Gaudium IVF IPO Makes Modest Debut with 5.06% Premium, Lists at ₹83 Against Healthy 7.27x Subscription

Gaudium IVF and Women Health Ltd, a company incorporated in March 2015 engaged in In Vitro Fertilization (IVF) treatments throughout India utilizing hub-and-spoke model operating over thirty locations including seven hubs (centres) and twenty-eight spokes with strategic alliance with Infertility Experts serving patients from various countries including Canada, United Kingdom, United States, Kenya, South Africa, and Oman with centres in major cities comprising two in Delhi (Janakpuri, Kailash Colony) and one each in Mumbai (Khar West), Ludhiana, Srinagar, Patna, and Bangalore offering specialized fertility services including IVF, Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, comprehensive gynaecological care for PCOD/PCOS and endometriosis, high-risk pregnancy management, and male infertility treatments using next-gen INTEGRA Ti labs for ICSI, made a modest debut on BSE and NSE on Friday, February 27, 2026. After closing its IPO bidding between February 20-24, 2026, the company commenced trading with a premium of 5.06% opening at ₹83.00, touched high of ₹87.15 (up 10.32%) before retracing to trade around ₹80.00 (up 1.27% from issue price).

Gaudium IVF Listing Details

Gaudium IVF launched its IPO at ₹79 per share with minimum investment of 189 shares costing ₹14,931. The IPO received healthy response with subscription of 7.27 times - retail investors at 7.60 times, NII at 14.05 times (bNII at 12.71 times, sNII at 16.73 times), QIB at 1.62 times, total applications of 2,49,109 indicating solid investor confidence in IVF treatment business with analyst noting company may catch first mover fancy post listing being in growing IVF awareness segment and reaping medical tourism rewards.

First-Day Trading Performance

Listing Price: Gaudium IVF opened at ₹83.00 representing premium of 5.06% from issue price of ₹79.00, touched high of ₹87.15 (up 10.32%) before retracing to low of ₹79.05 and trading around ₹80.00 (up 1.27%), with VWAP at ₹82.48, reflecting volatile market sentiment with initial gains partially maintained as investors assessed valuation with turnover of ₹3.63 crore, traded volume of 4.41 lakh shares, delivery of 100%, and market capitalisation of ₹582.30 crore marginally above pre-IPO market cap of ₹575.02 crore with balanced order book indicating steady trading interest.

Growth Drivers and Challenges

Growth Drivers:

Expanding IVF Network: Operating over 30 locations through hub-and-spoke model with 7 hubs and 28 spokes in strategic alliance with Infertility Experts achieving mutual objective of raising awareness regarding Assisted Reproductive Technology (ART) and IVF treatments with established presence in prime urban locations.

Medical Tourism Potential: Serving international patients from Canada, UK, US, Kenya, South Africa, and Oman benefiting from India's growing reputation as medical tourism destination for fertility treatments with patient-centric approach and expert team.

Strong Margins: Exceptional PAT margin of 25.14% and EBITDA margin of 38.29% reflecting premium positioning and operational efficiency with healthy ROE of 21.25%, ROCE of 21.03%, and low debt-to-equity of 0.38 indicating strong financial health.

Asset-Light Model: Hub-and-spoke model enabling rapid expansion with lower capital intensity, using next-generation INTEGRA Ti labs for ICSI and highly technical USG guided services ensuring quality outcomes.

Challenges:

Aggressive Pricing: Analyst notes issue appears aggressively priced at post-IPO P/E of 22.99x with minor setback in FY24 due to change in accounting policy requiring investor attention.

Volatile Listing: Opening premium of 5.06% reaching high of 10.32% before retracing near issue price indicating profit booking and cautious investor sentiment despite healthy subscription.

QIB Concerns: QIB subscription of only 1.62 times indicating institutional concerns over valuations despite strong retail and NII participation.

Promoter Dilution: Significant promoter dilution from 99.99% to 71.30% post-IPO, OFS component of ₹75 crore indicating promoter exit alongside fresh capital raise.

Utilisation of IPO Proceeds

New IVF Centres: ₹50.00 crore for funding capital expenditure towards establishment of new IVF centres expanding network across India.

Debt Repayment: ₹20.00 crore for repayment/prepayment of certain outstanding loans availed by the company strengthening balance sheet.

General Corporate Purposes: Remaining amount for general corporate purposes.

Financial Performance

Revenue: ₹49.75 crore for H1 FY26, ₹70.96 crore for FY25, growth from ₹48.15 crore in FY24 and ₹44.26 crore in FY23, reflecting expanding IVF treatment operations across hub-and-spoke network serving domestic and international patients.
Net Profit: ₹12.51 crore in H1 FY26, ₹19.13 crore in FY25, growth from ₹10.32 crore in FY24 (impacted by accounting policy change), demonstrating strong profitability with post-IPO EPS of ₹3.44 and P/E of 22.99x.