Gaudium IVF and Women Health Limited has extended its momentum into Day 2 of its initial public offering, fueled by robust participation from retail investors. As of February 23, 2026, the issue has seen a significant uptick in demand, building on a strong opening day that recorded an 88% overall subscription rate. The IPO, which aims to raise 165 crore, is priced in a band of 75 to 79 per share. Market sentiment remains positive, with the Grey Market Premium (GMP) holding steady at approximately 8.5 to 11 per share. This indicates a potential listing gain of nearly 11% over the upper price band. Retail interest has been the primary driver of the offering, with this segment already oversubscribed at 1.37 times on the first day. The company is offering a mix of a fresh issue worth 90 crore and an offer for sale (OFS) totaling 75 crore. Financially, Gaudium IVF has demonstrated a consistent growth trajectory. Revenue from operations climbed to 70.72 crore in FY25, up from 47.89 crore the previous year. Profitability remains a core strength, with the company reporting a net profit of 19.13 crore for FY25 and maintaining healthy EBITDA margins of approximately 40%. The proceeds from the fresh issue are earmarked for an aggressive expansion strategy. The company plans to allocate 50 crore to establish 19 new IVF centers across India, aiming to solidify its presence in a fragmented but rapidly growing market. An additional 20 crore will be utilized for the repayment of outstanding borrowings. India’s fertility services sector is currently valued at approximately 1.54 billion USD and is projected to grow at a compound annual growth rate of 12.7% to 17.5% over the next decade. Key drivers include rising infertility awareness, delayed parenthood trends, and increasing disposable income among urban populations. Brokerages have largely issued "Subscribe" ratings, pointing to the company’s high return on equity (ROE) of 41.31% and its first-mover advantage as a pure-play listed fertility specialist. However, analysts also highlight a premium valuation of 28 to 30 times FY25 earnings and a pending 31 crore tax dispute as factors for cautious monitoring. The subscription window closes on February 24, 2026, with the basis of allotment expected to be finalized by February 25. Shares are scheduled to debut on the BSE and NSE on February 27, 2026.