Gaudium IVF Shares List at 5% Premium on NSE, BSE; Beat Grey Market Expectations

Mumbai | February 27

Gaudium IVF and Women Health shares made a positive debut on the stock exchanges on Friday, listing at ₹83 per share on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The listing represents a premium of 5.06% over the IPO price of ₹79 per share.

The stock outperformed grey market expectations, which had indicated a modest premium ahead of listing.

Post listing, the company’s market capitalisation stood at approximately ₹604.13 crore.

IPO Subscription and Listing Performance

The ₹165 crore initial public offering (IPO) was subscribed 7.27 times during the bidding period between February 20 and February 24.

Category-wise subscription:

• Non-Institutional Investors (NII): 14.05 times
• Retail Individual Investors (RII): 7.60 times
• Qualified Institutional Buyers (QIB): 1.62 times

Following the listing, the stock touched an intraday high of ₹87.15 and a low of ₹79.05 during early trade.

Issue Structure and Use of Proceeds

The IPO comprised:

• Fresh issue of 1.14 crore equity shares, raising approximately ₹90 crore
• Offer for Sale (OFS) of 95 lakh shares by promoter Dr. Manika Khanna, aggregating ₹75 crore

Proceeds from the fresh issue will be used to:

• Establish 19 new IVF centres across India
• Repay or prepay certain borrowings
• Meet general corporate requirements

About Gaudium IVF and Women Health

Founded in 2015, Gaudium IVF operates in the assisted reproductive technology (ART) and fertility treatment segment.

The company follows a hub-and-spoke model with seven hubs and 28 spokes across multiple states. It offers services including In Vitro Fertilisation (IVF), Intracytoplasmic Sperm Injection (ICSI), and other fertility treatments.

With this listing, Gaudium IVF becomes one of the few pure-play listed entities in India’s fertility care sector.

Financial Performance

For FY25, the company reported revenue from operations of ₹70.72 crore and profit after tax (PAT) of ₹19.13 crore.

In FY24, revenue stood at ₹47.89 crore, while PAT was ₹10.31 crore.

The company reported EBITDA margins of around 40% in FY25.

Sector Outlook

India’s fertility services market is projected to grow at a double-digit rate over the next decade, supported by rising awareness, delayed parenthood trends, and increasing medical tourism.

Investors will now track execution of expansion plans and revenue growth following the IPO.

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