Gaudium IVF IPO Date, Price, GMP, Review, Details
Gaudium IVF & Women Health
Gaudium IVF IPO Details
IPO Open
20 Feb 2026
IPO Close
24 Feb 2026
Price Band
₹75 to ₹79
Issue Size
₹165 Cr
Listing on
BSE, NSE
Min. Lot Size
189
Face value
₹5
GMP
₹12
Key Performance Indicators
Market Cap
₹575.02 Cr
P/E
25.36
EPS
₹3.12
ROE
21.25
ROCE
21.03
Sector
IVF
Gaudium IVF IPO Timeline
The Gaudium IVF IPO listing date is expected to be february 27 2026, with allotment finalized on february 25 2026.
Introduction
Gaudium IVF and Women Health Limited is a fast growing fertility and women’s healthcare provider in India. The company focuses on assisted reproductive treatments such as IVF, along with related diagnostic and maternity services. Over the years, it has built a hub and spoke clinic network that helps it reach patients across multiple cities.
India’s fertility services market is expanding quickly due to rising infertility awareness, delayed parenthood, and improving medical access. This has created strong tailwinds for organised IVF chains that can offer standardized treatment outcomes and trusted clinical expertise. Gaudium IVF has positioned itself in the premium fertility segment with a doctor led model and improving financial performance.
The IPO aims to support the company’s expansion plans, strengthen its balance sheet, and enhance brand visibility. For investors, the issue stands out because of the company’s high margins and return ratios, though its relatively smaller scale compared to listed healthcare peers remains a key factor to watch.
About Gaudium IVF
Gaudium IVF and Women Health Limited was founded by Dr. Manika Khanna with the vision of building a specialised fertility and women’s healthcare platform in India. The company was originally incorporated in 2015 in New Delhi and began operations with a focus on assisted reproductive technology services. In its early years, the company concentrated on establishing clinical credibility and building a strong doctor led brand in the IVF segment. A key milestone came in 2024 when the company converted into a public limited entity in preparation for its public listing. Over the past decade, Gaudium IVF has expanded from a single centre to a multi location fertility network.
Business Model
The company operates a hub and spoke fertility clinic model, where full service flagship centres act as hubs and smaller spoke clinics drive patient acquisition and consultations. Revenue is primarily generated from IVF cycles, fertility treatments, and related women’s health services. The model allows the company to optimise doctor utilisation, maintain treatment quality, and scale into new cities with relatively lower capital intensity. Its integrated clinical approach combines consultation, diagnostics, treatment, and follow up care under one platform.
Brand and Market Positioning
Gaudium IVF is positioned as a premium fertility care provider focused on clinical outcomes and personalised patient care. The brand is built around specialist doctor expertise and high success rate positioning in the IVF segment. Compared to mass market fertility chains, the company targets patients who are willing to pay for perceived quality and trust. This positioning gives the company some degree of pricing power in urban markets.
Products and Services
IVF and assisted reproductive treatments
IUI and advanced fertility procedures
Egg freezing and fertility preservation
Maternity and women’s health services
Diagnostic and related reproductive services
Flagship Offerings
The company’s core offering is its IVF treatment program, which drives the majority of patient inflow and revenue. This service stands out due to the specialised clinical protocols, experienced fertility specialists, and integrated lab infrastructure. Entry barriers in this segment include medical expertise, regulatory compliance, embryology lab setup, and brand trust built over treatment outcomes. The company’s growing clinic network further strengthens its competitive moat in targeted urban markets.
Revenue Profile
Gaudium IVF earns most of its income from fertility treatment cycles and related procedures. The revenue mix is heavily tilted toward IVF services, which typically carry higher margins compared to basic fertility treatments. The business largely operates on a B2C healthcare model, with patients paying directly for treatment packages. Urban centres contribute the bulk of revenue, reflecting the premium positioning of the brand.
Geographical Footprint
The company has built a presence across 30+ locations in India, supported by a hub and spoke structure. Its network includes flagship fertility hubs supported by multiple spoke clinics that help drive patient acquisition. The majority of its operations are concentrated in major urban markets, where demand for organised fertility services is stronger.
Management and Promoters
The company is promoted by Dr. Manika Khanna, Dr. Peeyush Khanna, and Vishad Khanna. Dr. Manika Khanna plays a central role in clinical leadership and brand building, while the broader management team handles operations, expansion, and compliance. The promoter group brings medical expertise along with operational oversight in the fertility services space.
Corporate Structure
Gaudium IVF operates through its primary listed entity and associated clinical centres. The business structure is designed to support expansion of fertility clinics across cities while maintaining centralised clinical standards. The company does not currently rely on a complex holding structure, which keeps governance relatively straightforward.
Target Customers
The company primarily serves urban couples seeking fertility treatment, especially in the age group where delayed parenthood and infertility challenges are rising. Its customer base is largely retail patients in metro and tier one cities. The premium positioning means the brand attracts patients who prioritise clinical success rates and specialist care over low cost treatment options.
How the Company Earns
Revenue is generated mainly through paid IVF treatment cycles and fertility procedures. Patients typically pay package based fees covering consultation, lab work, and treatment. Additional income comes from related women’s health and diagnostic services, but IVF remains the dominant monetisation driver.
Market Position
Gaudium IVF is an emerging organised player in India’s fertility services market. While it is not among the largest listed healthcare chains, it has built a fast growing presence in the premium IVF segment with strong profitability metrics. Its future market position will depend heavily on execution of its clinic expansion strategy and ability to maintain treatment success rates at scale.
About Gaudium IVF IPO
Gaudium IVF and Women Health Limited is launching its initial public offering aggregating to approximately ₹165 crore, comprising a fresh issue of 1,13,92,500 equity shares and an offer for sale of 94,93,700 equity shares by the promoter selling shareholder. The fresh issue component is expected to raise around ₹90 crore, while the OFS is estimated at about ₹75 crore. The book running lead manager to the issue is Sarthi Capital Advisors Private Limited, and the registrar to the issue is Bigshare Services Private Limited.
The IPO is priced in the band of ₹75 to ₹79 per share with a face value of ₹5 per equity share. The minimum bid lot is 189 shares, which translates to a minimum retail investment of ₹14,931 at the upper price band. The issue is being conducted through the 100 percent book built route and the equity shares are proposed to be listed on NSE and BSE.
The company intends to utilise the net proceeds from the fresh issue primarily for expansion of its clinic network, funding working capital requirements, and meeting general corporate purposes. The capital raise is expected to strengthen the balance sheet and support the company’s strategy of scaling its hub and spoke fertility model across high demand urban markets.
The anchor investor bidding date is 18 February 2026, while the IPO will open on 20 February 2026 and close on 24 February 2026. The basis of allotment is expected to be finalised on 25 February 2026, followed by initiation of refunds on 26 February 2026 and credit of shares to demat accounts on the same day. The company is tentatively scheduled to list on the stock exchanges on 27 February 2026.
IPO Details
Issue Type: Book Built Issue
Total Issue Size: ₹165 crore (approx.)
Fresh Issue: ₹90 crore (approx.)
OFS: ₹75 crore (approx.)
Price Band: ₹75 to ₹79 per share
Face Value: ₹5 per share
Lot Size: 189 shares
Minimum Retail Investment: ₹14,931
Listing: NSE and BSE
Pre-IPO Placement: None reported
Employee Reservation: None reported
BRLMs:
Sarthi Capital Advisors Private Limited
Registrar:
Bigshare Services Private Limited
IPO Timeline
Anchor Date: 18 February 2026
Issue Opens: 20 February 2026
Issue Closes: 24 February 2026
Allotment Finalisation: 25 February 2026
Refunds: 26 February 2026
Demat Credit: 26 February 2026
Listing Date: 27 February 2026
Valuation Snapshot
Price Band: ₹75 to ₹79
Implied Market Cap: TBA
P/E: TBA
EV/EBITDA: TBA
Price to Sales: TBA
Pre-IPO Placement Price: Not applicable
Valuation Justification
At the upper price band, the company is seeking a valuation that reflects its strong profitability metrics and high return ratios. However, the business is still relatively small in scale compared to larger listed healthcare players. The final valuation comfort will depend on the implied earnings multiple post listing and the company’s ability to sustain growth while expanding its clinic network.
Industry Overview of IVF and fertility services
The IVF and fertility services industry in India focuses on assisted reproductive treatments that help couples conceive when natural methods fail. These include IVF, IUI, egg freezing, fertility diagnostics, and related women’s health services. The segment is part of the fast growing specialty healthcare market and is steadily shifting from small standalone clinics to organised fertility chains.
Market Size and Segmentation
India’s IVF market is estimated at around ₹7,500 crore to ₹8,000 crore and is expected to grow at a CAGR of 12 percent to 15 percent over the next few years. India performs roughly 2.5 lakh to 3 lakh IVF cycles annually, which is significantly lower than developed markets, indicating strong headroom for growth.
The market structure is still fragmented:
Organised IVF chains: ~35 percent share
Standalone clinics: ~50 percent share
Hospital based IVF units: ~15 percent share
Organised players are gradually gaining market share due to better technology, branding, and clinical standardisation.
Key Drivers & Industry Lifecycle
Several structural factors are driving growth:
Infertility prevalence in India estimated at 10 percent to 15 percent of married couples
Average age of first childbirth rising steadily in urban India
Increasing awareness of assisted reproduction
Growing affordability in metro and tier 1 cities
Expansion of fertility insurance coverage in select segments
The industry is clearly in a high growth and early consolidation phase.
Demand Dynamics
Demand is heavily urban skewed:
Metro and tier 1 cities contribute ~70 percent+ of IVF demand
Typical patient age group: 28 to 42 years
IVF treatment costs in India: ₹1.2 lakh to ₹2.5 lakh per cycle
India also attracts medical tourists because IVF costs are 60 percent to 80 percent cheaper than in the US and many developed markets.
Repeat cycles are common, with many patients requiring 2 to 3 cycles, which improves revenue visibility for fertility chains.
Competitive Landscape (Porter’s Five Forces)
Entry barriers are moderate but rising.
Barriers to entry include:
IVF lab setup cost: ₹3 crore to ₹6 crore per full centre
Need for skilled embryologists and fertility specialists
Regulatory compliance under ART regulations
Brand trust and clinical success track record
Buyer power is moderate because patients compare success rates and doctor reputation. Competitive intensity is increasing as organised chains expand into tier 2 cities.
Operational Benchmarks (Industry-Specific)
Key industry metrics include:
Typical IVF success rate (India): 45 percent to 55 percent (age dependent)
Mature IVF centre utilisation: 800 to 1,500 cycles per year
EBITDA margins for organised IVF chains: 30 percent to 45 percent
Doctor productivity is a key driver of profitability
The fertility business tends to have higher margins than multi-specialty hospitals due to its procedure driven nature.
Regulatory & ESG Environment
The industry is regulated under the Assisted Reproductive Technology framework. Clinics must comply with:
Mandatory registration requirements
Embryo handling and storage norms
Patient consent protocols
Ethical advertising guidelines
Regulatory tightening is gradually pushing unorganised clinics out and favouring organised players.
Geopolitical & Supply Chain Risks
While demand is domestic, the industry depends on imported inputs:
Culture media
Lab consumables
Advanced IVF equipment
Many of these are imported, exposing clinics to currency fluctuation risk. Any disruption in medical imports could temporarily affect costs.
Future Outlook & Major Risks
The long term outlook remains strong:
IVF cycle volume in India expected to grow at 12 percent to 15 percent CAGR
Organised chains expected to gain 5 percent to 8 percent market share over the next few years
Tier 2 city penetration is the next growth frontier
However, key risks include:
Doctor dependency
Outcome variability
Pricing pressure in competitive markets
Execution risk during rapid expansion
Conclusion & Investment Context
India’s fertility services industry offers a strong structural growth opportunity driven by rising infertility rates and increasing awareness. With penetration still low compared to global markets, the runway for organised IVF chains remains large. For investors, companies that can maintain high success rates, strong doctor networks, and scalable clinic models are best positioned to benefit from the sector’s long term growth.
Peer Analysis
Revenue Scale
Indira IVF – ₹1,100+ crore
Nova IVF – ₹700+ crore (estimated)
Gaudium IVF – ₹70.96 crore
Apollo Fertility – ₹200+ crore (estimated)
Oasis Fertility – ₹300+ crore (estimated)
Profitability (EBITDA Margin)
Indira IVF – 30 percent to 35 percent
Nova IVF – 28 percent to 32 percent (estimated)
Gaudium IVF – 40.48 percent
Apollo Fertility – 20 percent to 25 percent (estimated)
Oasis Fertility – 25 percent to 30 percent (estimated)
Return on Equity
Indira IVF – 20 percent to 25 percent (estimated)
Nova IVF – 18 percent to 22 percent (estimated)
Gaudium IVF – 41.31 percent
Apollo Fertility – 15 percent to 20 percent (estimated)
Oasis Fertility – 18 percent to 24 percent (estimated)
Clinic Network Size
Indira IVF – 140+ centres
Nova IVF – 70+ centres
Gaudium IVF – 30+ centres
Apollo Fertility – 35+ centres
Oasis Fertility – 25+ centres
IVF Cycle Volume (Annual)
Indira IVF – 1,00,000+ cycles
Nova IVF – 35,000+ cycles
Gaudium IVF – Not disclosed
Apollo Fertility – 15,000+ cycles (estimated)
Oasis Fertility – 12,000+ cycles (estimated)
Industry-Specific Parameters
Average IVF Pricing (India)
Indira IVF – ₹1.2 lakh to ₹1.8 lakh
Nova IVF – ₹1.5 lakh to ₹2.2 lakh
Gaudium IVF – Premium positioning (exact not disclosed)
Apollo Fertility – ₹1.5 lakh to ₹2.3 lakh
Oasis Fertility – ₹1.4 lakh to ₹2.0 lakh
Brand Positioning
Indira IVF – Mass premium national chain
Nova IVF – Clinically premium chain
Gaudium IVF – Urban premium niche player
Apollo Fertility – Hospital backed fertility brand
Oasis Fertility – Regional organised player
Business Model
Indira IVF – Hub and spoke scale model
Nova IVF – Doctor led premium network
Gaudium IVF – Hub and spoke focused expansion
Apollo Fertility – Hospital integrated model
Oasis Fertility – Cluster based fertility network
Operating Scale Risk
Indira IVF – Low risk due to large scale
Nova IVF – Moderate risk
Gaudium IVF – Higher risk due to smaller scale
Apollo Fertility – Moderate risk
Oasis Fertility – Moderate to high risk
Key Insights
Gaudium IVF stands out for its very high margins and strong return ratios, which are superior to many peers. However, the company operates at a much smaller revenue and network scale, which introduces execution risk during expansion. Larger players like Indira IVF and Nova IVF benefit from stronger brand recall and wider clinic presence. The investment case for Gaudium therefore depends heavily on its ability to scale its hub and spoke model without diluting clinical outcomes or margins.
Gaudium IVF IPO Reservation
Gaudium IVF IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 189 | ₹14,931 |
| Retail (Max) | 13 | 2,457 | ₹1,94,103 |
| S-HNI (Min) | 14 | 2,646 | ₹2,09,034 |
| S-HNI (Max) | 66 | 12,474 | ₹9,85,446 |
| B-HNI (Min) | 67 | 12,663 | ₹10,00,377 |
Financials of Gaudium IVF
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 106.62 | 88.51 | 51.01 | 36.63 |
| Total Income | 49.75 | 70.96 | 48.15 | 44.26 |
| Profit After Tax | 12.51 | 19.13 | 10.32 | 13.53 |
| EBITDA | 18.95 | 28.63 | 19.27 | 20.07 |
| NET Worth | 58.85 | 46.30 | 26.99 | 22.73 |
| Reserves and Surplus | 28.16 | 15.60 | 26.00 | 21.74 |
| Total Borrowing | 22.51 | 18.93 | 15.73 | 9.78 |
Revenue Growth: The company has shown strong growth, with total income rising from ₹44.26 crore in FY23 to ₹70.96 crore in FY25. This reflects expansion of its fertility centres and improving patient traction. For the six months ended September 2025, revenue stands at ₹49.75 crore, indicating continued momentum.
Profitability: PAT declined slightly in FY24 but recovered strongly in FY25 to ₹19.13 crore. This suggests earlier expansion costs are now getting absorbed and operating leverage is improving. The company reported ₹12.51 crore profit in the first half of FY26.
Operating Performance: EBITDA improved to ₹28.63 crore in FY25, highlighting the high margin nature of the IVF business. The company continues to maintain healthy operating efficiency compared to many healthcare peers.
Return Ratios: The business delivers strong capital efficiency with ROE of 41.31 percent and ROCE of 39.37 percent in FY25. These are robust numbers for a specialty healthcare company.
Balance Sheet: Net worth has increased steadily to ₹58.85 crore as of September 2025, supported by internal accruals. Borrowings remain moderate at ₹22.51 crore, keeping leverage at comfortable levels.
Overall View: Gaudium IVF shows strong profitability and return ratios, but investors should monitor how margins and returns behave as the company scales its clinic network.
Objective of Gaudium IVF IPO
Funding expansion of new IVF and women’s health centres
Meeting working capital requirements
Investment in brand building and marketing initiatives
Strengthening technology and clinical infrastructure
General corporate purposes
Offer for Sale proceeds will go to the selling shareholder and will not be received by the company
SWOT Analysis of Gaudium IVF IPO
Strengths
Strong profitability with EBITDA margin above 40 percent
High capital efficiency reflected in ROE of 41.31 percent
Asset light hub and spoke clinic model supports scalable growth
Premium brand positioning in the urban fertility segment
Experienced promoter led clinical leadership
Weaknesses
Relatively small scale compared to larger IVF chains
High dependence on key fertility specialists
Geographic concentration in select urban markets
Limited operating history as a scaled network
Opportunities
Rising infertility rates in India estimated at 10 percent to 15 percent of couples
Large underpenetrated IVF market with strong long term demand
Expansion potential into tier 2 and tier 3 cities
Growing medical tourism opportunity in fertility care
Increasing shift from unorganised clinics to organised chains
Threats
Intensifying competition from organised fertility chains
Pricing pressure in highly competitive urban markets
Regulatory tightening under ART guidelines
Risk of variability in IVF success rates
Doctor attrition and talent availability risk
Conclusion
Gaudium IVF and Women Health Limited operates in a structurally growing fertility services market supported by rising infertility awareness and increasing demand for organised IVF care. The company stands out for its strong EBITDA margins, high ROE, and scalable hub and spoke model, which indicate good operating efficiency.
However, the business is still relatively small in scale compared to larger organised IVF chains, and future performance will depend heavily on execution of its expansion strategy and ability to maintain clinical outcomes. Investors should also keep an eye on competitive intensity and doctor dependency risks.
Overall, the IPO may suit investors with moderate to high risk appetite who are looking for exposure to the specialty healthcare space. Conservative investors may prefer to track post listing performance and expansion execution.
Disclaimer: Market Insiderz is not a SEBI registered investment advisor. The information provided here, including GMP, is for educational purposes only and subject to market volatility. Please consult a certified financial advisor and read the RHP carefully before investing.
FAQ about Gaudium IVF IPO
The Gaudium IVF IPO is a mainboard public issue through which the company plans to raise about ₹165 crore via a fresh issue and offer for sale.
The Gaudium IVF IPO Price Band is ₹75 to ₹79 per share.
The latest Gaudium IVF IPO GMP is around ₹12, indicating mild positive grey market sentiment.
The Gaudium IVF IPO Open Date is 20 February 2026.
The Gaudium IVF IPO Closing Date is 24 February 2026.
The Gaudium IVF IPO Lot Size is 189 shares, and applications must be in multiples of this lot.
The minimum retail investment is ₹14,931 at the upper price band.
The Gaudium IVF IPO Allotment Date is expected on 25 February 2026.
The shares are expected to list on 27 February 2026 on NSE and BSE.
The company aims to raise approximately ₹165 crore through the IPO.
The company plans to use the funds mainly for new IVF centre expansion, debt repayment, and general corporate purposes.
For FY25, the company reported revenue of about ₹70.96 crore and PAT of ₹19.13 crore, reflecting strong profitability for its size.
