IPO Calendar: Gaudium IVF to open next week as Fractal, Aye Finance head for listing

After a relatively quiet stretch in the primary market, activity is set to pick up next week with two IPOs opening for subscription and three companies scheduled to debut on the bourses, including Fractal Analytics and Aye Finance.

The key mainboard issue to watch will be Gaudium IVF & Women Health, which will open for subscription on February 20 and close on February 24. The company is expected to list on BSE and NSE on February 27, with allotment likely to be finalised on February 25.

Ahead of the debut, the company has no GMP yet in the grey market. Gaudium IVF is offering 2.09 crore shares through a combination of fresh issue of 1.14 crore shares and an offer for sale of 0.95 crore shares.

The price band is yet to be announced. The net issue will allocate not more than 50% to qualified institutional buyers, not less than 35% to retail investors and not less than 15% to non-institutional investors.

Incorporated in 2015, Gaudium IVF operates in the assisted reproductive technology space, offering IVF, ICSI, IUI and related fertility treatments. The company follows a hub-and-spoke model and operates over 30 locations, including seven hubs across Delhi, Mumbai, Bengaluru, Patna and other cities. It has also been serving international patients.

Financially, Gaudium has shown steady growth. For FY25, it reported total income of Rs 70.96 crore and profit after tax of Rs 19.13 crore. For the six months ended September 2025, it posted total income of Rs 49.75 crore and PAT of Rs 12.51 crore.SME segmentAlongside Gaudium, Fractal Industries will open its SME issue from February 16 to February 18 in the price band of Rs 205 to Rs 216 per share. The company is expected to list on the BSE SME platform.

Three listing scheduled next weekOn the listings front, three companies are set to debut next week. Fractal Analytics, which closed its IPO with an overall subscription of just over 2 times, will list on February 16 on BSE and NSE. The issue saw stronger interest from QIBs at over 4 times, while retail and NII portions were subscribed just over 1 time each. Aye Finance is also scheduled to list next week. The issue sailed through on last day, backed by institutional participation.

Fractal and Aye Finance shares are commanding a negative GMP in the grey market, which indicate subdued listing expectations, mainly due to less-than-expected demand during subscription for both the IPOs and overall negative secondary market sentiments.

With a mix of a healthcare mainboard issue and SME offerings, the coming week could provide fresh cues on investor appetite in a market that has recently seen muted primary activity despite a large pipeline waiting in the wings.

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