Gaudium IVF IPO Trends: GMP at 11% with Strong Retail Subscription

Gaudium IVF and Women Health Limited’s initial public offering (IPO) continued to gain investor attention as the issue entered its second day of subscription on 23 February 2026. The IPO, sized at ₹165 crore, has drawn solid early interest, underpinned by healthy grey market premium (GMP) trends and strong participation from retail investors. Overall, the market outlook suggests a promising debut on stock exchanges, balanced by some valuation considerations from analysts.

The Gaudium IVF IPO is priced in a band of ₹75 to ₹79 per share and the subscription window is open from 20 February 2026 through 24 February 2026, with allotment expected by 25 February 2026. Shares are scheduled to be credited to investors’ demat accounts on 26 February 2026, ahead of the anticipated listing on the BSE and NSE on 27 February 2026.

One of the standout metrics ahead of listing has been the grey market premium. As of Day 2, Gaudium IVF IPO shares were trading at roughly 11% above the issue price based on GMP data, translating to an estimated premium listing price of around ₹87.5 per share. The sustained GMP since Day 1 indicates moderate but consistent investor enthusiasm and expectations of a decent listing pop once the shares begin trading officially.

Subscription trends also reflect strong demand from the retail segment. On Day 1, the IPO recorded an overall subscription approaching 88%, with retail investors applying for shares significantly above their allocated portion. This robust retail response underscores interest from smaller individual investors keen to participate in a company poised to benefit from the burgeoning fertility and women’s healthcare sector in India.

Gaudium IVF operates across a network of more than 30 locations nationwide, including seven hubs and 28 spokes, offering fertility treatments such as In Vitro Fertilisation (IVF), intracytoplasmic sperm injection (ICSI), and intrauterine insemination (IUI), among other advanced reproductive services. The business model is designed to provide comprehensive fertility care at scale, serving a growing patient base in India and select international markets.

From a financial perspective, the company has demonstrated notable growth in recent years. For the fiscal year ended 31 March 2025, Gaudium IVF reported revenue of ₹70.72 crore, up from ₹47.89 crore in the previous year, with profit after tax rising to ₹19.13 crore. Margins remain robust, contributing to an improved profitability profile that has drawn positive attention from brokerages and market participants.

Analyst commentary on the IPO has leaned toward subscription recommendations, particularly for investors seeking long-term exposure to the fertility services segment. Brokerages such as Swastika Securities and Kunvarji Wealth Solutions have highlighted the company’s strong growth position and healthy margin structure, though some have cautioned that valuation at the upper price band could be relatively premium compared to earnings metrics.

The net proceeds from the IPO will be used for expansion initiatives, including the establishment of new IVF centres, general corporate purposes, and repayment or prepayment of certain outstanding loans. Investment in capacity expansion is expected to support long-term revenue growth and broaden access to fertility care across underserved regions.

In summary, Gaudium IVF’s IPO performance on Day 2 shows promising early indicators, with strong retail participation and an encouraging grey market premium. Investors eyeing the fertility healthcare space may find this IPO a noteworthy consideration, provided they weigh valuation factors alongside growth prospects.