Gaudium IVF IPO to open on February 20; India’s first fertility services listing

Mumbai | February 16

Gaudium IVF and Women Health, a provider of in vitro fertilisation (IVF) and assisted reproductive services, will open its initial public offering (IPO) for subscription on February 20, becoming the first dedicated fertility-services provider to list on Indian stock exchanges.

The anchor book will open on February 18. The public issue will close on February 24. The company plans to finalise allotment on February 25, shares will be credited to Demat accounts on February 26, with listing scheduled on the BSE and NSE on February 27.

Gaudium IVF has set a price band of ₹75 to ₹79 per share.

Gaudium IVF IPO structure

The initial share sale aims to raise ₹165 crore via a fresh issue of 1.13 Crore equity shares aggregating to ₹90 crore and an offer for sale (OFS) of 94.93 lakh shares worth ₹75 crore by promoter Dr Manika Khanna.

Dr Khanna currently holds a 99.32% stake in the company, which will reduce to 70.73% post-issue.

A lot consists of 189 shares and in multiples thereafter.

Half of the net offer has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors.

Sarthi Capital Advisors is the sole merchant banker for the issue, while Bigshare Services is the registrar to the offer.

Use of IPO proceeds

Gaudium IVF plans to deploy ₹50 crore from the fresh issue toward setting up new IVF centres across India. The company will use another ₹20 crore to repay borrowings. The remaining funds will go toward general corporate purposes.

As of September 2025, total outstanding borrowings stood at ₹22.5 crore.

Expansion plans

Founded in 2015, Gaudium IVF provides in vitro fertilisation (IVF) and assisted reproductive services through a hub-and-spoke model. The company runs 7 hubs across Delhi, Mumbai, Ludhiana, Jammu & Kashmir, Bihar and Bengaluru, supported by 28 spokes.

The company plans to establish 19 new IVF centres over the next three financial years. It targets 10 centres in FY27, eight in FY28 and one in FY29.

The expansion will deepen its presence in urban and semi-urban markets, where demand for assisted reproductive treatment remains strong.

Financial performance

For the six months ended September 2025, Gaudium IVF reported revenue of ₹49.5 crore and net profit of ₹12.5 crore.

In FY25, revenue rose 47.7% to ₹70.7 crore from ₹47.9 crore in the previous year. Net profit increased 85.4% to ₹19.1 crore from ₹10.3 crore.

The company has delivered steady growth in both revenue and profitability as centre additions and treatment volumes increased.

Fertility services sector gains investor attention

The IPO comes at a time when the assisted reproductive services market is expanding rapidly.

The global IVF market stands at roughly $27.5 billion in 2024 and could reach about $54.6 billion by 2034. India’s IVF market, estimated at $1.3 billion in 2024, is projected to grow at a faster pace and reach nearly $4.5 billion over the same period.

Rising infertility rates, delayed parenthood, higher maternal age and growing awareness of fertility treatments continue to support demand. Technological improvements in embryo selection, genetic testing and cryopreservation have also improved success rates.

With organised players expanding multi-city networks, fertility healthcare is emerging as a distinct investment theme within the broader healthcare sector.

Gaudium IVF’s IPO will test investor appetite for specialised healthcare service providers in public markets.

With inputs from moneycontrol.

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