The Gaudium IVF IPO is a book-built public issue worth ₹165 crore, comprising a fresh issue of 1.14 crore shares totaling ₹90 crore and an offer for sale of 0.95 crore shares amounting to ₹75 crore. The subscription window will remain open from February 20 to February 24, 2026, with the basis of allotment expected on February 25, 2026.
The company’s shares are proposed to be listed on the BSE and NSE on a tentative date of February 27, 2026. The price band for the issue has been fixed at ₹75–₹79 per share, and investors must apply for a minimum lot of 189 shares, requiring a retail investment of ₹14,931 at the upper price.
For non-institutional investors, the minimum application is 14 lots (2,646 shares) worth ₹2,09,034 for sNII and 67 lots (12,663 shares) worth ₹10,00,377 for bNII. The issue is being managed by Sarthi Capital Advisors Pvt. Ltd. as the book-running lead manager, while Bigshare Services Pvt. Ltd. serves as the registrar.
Gaudium IVF & Women Health IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- A major portion of the funds, around ₹50 crore, will be used to finance capital expenditure for setting up new IVF centres by the company.
- Approximately ₹20 crore will be allocated toward the repayment or prepayment of certain existing borrowings, either fully or partially.
- The remaining funds will be utilised for general corporate purposes.
About Gaudium IVF & Women Health Limited
Founded in March 2015, Gaudium IVF & Women Health Ltd. provides in vitro fertilisation (IVF) and related reproductive treatments across India, expanding its presence in multiple states through a hub-and-spoke operating model.
The company runs more than thirty centres, comprising several main hubs supported by spoke locations, and has formed strategic collaborations with infertility specialists to promote awareness of assisted reproductive technology and IVF care. It also caters to international patients from countries such as Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman. Within India, the company operates centres in key cities including Delhi, Mumbai, Ludhiana, Srinagar, Patna, and Bengaluru.
Its service portfolio covers advanced fertility procedures such as IVF, ICSI, IUI, ovulation induction, and specialised male infertility treatments, along with broader gynaecological care for conditions like PCOS, endometriosis, and high-risk pregnancies. The organisation’s strengths include a patient-focused approach, an experienced clinical team, next-generation ICSI laboratory technology, advanced ultrasound-guided procedures, strategically located urban hubs, and an asset-light expansion strategy.
Industry Outlook
- The global IVF market was valued at ~USD 27.5 billion in 2024 and is projected to reach ~USD 54.6 billion by 2034, growing at ~7% CAGR.
- India’s IVF market is expected to expand from ~USD 1.32 billion (2024) to ~USD 4.54 billion (2034), reflecting a faster ~13% CAGR.
- Declining fertility rates worldwide (e.g., India falling to ~2.0 births per woman in 2023) are increasing reliance on assisted reproductive treatments.
- Rising infertility, delayed marriages, lifestyle changes, and higher maternal age are key demand drivers.
- Technology advancements such as AI-based embryo selection, genetic testing, and cryopreservation are improving treatment success rates.
- Greater awareness of Assisted Reproductive Technology (ART) and expanding access in urban and semi-urban areas are accelerating adoption.
- Supportive regulations and potential insurance coverage are expected to improve affordability and market penetration.
- Overall, strong demographics, medical innovation, and improving accessibility position the IVF sector for sustained long-term growth, especially in India.
How To Apply for the Gaudium IVF & Women Health IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Gaudium IVF & Women Health IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Gaudium IVF & Women Health IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Gaudium IVF & Women Health Limited
Registered office: Gaudium IVF & Women Health Ltd. Address- B1/51, Janak Puri, B-1, New Delhi, New Delhi, 110058
Phone:011-4885 8585
E-mail:compliance@gaudiumivfcentre.com
Gaudium IVF & Women Health IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the net issue |
| Retail Investors | Not less than 35% of the net issue |
| NII (Non-Institutional Investors) | Not less than 15% of the net issue |
Gaudium IVF & Women Health IPO Lot Size Details
| 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 |
Gaudium IVF & Women Health IPO Promoter Holding
The promoters of the company include Dr. Manika Khanna, Dr. Peeyush Khanna and Vishad Khanna.
| Share Holding Pre-Issue | 99.99% |
| Share Holding Post Issue | 71.30% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Gaudium IVF & Women Health IPO
| KPI | Sep 30, 2025 | Mar 31, 2025 |
| ROE | 21.25% | 41.31% |
| ROCE | 21.03% | 39.70% |
| Debt/Equity | 0.38 | 0.41 |
| RoNW | 21.34% | 41.71% |
| PAT Margin | 25.14% | 26.96% |
| EBITDA Margin | 38.29% | 40.48% |
| Price to Book Value | — | 10.48 |
Gaudium IVF & Women Health IPO Registrar and Lead Managers
Gaudium IVF & Women Health IPO Lead Managers
- Sarthi Capital Advisors Pvt.Ltd.
Registrar for Gaudium IVF & Women Health IPO
Bigshare Services Pvt.Ltd.
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Financial Performance of Gaudium IVF & Women Health Limited
| Particulars | As of Sep 30 2025 | Year ending as of Mar 31 2025 | Year ending as of Mar 31 2024 | Year ending as of Mar 31 2023 |
| Assets (Cr) | 106.62 | 88.51 | 51.01 | 36.63 |
| Total Income (Cr) | 49.75 | 70.96 | 48.15 | 44.26 |
| Profit After Tax (Cr) | 12.51 | 19.13 | 10.32 | 13.53 |
| EBITDA (Cr) | 18.95 | 28.63 | 19.27 | 20.07 |
| Net Worth (Cr) | 58.85 | 46.30 | 26.99 | 22.73 |
| Reserves & Surplus (Cr) | 28.16 | 15.60 | 26.00 | 21.74 |
| Total Borrowing (Cr) | 22.51 | 18.93 | 15.73 | 9.78 |
Gaudium IVF & Women Health Limited Peer Comparison
| Company Name | EPS (Basic) | NAV (₹/share) | P/E (x) | RoNW (%) | P/BV Ratio |
| Gaudium IVF and Women Health | 3.12 | 7.54 | — | 41.71 | — |
| Progyny Inc. | 50.52 | 394.20 | 41.56 | 12.90 | 5.33 |
| Inspire IVF Public Company | 0.17 | 4.34 | 11.43 | 3.97 | 0.25 |
Strengths and Opportunities of Gaudium IVF & Women Health Limited
- Positioned as India’s first listed fertility services platform, offering a unique presence in the organised IVF segment.
- Strong EBITDA margin of about 40% highlights efficient clinical operations and cost management.
- The hub-and-spoke model enables scalable delivery of quality IVF services across underserved Tier-2 and Tier-3 cities.
- Planned investment of around ₹50 crore to establish 19 new centres supports wider geographic expansion and market reach.
- Led by a reputed founder, Dr. Manika Khanna, who held a dominant pre-IPO ownership stake.
- Generates revenue from international patients across regions such as North America, Europe, and Africa.
- Provides comprehensive fertility and reproductive care beyond IVF, including male infertility treatment and genetic testing services.
Risks and Threats of Gaudium IVF & Women Health Limited
- The company faces strong competition from established fertility care providers such as Indira IVF, Cloudnine, and Birla Fertility.
- Expansion through 19 new centres is subject to obtaining necessary medical and regulatory approvals.
- Significant capital expenditure and execution challenges may arise while scaling operations across multiple locations.
- The offer for sale of 0.95 crore shares by promoters could indicate a partial stake dilution.
- Retaining skilled fertility specialists and doctors may be difficult in a competitive healthcare talent market.
- Patient acquisition costs could remain high, particularly in crowded metro markets with intense competition.
