Gaudium IVF IPO Day 1 Highlights: Issue booked 88%; GMP signals 11% listing pop — Should you apply?

Gaudium IVF IPO witnessed a decent demand on the first day, garnering 88% bids. The retail portion was booked 1.37 times and the NII quota 91%. QIB segment did not see any bids yet.

• Increasing Demand for Fertility Treatments: With the rising incidence of infertility, the demand for specialized IVF treatments is expected to grow, creating opportunities for our company to expand its services.
• Geographic Expansion: Expanding into new regions with the hub-and-spoke model offers significant growth potential, particularly in underserved areas.
• Partnerships and Collaborations: Strategic partnerships with pharmaceutical companies, research institutions, or healthcare organizations could open avenues for innovation and clinical research.
• Government and Insurance Support: Increasing awareness and potential government/insurance support for fertility treatments could boost patient inflow and affordability.
• Egg Freezing: Women’s who wants to postpone having child or suffering from any disease may opt for egg freezing to get pregnant at later stage.

Gaudium IVF over the years have created a wide network of doctors, clinic and patients. Also, the brand itself has created trust among its patient. We attract lots of referral patient as well as global patient from regions such as the Middle East, Africa, and Southeast Asia, said the company.

Gaudium IVF IPO booked 78% so far amid strong action from NIIs and retail investors. The NII portion was booked 0.74times and retail segment 1.24 times. QIB portion did not see any activity yet.

Globally, declining fertility rates have further strengthened demand for IVF services. Fertility rates have fallen across major economies, reflecting changing social and economic conditions.

Australia’s fertility rate dropped from 1.7 in 2003 to 1.5 in 2023, while China saw a sharper decline from 1.6 to 1.0 over the same period.

Similarly, the United Kingdom moderated from 1.7 in 2003 to 1.6 in 2023, and the United States declined from 2.0 to 1.6.

India, though still above replacement levels, experienced a significant reduction, from 3.1 births per woman in 2003 to 2.0 in 2023.

Growth in India is driven by rising infertility rates, delayed marriages, changing lifestyles, increasing maternal age, and greater awareness of assisted reproductive technologies (ART), particularly across urban and semi-urban regions.

The Indian IVF market is expected to expand from USD 1.32 billion to USD 4.54 billion during the same period, registering a higher CAGR of 13.13%. This is expected to increase India’s share of the global market from 4.8% in 2024 to 8.3% by 2034, positioning it among the fastest-growing IVF markets worldwide.

Within this expanding industry, Gaudium IVF & Women Health operates as a specialized fertility and reproductive healthcare provider in India. Its focus on advanced medical technology, specialized clinical expertise, and patient-centric care positions it to benefit from rising demand for assisted reproductive services and expanding awareness of fertility treatments in India. Investors may consider the IPO as a potential long-term investment opportunity.

• Heavy dependence on healthcare professionals with high attrition and doctor fees may impact operations and costs.

• Reliance on limited embryologists and inability to retain or attract them may affect performance.

• Business depends on brand reputation and negative publicity may harm operations and financials.

• Revenue depends on patient procedures and cycles and fluctuations may impact financials.

• Failure of third-party technology providers may impair operations.

• Clinical excellence and advanced medical technologies to deliver quality healthcare.

• Ability to attract, train and retain high-quality doctors and staff.

• Scalable model and disciplined approach for growth.

• Stable and robust financial performance.

• Professional management and experienced leadership of Promoters.

The Indian IVF industry is projected to grow from USD 1.32 billion in 2024 to USD 4.54 billion by 2034, implying a 13.13% CAGR, with India’s share of the global market expected to rise from ~4.8% to ~8.3%. Growth is underpinned by structural drivers including declining fertility rates, rising maternal age, lifestyle-related infertility, increasing urbanisation, and strong cost arbitrage versus developed markets. Regulatory formalisation under the ART framework further supports organized chains with standardized clinical governance.

Against this backdrop, the company has demonstrated strong financial momentum, with revenue increasing from ₹442 million in FY23 to ₹707 million in FY25, implying a ~26% CAGR over the period. The business model exhibits high operating leverage, supported by centralized embryology infrastructure, improving center productivity, and standardized SOP-driven execution.

The financial profile reflects healthy EBITDA margins and robust return ratios, characteristic of scalable IVF platforms with strong asset turns once centers mature.

Strategically, the company plans to expand its hub network from 7 centers in FY25 to 26 centers over FY27–FY29, representing a ~3.7x increase in hub capacity. As new centers stabilize over a 2–3 year ramp cycle, aggregate revenue is expected to scale meaningfully, with fixed-cost absorption improving at the network level.

We recommend subscribing to the issue, as the overall outlook remains supported by structural industry growth, disciplined capacity addition, scalable operating architecture, and demonstrated execution capability across geographies.

• The Indian IVF market is projected to expand from USD 1.32 billion in 2024 to USD 4.54 billion by 2034, implying a 13.13% CAGR, with India’s global share expected to rise from ~4.8% to ~8.3%.
• Structural drivers include declining fertility rates (below 1.8 across 16 states/UTs), delayed marriages, rising maternal age, and increasing lifestyle-related infertility.
• Favorable demographics (population ~1.44 billion; median age ~29 years; urban population ~535 million) expand the addressable patient pool.
• Strong cost arbitrage (India: ~USD 3,000–4,000 vs US: ~USD 15,000–20,000 per IVF cycle), improving awareness, and regulatory formalisation under the ART framework support organized sector growth.

The issue is valued at a P/E ratio of 25.3x on the upper price band based on FY25 earnings. We thus recommend a "SUBSCRIBE" rating for this issue, said BP Wealth.

Its business model is largely center-driven, with revenues primarily generated from IVF cycles, related procedures, consultations, and diagnostic services.

The company focuses on delivering personalized treatment protocols tailored to patient-specific requirements, supported by standardized clinical processes and technology-enabled monitoring systems to enhance treatment outcomes.

Strategically, the company is positioned in a structurally growing fertility market in India, driven by rising infertility rates, increasing lifestyle-related reproductive challenges, delayed parenthood trends, growing awareness and social acceptance of ART procedures, and improving affordability of fertility treatments.

Gaudium IVF IPO is seeing a steady demand from investors. According to BSE data, Gaudium IVF IPO was booked 44% so far as of 12.10 pm.

The retail portion was booked the most at 72% followed by NII quota at 32%. QIB segment was nil.

We recommend to subscribe this IPO, the issue appears aggressively priced. GIWHL is demonstrating strong headline growth, and with increasing awareness of IVF across India, the company is actively pursuing an expansion strategy and enabling the company to harness the potential of medical tourism, said Kunvarji Finstock.

The company operates over thirty locations, which include seven hubs (centres) and twenty-eight spokes. The company serves patients from various countries, including Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman.

Its services cover the full IVF care continuum including In-Vitro Fertilisation (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, fertility preservation and cryopreservation, genetic testing (PGT), and male infertility solutions. Gaudium also offers comprehensive gynaecological care including PCOS/PCOD and endometriosis management, high-risk pregnancy support, laparoscopic and hysteroscopic surgical services, and fertility wellness programs with nutritional and psychological support.

The company proposes utilising the net proceeds from the offer towards the following objects:

1. Funding Capital Expenditure for New IVF Centres – ₹50 crore
2. Repayment/Pre-payment of Certain Borrowings – ₹20 crore
3. General Corporate Purposes – ₹20 crore

On the financial performance side, for the half-year ended September 30, 2025 (H1 FY26), Gaudium IVF reported total income of ₹49.5 cr, EBITDA of ₹18.9 cr, and profit after tax (PAT) of ₹12.5 cr. For FY2025, revenue from operations was ₹70.7 cr, EBITDA was ₹28.9 cr, and PAT was ₹19.1 cr, compared with ₹47.9 cr revenue and ₹10.3 cr PAT in FY2024, showing continued year-on-year growth.

Gaudium IVF is India’s first pure-play listed fertility services company, offering a scarcity premium in a fragmented IVF market.

The company reported a strong turnaround, with PAT rising about 85% YoY to ₹18.3 crore in FY25.

Profitability remains healthy, supported by ~40% EBITDA margins and

strong ROE. At the upper price band of ₹79, the valuation of ~28–30x FY25 P/E appears relatively premium.

The stock may suit investors with a 2–3 year horizon, but the ₹31 crore tax dispute is a key risk to watch.

— Swastika

Gaudium IVF IPO was booked 20% in half hour of opening today. The NII portion was booked 18% and the retail segment 30%. QIB quota did not see any bids yet.

Gaudium IVF IPO opened for bidding on the first day today. Investors can apply for the offer till February 24.

Gaudium IVF raised ₹49.5 crore from anchor investors, ahead of the IPO launch. Gaudium IVF has allocated 62,65,860 shares to these investors at ₹79 apiece. This aggregates the transaction size to ₹49.5 crore, as per a BSE circular.

The anchor investors are – MERU Investment Fund PCC-CELL, Sanshi Fund I, Hornbill Orchid India Fund and Carnelian India Multi Strategy Fund.

Gaudium IVF IPO GMP today is ₹8.5. This means that shares of Gaudium IVF are trading at ₹87.5, up 10.76% over the IPO price band of ₹79. The GMP has been trending downwards. At one point, it was ₹15.

Gaudium IVF IPO shares are scheduled to list on the stock exchanges on February 27.

Gaudium IVF IPO opens for subscription today, looking to raise ₹165 crore at the upper end of the price band. The offer will close for bidding on February 24.