India’s IPO market continues to stay active — and this time, the focus is on the fertility treatment sector.
Gaudium IVF and Women Health has opened its ₹165 crore IPO for subscription on February 20.
The issue will close on February 24, and the shares are expected to list on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) on February 27.
Before you decide whether to invest, here’s what you need to know.
IPO Details: Price, Lot Size and Timeline
The total issue size is ₹165 crore.
Out of this:
₹90 crore will come from a fresh issue of shares.
₹75 crore will be through an offer for sale (OFS) by existing shareholders.
The price band is fixed at ₹75–₹79 per share.
The minimum lot size is 189 shares.
At the upper price band of ₹79, a retail investor will need to invest around ₹14,931.
Key dates:
Subscription closes: February 24
Allotment finalisation: February 25
Refunds and share credit: February 26
Tentative listing: February 27
Grey Market Buzz: What It Signals
In the grey market, the IPO is reportedly trading at a premium of around ₹8.5 per share.
If this trend holds, the expected listing price could be around ₹87.5 — about 11% higher than the upper price band.
However, grey market premiums (GMP) are unofficial and unregulated.
They can change quickly and should not be treated as a guarantee of listing gains.
Business Model: How Gaudium IVF Operates
Founded in 2015, Gaudium IVF operates in the fertility treatment segment.
The company follows a hub-and-spoke model.
Advanced procedures are carried out at major hub centres, while smaller centres help reach patients in different regions.
The company plans to expand into underserved cities where IVF services are limited.
The goal is to use its existing brand presence to attract patients in new markets.
How Will the IPO Funds Be Used?
From the ₹90 crore fresh issue:
Around ₹50 crore will be used to set up 19 new IVF centres across India.
₹20 crore will go towards repaying certain loans.
The remaining funds will be used for general corporate purposes, including working capital.
Issue Structure and Management
The IPO follows the standard allocation pattern:
Up to 50% reserved for Qualified Institutional Buyers (QIBs)
At least 15% for Non-Institutional Investors (NIIs)
At least 35% for retail investors
Sarthi Capital Advisors is the book-running lead manager, and Bigshare Services is the registrar for the issue.
The Bottom Line
Gaudium IVF’s IPO comes at a time when India’s healthcare and fertility segments are expanding.
While the grey market shows positive signals, investors should carefully review the company’s fundamentals, expansion plans, and valuation before applying.
As always, IPO investing carries risk — so make your decision based on research, not just listing-day excitement.
