Gaudium IVF and Women Health IPO Opens Today: Price Band, Issue Size, GMP and Day 1 Subscription
- 20th February 2026
- 11:30 AM
- 4 min read
Summary
Gaudium IVF and Women Health Limited has entered the primary market with a ₹165 crore IPO. The offering consists of a fresh issue of 1.14 crore equity shares and an offer for sale of 95 lakh shares by promoter Dr Manika Khanna. The company is the first dedicated fertility services provider to seek a public listing in India. The issue, priced between ₹75 and ₹79 per share.Mumbai| February 20,
Gaudium IVF and Women Health Limited has launched its ₹165 crore initial public offering (IPO), marking the first pure-play fertility services listing in India. The issue is priced in the range of ₹75 to ₹79 per share and includes a fresh issue of ₹90 crore and an offer for sale (OFS) of ₹75 crore.
The IPO opened for public subscription on February 20, 2026, and will close on February 24.
Prior to the IPO opening, the company raised ₹49.5 crore from anchor investors including Meru Investment Fund PCC–Cell, Hornbill Orchid India Fund, Carnelian India Multi Strategy Fund and Sanshi Fund I. Gaudium IVF allotted 62,65,860 equity shares at ₹79 per share, the upper end of the price band.
Gaudium IVF IPO: Issue Details and Key Dates
- IPO Dates: February 20 to February 24, 2026
- Price Band: ₹75 to ₹79 per equity share
- Lot Size: 189 shares (Minimum investment ₹14,931 at upper band)
- Total Issue Size: ₹165 crore
- Fresh Issue: ₹90 crore
- Offer for Sale: ₹75 crore
- Basis of Allotment: February 25, 2026
- Listing Date: February 27, 2026 (BSE and NSE)
Half of the net offer is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors.
Sarthi Capital Advisors Pvt Ltd is the sole book-running lead manager to the issue, while Bigshare Services Pvt Ltd is the registrar for the IPO.
Subscription Status (Day 1)
As of 11:15 am on Day 1, the Gaudium IVF IPO was subscribed 31%, with retail investors leading the response at 0.51 times subscription. The non-institutional investor (NII) portion was subscribed 0.27 times, while the Qualified Institutional Buyers (QIB) segment had not seen bids at that stage.
Grey Market Premium
In the grey market, the Gaudium IVF IPO GMP stood at ₹8.5, indicating a premium of around 10.76% over the upper price band of ₹79.
Note: Grey market premium (GMP) is unofficial and may fluctuate.
Use of IPO Proceeds
The company plans to utilise proceeds from the fresh issue toward:
- Setting up 19 new IVF centres across India: ₹50 crore
- Prepayment of borrowings: ₹20 crore
- Remaining funds for general corporate purposes and clinical expansion
About Gaudium IVF and Women Health
Incorporated in 2015, Gaudium IVF provides in vitro fertilisation (IVF) and assisted reproductive technology (ART) services.The company operates a hub-and-spoke model with 7 full-service hubs and 28 spoke centres across more than 30 locations in India.
Led by founder Dr Manika Khanna, the company offers IVF, ICSI, IUI, egg freezing and related fertility treatments. It also caters to medical tourism patients.
Financial Performance
| Metric (₹ crore) | H1 FY26 | FY25 | FY24 | FY23 |
| Total Income | 49.75 | 70.96 | 48.15 | 44.26 |
| EBITDA | 18.95 | 28.63 | 19.27 | 20.07 |
| Profit After Tax | 12.51 | 19.13 | 10.32 | 13.53 |
| Net Worth | 58.85 | 46.30 | 26.99 | 22.73 |
Gaudium IVF reported 47.6% revenue growth in FY25, supported by higher IVF cycles and improved average revenue per patient. PAT has almost doubled in last one year. EBITDA margin stood at 40.48%, while Return on Equity (ROE) was 41.31% as of March 2025. However, the average revenue per patient (ARPP) has shown some volatility, standing at Rs 3.55 lakh in FY25.
Strengths
- Positioned as the first pure-play fertility services provider to list on Indian exchanges.
- The asset-light hub-and-spoke expansion model allows for rapid geographic expansion into Tier-2 and Tier-3 cities
- Maintains a clinical success rate of approximately 58.7%, which is competitive within the industry.
- Strong profitability and high ROE
- Brand recognition led by experienced fertility specialist
- Revenue diversification across clinical services and pharmacy
Key Risks
- Dependence on skilled embryologists and fertility specialists
- Company saw high employee attrition of 63% in FY25
- Healthcare sector sensitivity to treatment outcomes and reputation
- Approximately 78% of revenue is currently generated from its flagship Janakpuri hub in Delhi.
- Contingent liabilities of ₹45 crore as of September 2025
Valuation and Peer Positioning
There are no directly comparable listed pure-play fertility companies in India.
At the upper price band of ₹79, the IPO is valued at approximately 25 times FY25 earnings.
To Apply for the Gaudium Ivf Ipo, Click Here!
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