The initial public offering of Gaudium IVF and Women Health was fully subscribed on the second day of bidding on Monday, reflecting strong interest from retail and non-institutional investors.
According to data available with the NSE at 12:30 hours, the IPO received bids for 2,85,63,948 shares against 1,46,20,340 shares on offer, translating into an overall subscription of 1.95 times.
Retail, NII Segments Drive Subscription Momentum
The retail individual investors segment was subscribed 2.81 times, while non-institutional investors bid 2.56 times their allotted portion. In contrast, the qualified institutional buyers segment saw limited participation, with just 1 per cent subscription.Earlier, the company had raised ₹49.5 crore from anchor investors ahead of the public issue.
IPO Details: Price Band, Issue Size, Valuation
The ₹165-crore IPO, which closes on February 24, marks Gaudium IVF as the first company in the fertility care sector to access the public markets.The price band for the issue has been fixed at ₹75 to ₹79 per share, valuing the company at ₹575 crore.
The offering comprises a fresh issue of 1.14 crore equity shares and an offer for sale of nearly 95 lakh equity shares by promoter Manika Khanna.
Use of IPO Proceeds
Proceeds from the fresh issue will be utilised to set up 19 new IVF centres across India, along with repayment of debt and funding general corporate purposes.Business Model and Expansion Strategy
Founded by Manika Khanna, Gaudium IVF has positioned itself in the assisted reproductive technologies segment in India. The company operates through a hub-and-spoke model, comprising seven hubs and 28 spokes across multiple states, allowing it to cater to a broad patient base.Financial Performance in FY25
For the financial year ended March 31, 2025, the company reported revenue from operations of ₹70.72 crore and a profit after tax of ₹19.13 crore.In the previous financial year, FY24, revenue stood at ₹47.89 crore, while profit after tax was ₹10.31 crore.
Sector Outlook and Listing Timeline
According to the Infomerics Research report, the Indian IVF market is projected to grow at a compound annual growth rate of 13 per cent, expanding from USD 1.32 billion in 2024 to USD 4.54 billion by 2034.Gaudium IVF is scheduled to debut on the stock exchanges on February 27.
Separately, Indira IVF Hospital confidentially filed draft papers with Sebi in July 2025 to raise funds through an IPO.
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