Gaudium IVF IPO Day 3: Issue subscribed 6.9 times by late afternoon; retail and NII demand remains strong

Gaudium IVF IPO

• Gaudium IVF IPO subscribed 3.87 times on final bidding day
• Retail portion subscribed 4.96 times, NII 6.42 times
• IPO to close today, shares to debut on BSE and NSE Feb 27

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The IPO of Gaudium IVF and Women Health was subscribed 6.93 times by 3:24 pm on the third and final day of bidding on Tuesday, led by sustained demand from retail and non-institutional investors. Participation from qualified institutional buyers picked up with today being the last day of the IPO, in line with the usual bidding pattern.

Data available on the exchanges showed Gaudium IVF's initial public offering received bids for 10.14 crore shares against the total issue size of 1.46 crore shares.

The retail individual investors (RII) portion was subscribed 7.17 times, with bids for 5.24 crore shares against the 73.1 lakh shares reserved for the category. Of this, cut-off bids accounted for 4.43 crore shares, while price bids stood at 81.13 lakh shares.

The non-institutional investor (NII) segment saw strong traction, with the category subscribed 13.47 times overall. Within this, the small NII portion -- applications between Rs 2 lakh and Rs 10 lakh -- was subscribed 16.11 times, while the big NII segment, comprising bids above Rs 10 lakh, was subscribed 12.14 times.

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The qualified institutional buyer (QIB) portion was subscribed 1.61 times, with bids for 67.36 lakh shares against the 41.77 lakh shares reserved for institutional investors.

Gaudium IVF’s Rs 165-crore book-built public issue comprises a fresh issue of shares worth Rs 90 crore and an offer for sale of Rs 75 crore by promoter and founder Dr Manika Khanna. The price band for the issue has been fixed at Rs 75-79 per share, and the IPO will close for subscription later today.

Ahead of the public issue, the company raised Rs 49.5 crore from four anchor investors on February 19, with 62.65 lakh shares allocated at the upper end of the price band. Meru Investment Fund was the largest anchor investor, investing nearly Rs 17 crore, followed by Sanshi Fund with an investment of about Rs 12.5 crore. Hornbill Orchid India Fund and Carnelian India Multi-Strategy Fund invested Rs 10 crore each.

Incorporated in 2015, the New Delhi-based fertility services provider operates under a hub-and-spoke model, with seven hubs across key markets including Delhi, Mumbai, Punjab, Jammu and Kashmir, Bihar and Bangalore, supported by 28 spoke centres through strategic alliances with infertility specialists.

The company plans to use Rs 50 crore from the fresh issue proceeds to establish 19 new IVF centres, Rs 20 crore to repay certain outstanding loans, and the remaining funds for general corporate purposes.

Gaudium IVF is expected to finalise share allotment on February 25 and is scheduled to make its stock market debut on the BSE and NSE on February 27.

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