Gaudium IVF and Women Health Limited has launched its Initial Public Offering (IPO), marking a significant entry for the specialized fertility sector into the Indian primary market. The issue opened for subscription on February 20, 2026, and is scheduled to close on February 24, 2026. The company has established a price band of ₹75 to ₹79 per equity share, aiming to raise a total of ₹165 crore through a mix of fresh issuance and an offer for sale. **Initial Market Response** On the first day of bidding, the IPO saw a steady start with an overall subscription of approximately 40%. The demand was primarily led by retail investors, who subscribed to roughly 34% of their reserved portion within the early hours. In the grey market, the premium (GMP) currently hovers around ₹8 to ₹9, suggesting a potential listing gain of approximately 10% to 11% over the upper price band. **Financial Performance and Growth** Gaudium IVF has demonstrated robust financial health, reporting a total income of ₹70.96 crore for the fiscal year ending March 2025. This represents a significant year-on-year growth, with Profit After Tax (PAT) surging by over 85% to reach ₹19.13 crore in the same period. The company maintains healthy operational efficiency with EBITDA margins near 40% and a Return on Equity (ROE) exceeding 41%. **Industry Outlook** The Indian fertility services market is on an aggressive growth path, valued at approximately $1.54 billion in 2024. Experts project the sector to expand at a compound annual growth rate (CAGR) of 16% to 17%, potentially reaching $9 billion by 2035. Drivers for this expansion include rising infertility rates, delayed parenthood, and increased societal acceptance of Assisted Reproductive Technology (ART). **Strategic Use of Proceeds** The company plans to utilize ₹90 crore from the fresh issue to fuel its expansion. Specifically, ₹50 crore is earmarked for establishing 19 new IVF centers across India between 2027 and 2029. Additionally, ₹20 crore will be used to reduce debt, which currently stands at approximately ₹22.5 crore, helping to strengthen the balance sheet for future scalability. **Investment Considerations** Brokerages have largely provided a positive outlook, citing the company's asset-light "hub-and-spoke" model and its leadership in a high-demand niche. At the upper price band of ₹79, the stock is valued at a P/E ratio of approximately 25.3x based on FY25 earnings, which is seen as competitive compared to broader healthcare peers. However, investors are advised to monitor a pending tax dispute involving ₹31 crore and the geographic concentration of existing centers as potential risk factors. **Key IPO Timeline** - Subscription Closes: February 24, 2026 - Basis of Allotment: February 25, 2026 - Credit to Demat: February 26, 2026 - Listing Date: February 27, 2026 The shares will be listed on both the BSE and NSE, providing a new entry point for investors looking to capitalize on the medical tourism and domestic fertility growth story in India.