Synopsis: Gaudium IVF and Women Health Limited’s ₹165 crore IPO achieved full subscription on Monday, February 23, 2026, the second day of bidding. The “Zero-Minute” fact is that the issue reached 1.52x overall subscription, with the retail category leading at 2.16x, signaling strong conviction in India’s first pure-play listed fertility services provider.
On Monday, February 23, 2026, Gaudium IVF IPO successfully crossed the 100% subscription mark. After a steady 0.88x start on Day 1, the momentum accelerated as both retail and Non-Institutional Investors (NII) aggressively bid for shares. The IPO, which remains open until tomorrow, February 24, is priced between ₹75 and ₹79.
The company’s high-margin “hub-and-spoke” model and a 40.4% EBITDA margin continue to attract investors looking for niche healthcare growth, despite a broader market volatility.
Day 2 Subscription Breakdown: Momentum Builds
The primary driver of the Day 2 surge was the Retail and HNI oversubscription. While institutional bidders (QIBs) traditionally wait until the final hour of the last day, the other segments have already secured the issue’s success.
Furthermore, the “1-2-1” rule of this IPO success was evident: one dominant growth catalyst (India’s expanding IVF market), two strategic pillars (establishing 19 new centers and maintaining a 21.3% RoNW), and one clear financial objective.
Gaudium aims to deploy ₹50 crore from the fresh issue toward capital expenditure, ensuring that its footprint expands into high-demand regional markets by 2027.
Gaudium IVF IPO: Day 2 Subscription & GMP Update
| Category | Subscription (Times) | Status |
| Retail Individual Investors (RII) | 2.16x | Oversubscribed |
| Non-Institutional Investors (NII) | 2.00x | Fully Subscribed |
| Qualified Institutional Buyers (QIB) | 0.01x | Awaiting Day 3 Surge |
| Total Subscription | 1.52x | Fully Subscribed |
| Grey Market Premium (GMP) | ₹8.5 | ~10.76% Listing Gain |
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Grey Market Premium (GMP) and Analyst View
Despite the full subscription, the grey market sentiment has remained steady rather than explosive.
- GMP Stability: The current ₹8.5 GMP implies a tentative listing price of ₹87.5. While the premium cooled from its pre-IPO highs of ₹15, the “fully subscribed” status on Day 2 often provides a psychological floor for the GMP heading into the final day.
- Brokerage Stance: Arihant Capital and Ventura Securities maintain a “Subscribe” rating, citing the “scarcity premium” as the first of its kind in the Indian markets.
- However, they caution about the ₹31 crore tax dispute and the high P/E of 25.3x, which leaves a moderate margin of safety for short-term listing hunters.
The Bottom Line
With the Gaudium IVF IPO fully subscribed on Day 2, all eyes are now on the QIB portion tomorrow. If institutional investors pile in on February 24, the total subscription could cross 5x to 10x, potentially boosting the GMP for the February 27 listing.
For the Aam Aadmi investor, tomorrow at 5:00 PM is the hard deadline to place bids via UPI.
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