refunds Initiation: Feb. 25
- Demat Credit: Feb. 26
Listing Date
The shares are scheduled to list on the NSE and BSE on Feb. 27.
Book Running Lead Manager
- Sarthi Capital Advisors Pvt. Ltd.
Registrar
- Bigshare Services Pvt. Ltd.
Use of IPO Proceeds
Gaudium IVF plans to deploy funds raised from the fresh issue across:
Capital Expenditure - Establishment of new IVF centres
Debt Repayment - Partial repayment/prepayment of outstanding borrowings
General Corporate Purposes - Expansion, operations, and potential strategic initiatives
Gaudium IVF IPO GMP Today
As of Feb. 20, the grey market premium (GMP) for the IPO stood at Rs 8.5 per share, according to InvestorGain. At the upper band price of Rs 79, this suggests a potential listing price of Rs 87.5 per share, indicating an estimated listing gain of 10.76%.
Note: GMP is unofficial and speculative.
About Gaudium IVF
Incorporated in 2015, Gaudium IVF and Women Health Ltd. is a healthcare provider specialising in fertility treatments.
The company currently operates across 30 locations in India, with IVF centres in:
- Delhi (2)
- Mumbai
- Ludhiana
- Srinagar
- Patna
- Bengaluru
ALSO READ: Motilal Oswal Initiates Coverage On Lenskart With 'Clear Vision' — Should You Buy?
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.