To the new parent:
بَارَكَ اللّٰهُ لَكَ فِي الْمَوْهُوْبِ لَكَ، وَشَكَرْتَ الْوَاهِبَ، وَبَلَغَ أَشُدَّهُ، وَرُزِقْتَ بِرَّهُ
May Allah bless you with His gift to you, and may you (the new parent) give thanks, may the child reach the maturity of years, and may you be granted its righteousness. [1]
Baarakallaahu laka fil-mawhoobi laka, wa shakartal-waahiba, wa balagha 'ashuddahu, wa ruziqta birrahu.
Reply of the parents would be:
بَارَكَ اللّٰهُ لَكَ وَبَارَكَ عَلَيْكَ، وَجَزَاكَ اللّٰهُ خَيْرًا، وَرَزَقَكَ اللّٰهُ مِثْلَهُ، وَأَجْزَلَ ثَوَابَكَ
May Allah bless you, and shower His blessings upon you, and may Allah reward you well and bestow upon you its like and reward you abundantly". [2]
Baarakallahu laka wa baaraka 'alayka, wa jazaakallaahu khayran, wa razaqakallaahu mithlahu, wa 'ajzala thawaabaka.