Gaudium IVF & Women Health IPO is a book-built public issue with a total size of approximately ₹165 crore, comprising both a fresh issue and an offer-for-sale component. The issue includes a fresh issue of 1,13,92,500 equity shares and an Offer For Sale (OFS) of 94,93,700 equity shares by the promoter.
The IPO subscription window opened on February 20, 2026 and closed on February 24, 2026. The basis of allotment was likely finalised on February 25, 2026, and the shares are expected to list on both BSE and NSE on February 27, 2026, subject to final approvals.
The IPO price band is fixed at ₹75 to ₹79 per equity share. Investors must apply in a lot size of 189 shares, with retail investors needing to invest a minimum amount of ₹14,931 at the upper band (₹79). Retail maximum, S-HNI and B-HNI investment brackets vary by lot size.
Smart Horizon Capital Advisors is the Book Running Lead Manager, and Bigshare Services Pvt. Ltd. is the Registrar of the IPO.
(Source: RHP)
Company Overview
Gaudium IVF & Women Health Limited is a fertility and women’s healthcare services provider offering in-vitro fertilisation (IVF), advanced assisted reproductive technologies (ART) and related clinical care. It operates a hub-and-spoke model with 7 full-service IVF hubs and 28 spokes across India, supporting strong geographic reach and patient access. The hub-and-spoke model is a system of connections designed like a bicycle wheel, where all traffic or data moves through a central point (the hub) before being distributed to individual branches (the spokes).
The company provides services such as In Vitro Fertilisation (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, male infertility treatments, fertility preservation procedures, and comprehensive women’s health care. It also attracts international patients from regions including the UK, USA, Canada, Kenya, South Africa, and Oman.
(Source: RHP)
Industry Context
- The fertility services and assisted reproductive technology (ART) sector in India is gaining rapid traction due to increasing infertility rates, evolving lifestyle patterns, delayed marriages, and greater awareness about fertility treatments.
- India’s IVF market was valued at approximately USD 1.32 billion in 2024 and is expected to grow at a CAGR of around 13.1% to reach about USD 4.54 billion by 2034, highlighting strong demand dynamics.
- Globally, the IVF market is also expanding, driven by technological advancements, rising maternal age, and improved healthcare access, with projections showing the broader IVF market could grow significantly through the next decade.
- The growth outlook is supported by an increase in specialised fertility centres, rising disposable incomes, and medical tourism, with cities like Delhi, Mumbai, Bangalore and others emerging as key IVF treatment hubs.
(Source: RHP)
Business Strengths
- Large and expanding infertility patient base driven by lifestyle changes, delayed marriages, and rising maternal age.
- Advanced reproductive technologies adoption improving success rates, clinical precision, and patient trust.
- Scalable hub-and-spoke model enabling capital-efficient expansion into Tier-II and Tier-III markets.
- Integrated fertility and women’s healthcare services enhancing patient retention and lifetime value.
- Supportive industry trends and improving policy environment boosting long-term growth potential.
(Source: RHP)
Financial Performance
Gaudium IVF & Women Health Ltd – Restated Consolidated Financials (₹ in crore)
| Particulars | Sep 30, 2025 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Assets | 106.62 | 88.51 | 51.01 | 36.63 |
| Revenue from Operations | 49.75 | 70.96 | 48.15 | 44.26 |
| EBITDA | 18.95 | 28.85 | 19.52 | 20.08 |
| Profit After Tax (PAT) | 12.51 | 19.13 | 10.32 | 13.53 |
| Net Worth | 58.85 | 46.30 | 26.99 | 22.73 |
| Total Borrowing | 22.51 | 18.93 | 15.73 | 9.78 |
Key Ratios & Metrics (Annualised)
| Metric | FY25 / Sep 2025 |
|---|---|
| EBITDA Margin (%) | 38.29% |
| PAT Margin (%) | 25.14% |
| Return on Equity (ROE) | 21.25% |
| Return on Capital Employed (RoCE) | 21.03% |
| Debt to Equity Ratio | 0.38 |
| Return on Net Worth (RoNW) | 21.34% |
(Financial data compiled as of Sep 30, 2025)
(Source: RHP)
Market Outlook & GMP Trends
As of February 17, 2026 at 02:01 PM IST, the latest Grey Market Premium (GMP) for Gaudium IVF IPO stands at ₹4. Considering the upper price band of ₹79 per share, the estimated listing price is around ₹83 (₹79 + ₹4). This indicates a potential listing gain of approximately 5.06% per share, translating into an estimated profit of about ₹756 per retail lot based on the current GMP.
In the grey market, the Retail Subject to Sauda (Sub2) rate is reported at ₹600, while the Small HNI Sub2 rate stands at ₹8,400. Over the last five trading sessions, grey market activity has shown a positive trend, with today’s movement indicating an upward bias. The recorded GMP range so far has been between ₹0 and ₹4, suggesting moderate but improving sentiment ahead of listing.
(Note: Grey market data is updated daily based on available market inputs. Grey market trends are unofficial and should not be considered a reliable indicator of listing performance.)
(Source: Chittorgarh)
IPO Details
| IPO Detail | Information |
|---|---|
| IPO Date | 20 to 24 Feb, 2026 |
| Allotment Date | 25 Feb, 2026 |
| Listing Date | 27 Feb, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹75 to ₹79 |
| Lot Size | 189 shares |
| Retail Minimum Investment | ₹14,931 |
| Retail Maximum Investment | ₹1,94,103 |
| Issue Size | ₹165 crore |
| Fresh Issue | Shares worth ₹90 crore |
| Offer For Sale (OFS) | Shares worth ₹75 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
(Source: RHP, Chittorgarh)
Conclusion
Gaudium IVF & Women Health IPO represents an opportunity to invest in a healthcare and fertility services provider positioned in a growing segment with increasing demand. The company benefits from pan-India presence, strong promoter expertise and a scalable hub-and-spoke model.
However, investors should consider risks such as dependence on skilled professionals and operational execution challenges, inherent in healthcare services, and the absence of directly comparable listed peers in the Indian market.
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