Gaudium IVF and Women Health Limited, incorporated in 2015, is entering the capital markets with a ₹165 crore Initial Public Offering (IPO). The company operates in the IVF and fertility treatment segment in India and has built a network-based model to deliver reproductive healthcare services.

The IPO will open for subscription on February 20, 2026, and close on February 24, 2026. The allotment is expected to be finalised on February 25, 2026, and the shares are likely to be listed on the NSE on or about February 27, 2026.

The healthcare sector, particularly fertility services, has seen rising demand in recent years due to changing lifestyles, delayed parenthood, and increased awareness about assisted reproductive technologies. Against this backdrop, the Gaudium IVF IPO has attracted interest from investors looking at healthcare growth stories.

This detailed report explains the IPO structure, business model, financial performance, valuation, risks, industry outlook, and what investors should consider before applying.

IPO Structure and Key Details

The Gaudium IVF IPO is a Book Built Issue aggregating to ₹165 crore. The issue consists of:

• Fresh Issue of 1.14 crore shares aggregating to ₹32.42 crore

• Offer for Sale (OFS) component by existing shareholders

The price band for the IPO is fixed at ₹75 to ₹79 per equity share. At the upper band of ₹79, the company’s market capitalisation is expected to be around ₹575.02 crore.

Important IPO Dates

• IPO Opening Date: February 20, 2026

• IPO Closing Date: February 24, 2026

• Allotment Date: February 25, 2026

• Listing Date: February 27, 2026

• Exchange: NSE

Lot Size and Investment Details

• Lot Size: 189 shares

• Retail Minimum Investment: ₹14,931 for 1 lot (189 shares)

• HNI Minimum Investment: ₹2,09,034 for 14 lots (2,646 shares)

The relatively affordable retail lot size may encourage participation from small investors.

About Gaudium IVF and Women Health Limited

Gaudium IVF and Women Health Limited operates in the assisted reproductive technology (ART) segment. The company provides a wide range of fertility and reproductive healthcare services, including:

• In Vitro Fertilisation (IVF)

• Intrauterine Insemination (IUI)

• Intracytoplasmic Sperm Injection (ICSI)

• Egg freezing services

• Laser-assisted embryo implantation

• Infertility-related surgical procedures

• Surrogacy-related fertility treatments

The company follows a hub-and-spoke model, operating:

• 7 hubs

• 28 spokes

This structure allows centralised medical expertise at hub centres while extending outreach through spoke clinics across multiple cities.

Business Model and Revenue

Gaudium IVF earns revenue from fertility consultations, treatment cycles, laboratory procedures, and related healthcare services.

For FY25, the company reported Revenue from Operations of ₹7,072.40 lakhs.

The fertility treatment business is typically driven by:

• Treatment cycles per patient

• Advanced reproductive procedures

• Diagnostic services

• Ancillary healthcare support

Revenue is influenced by patient inflow, treatment success rates, brand reputation, and geographic presence.

Industry Outlook

India’s fertility services market has grown steadily due to several factors:

• Increasing infertility rates

• Delayed marriages and parenthood

• Urban lifestyle changes

• Rising awareness about IVF treatments

• Improved medical technology

The Assisted Reproductive Technology industry is regulated but expanding. Increased affordability and medical financing options have also supported patient demand.

Healthcare is considered a defensive sector, and fertility treatment is often viewed as a necessity-based service.

However, competition is rising, with several organised and unorganised IVF chains operating across India.

Use of IPO Proceeds

The proceeds from the fresh issue component are expected to be utilised for:

• Expansion of clinic network

• Capital expenditure for medical equipment

• Working capital requirements

• General corporate purposes

The Offer for Sale portion allows certain existing shareholders to partially exit their holdings.

Grey Market Premium Analysis

The Grey Market Premium (GMP) for Gaudium IVF IPO is currently reported at ₹0.

This indicates neutral unofficial demand before listing. Investors must note:

• Grey market transactions are unregulated

• GMP does not guarantee listing performance

• Sentiment can change before listing

Investment decisions should be based on financials, growth potential, and valuation comfort rather than GMP alone.

Valuation and Financial Considerations

At the upper price band of ₹79, the company’s market capitalisation is estimated at ₹575.02 crore.

Investors should evaluate:

• Earnings per share

• Profit margins

• Cost structure

• Patient growth rate

• Clinic expansion plans

• Return on capital employed

• Debt levels

Healthcare companies often trade at premium valuations if they demonstrate strong growth and scalable operations.

Strengths of Gaudium IVF

The company has several strengths:

• Established presence in fertility treatment

• Hub-and-spoke expansion model

• Diversified fertility services portfolio

• Growing demand for assisted reproduction

• Brand positioning in urban healthcare markets

Its structured expansion strategy may help improve patient outreach and operational efficiency.

Risk Factors

Investors should also consider potential risks:

Regulatory Risk

Healthcare and ART treatments are subject to regulatory oversight.

Reputation Risk

Treatment success rates and patient satisfaction strongly influence brand value.

Competition

Several organised IVF chains and standalone clinics compete in this space.

Operational Risk

Medical procedures require specialised expertise and consistent quality standards.

Market Sentiment and Subscription Trends

With GMP currently at ₹0, early unofficial sentiment appears neutral. Subscription levels across retail, HNI, and institutional categories will provide clearer insight into market response.

Healthcare IPOs often attract interest due to sector resilience and long-term demand visibility.

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