Gaudium IVF IPO Subscribed 3.03x on Day 2

The Gaudium In Vitro Fertility (IVF) initial public offering (IPO) entered its second day of bidding on 23 February 2026. By the end of day 2, the issue was subscribed 3.03x overall.

The retail individual investor (RII) category, consisting of individual investors applying for up to ₹2 lakh, showed the most interest. The non-institutional investor (NII) segment also mirrored the RII enthusiasm. The NIIs are also referred to as high-net-worth individuals (HNIs).

In contrast, the Qualified Institutional Buyer (QIB) portion, including sophisticated entities like mutual funds and banks, remained muted. The anchor investors have already committed capital and are being allotted their respective shares.

So, for the Gaudium IVF IPO, the retail and non-institutional categories are already fully subscribed. Now, investors might want to have a closer look at the day 2 subscription numbers.

Gaudium IVF IPO Subscription: Day 2 Performance Breakdown

Gaudium IVF IPO day 2 was action packed, with the overall issue subscribing more than three times. Here are the IPO subscription figures as of 23 February 2026, 06:44 PM.

The Initial Public Offering (IPO) of Gaudium IVF and Women's Health Limited opened for public subscription on Friday, 20 February 2026. The New Delhi-based company, which provides fertility services in several Indian states, aims to raise approximately ₹165 crore through the IPO. The IPO comprises a combination of fresh issue of 11,392,500 equity shares worth ₹90 crores and an offer for sale of 9,493,700 equity shares worth ₹75 crores.

The company has set the price band for its IPO at ₹75 to ₹79 per share. Investors can apply for a minimum of 189 shares (one lot) and multiples thereof. The IPO will close for subscription on Tuesday, 24 February 2026. The allotment of shares will take place on the next day, i.e., Wednesday, 25 February 2026. The listing is scheduled for Friday, 27 February 2026. The shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Gaudium IVF IPO Day 1 Subscription At 0.90 Times

Healthcare services have taken centre stage in the primary market with the Gaudium IVF (in vitro fertilisation) initial public offering (IPO). On Gaudium IVF IPO day 1, 20 February 2026, the total subscriptions stood at 0.90x.

Retail individual investors (RII) were leading the charge and their position crossed the over-subscription mark. Non-institutional investors (NIIs) also showed considerable interest.

Within the NII segment, the small NII (sNII) group (those bidding for <₹10 lakh) saw an oversubscription. However, the big NII (bNII) participants (bidding for >₹10 lakh) were undersubscribed.

The qualified institutional buyer (QIB) portion (excluding the anchor segment) recorded only negligible bids.

So, the retail investors seem to be leading the charge convincingly on Gaudium IVF IPO day 1. Now, the question for investors is: will the institutional appetite pick up pace before the bidding window closes?

Here are the day 1 subscription details of Gaudium IVF IPO.

Institutional Participation

The silence of the QIBs on Day 1 could be seen as the most scrutinised aspect of this listing. QIBs include entities like mutual funds, insurance companies, and foreign institutional investors (FIIs).

Generally, these are "sophisticated" players with the technical expertise to analyse an issue in detail. Also, QIBs are known to adopt the "wait-and-watch" approach till the IPO subscription final day.

They aim to assess the overall market sentiment and the level of subscription in other categories before committing huge capital amounts.

About The Issuing Company

Gaudium IVF and Women’s Health Limited operates in the assisted reproductive technology segment. It provides fertility services and treatment procedures, including:

• In Vitro Fertilisation (IVF)

• Intracytoplasmic Sperm Injection (ICSI)

• Intrauterine Insemination (IUI)

The company offers its services in more than 30 locations in India through seven hubs and 28 spokes.

Talking about the financials, the company’s accounts paint an impressive picture.

• It reported a revenue of ₹70.72 crore in the Financial Year 2024-25 (FY25).

• In FY24 and FY23, revenue stood at ₹47.89 crore and ₹44.23 crore, respectively.

• Net profit also spiked sharply from ₹10.32 crore in FY24 to ₹19.13 crore in FY25.

• The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) margin for FY25 was around 40%, and the ROE (Return on Equity) stood at 21.25%.

Objectives Of The IPO

Through the IPO, Gaudium IVF and Women’s Health plans to raise approximately ₹165 crore. The company has already raised ₹49.5 crore from anchor investors before the IPO even opened for public subscription.

With the money raised, the company plans to:

• Fund the establishment of new IVF centres

• Prepay certain outstanding loans

• Handle general corporate purposes

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Investor Takeaway

With a solid oversubscription status, the Gaudium IVF IPO is standing at an important position for day 3. The IPO oversubscription was largely retail-led. The QIB interest seemed to have received a bit of an increase on day 2.

Generally, a healthy proportion of subscriptions across categories could be seen as a sign of overall investor trust in the company. All eyes are now on the QIB day 3 subscription status. Also, it would be interesting to see its impact on the final IPO subscription status tomorrow, on 24 February 2026.

Track the Gaudium IVF and Women Health IPO

Sources:

The Economic Times

Business Standard

Cleartax

Livemint

Chittorgarh

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