Gaudium IVF IPO Day 1: Subscribes 40%, GMP, brokerage views, and key details

Synopsis Gaudium IVF and Women Health IPO opened with nearly 40% subscription on Day 1, driven by strong retail demand. GMP संकेत moderate listing gains. Brokerages recommend subscribing, citing growth potential in India’s fertility services market, though valuation concerns and a pending tax dispute remain key risks for investors to monitor. The Gaudium IVF and Women Health IPO, valued at Rs 165 crore, kicked off today, and the initial response has been encouraging. Within the initial hours of subscription, nearly 40% of the 1.46 crore shares on offer have been taken up, largely driven by retail investors, who account for about 63% of the early demand. The IPO will remain open for bidding for the next three days, closing on February 24. Meanwhile, the grey market premium (GMP) is hovering around Rs 11, signalling expectations of a moderate listing. The issue consists of a fresh issue of Rs 90 crore and an offer for sale of Rs 75 crore, attracting attention from both retail and institutional investors. Brokerages have weighed in with their reviews, highlighting the company’s growth potential in the fertility and women’s healthcare segment. Gaudium IVF & Women Health IPO subscription details As of 11:45 AM on Day 1, the Gaudium IVF and Women Health IPO is 38% subscribed overall, according to BSE data. Retail Individual Investors (RIIs): Strong interest from retail buyers, who have already subscribed to 63% of the 73.10 lakh shares allocated to them. Live Events Non-Institutional Investors (NIIs): Subscribed 34% of their 31.32 lakh share quota, showing moderate participation from high-net-worth individuals and other non-institutional players. Qualified Institutional Buyers (QIBs): No bids have been recorded yet for the 41.77 lakh shares reserved for institutional investors, suggesting institutions are taking a cautious approach on the first day. This early trend indicates robust interest from retail investors, while institutional participation may pick up in the next couple of days before the IPO closes. Gaudium IVF & Women Health IPO GMP today On February 20, the Gaudium IVF and Women Health IPO’s last reported grey market premium (GMP) stood at Rs 8.5, which is about 11% above the issue’s price band of Rs 79 per share. Based on this GMP, the IPO’s estimated listing price is around Rs 87.5 per share, suggesting a moderate positive debut when it hits the stock exchanges. This indicates healthy investor interest in the IPO, especially from retail buyers. Gaudium IVF & Women Health IPO: Key details The Gaudium IVF and Women Health issue consists of a fresh issue of Rs 90 crore and an offer for sale of Rs 75 crore, attracting attention from both retail and institutional investors. The IPO is priced in the band of Rs 75 to Rs 79 per share, with a lot size of 189 shares. At the upper end of the band, the IPO values the company at a pre-IPO market capitalisation of Rs 575 crore. The issue is open for subscription until February 24, and the shares are scheduled to list on the BSE and NSE on February 27. The company plans to use the net proceeds mainly for capital expenditure, expansion, debt repayment, and general corporate purposes. Specifically, Rs 50 crore from the fresh issue will go towards setting up new IVF centres, while Rs 20 crore is earmarked for repaying or pre-paying certain outstanding loans, according to 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. The company has grown to over 30 locations, including seven hubs and 28 spokes across multiple states, positioning itself as a scalable, pan-India fertility services platform. Also read: FirstCry operator Brainbees Solutions shares surge 13% after 4-day slide Financial performance and positioning Gaudium IVF reported revenue of Rs 70.72 crore in FY25, compared with Rs 47.89 crore in FY24 and Rs 44.23 crore in FY23. Net profit for FY25 stood at Rs 19.13 crore, up sharply from Rs 10.32 crore in FY24, reflecting a strong turnaround. The company reported 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, with a pre-issue P/E of 25.36 times. 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 the experts are their own. 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