Gaudium IVF IPO opens with ₹165 crore issue and neutral GMP signal

The initial public offering of Gaudium IVF and Women Health Limited is set to open for subscription on February 20, 2026. The company operates in the fast-growing IVF and fertility treatment segment in India and is launching a Book Built Issue worth ₹165 crore.

The IPO will close on February 24, 2026, with allotment expected on February 25, 2026. The shares are scheduled to list on the NSE on or about February 27, 2026.

Despite the strong size of the issue and the expanding fertility treatment market in India, the Grey Market Premium (GMP) currently stands at ₹0, reflecting neutral investor sentiment ahead of listing.

This article provides a detailed look at the company’s operations, IPO structure, financials, valuation, industry outlook, risks and investment considerations.

About Gaudium IVF and Women Health Limited

Incorporated in 2015, Gaudium IVF and Women Health Limited operates in the specialised field of assisted reproductive technology. The company provides a wide range of fertility-related services including:

• In Vitro Fertilisation (IVF)

• Intrauterine Insemination (IUI)

• Intracytoplasmic Sperm Injection (ICSI)

• Egg freezing

• Laser-assisted embryo implantation

• Infertility surgeries

• Surrogacy-related fertility treatments

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

• 7 hubs

• 28 spokes

across multiple cities in India.

This model enables centralised medical expertise at hub centres while expanding patient reach through spoke clinics.

Financial Performance

For FY25, the company reported:

• Revenue from operations: ₹7,072.40 lakhs

  • Equivalent to ₹70.72 crore

The revenue reflects growing demand for fertility treatments in India, supported by changing lifestyles, delayed parenthood, rising infertility cases and improved awareness.

Investors should also assess:

• Profit margins

• EBITDA performance

• Debt levels

• Cash flow generation

• Centre-level profitability

Healthcare businesses often require high upfront investment in equipment and skilled medical professionals.

IPO Structure and Key Details

The Gaudium IVF IPO is structured as a Book Built Issue.

Issue Highlights

• Total Issue Size: ₹165.00 crore

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

• Offer for Sale (OFS): Remaining portion

• Price Band: ₹75 to ₹79 per share

• Market Capitalisation at ₹79: ₹575.02 crore

• Lot Size: 189 shares

• Exchange: NSE

Unlike SME IPOs, this issue has a relatively lower minimum investment for retail investors, making it more accessible.

Important Dates

• IPO Opens: February 20, 2026

• IPO Closes: February 24, 2026

• Allotment Finalisation: February 25, 2026

• Tentative Listing: February 27, 2026

Minimum Investment Requirement

• Retail Investors:

  • 1 lot (189 shares)

  • Minimum investment: ₹14,931

• High Net Worth Individuals (HNIs):

  • 14 lots (2,646 shares)

  • Minimum investment: ₹2,09,034

The relatively affordable retail lot size may encourage broader participation.

Grey Market Premium Analysis

The current Grey Market Premium is ₹0, suggesting neutral or cautious market sentiment.

This implies:

• No strong speculative demand

• Balanced demand and supply in unofficial markets

• Investors focusing on fundamentals

It is important to note:

• GMP is unofficial

• It is not regulated

• It can change before listing

• It does not guarantee listing gains

Industry Outlook: IVF and Fertility Treatment in India

India’s fertility treatment industry is growing steadily due to:

• Increasing infertility rates

• Urban lifestyle changes

• Delayed marriages and parenthood

• Rising awareness of assisted reproductive technologies

• Social acceptance of fertility treatments

IVF procedures are becoming more common in metro cities as well as Tier 2 locations.

The organised fertility clinic segment is expanding rapidly, with chains scaling operations through multi-centre models similar to Gaudium’s hub-and-spoke structure.

However, the sector also faces challenges:

• Regulatory oversight

• Ethical considerations

• High treatment costs

• Dependence on skilled medical professionals

• Competition from established fertility chains

Business Model Strength

The hub-and-spoke model helps optimise costs by:

• Centralising advanced procedures at hubs

• Expanding patient access through spokes

• Improving operational efficiency

This model can improve margins if patient volumes grow steadily.

However, expansion requires:

• Investment in infrastructure

• Skilled doctors and embryologists

• Marketing and patient acquisition costs

Valuation Perspective

At the upper price band of ₹79:

• Market capitalisation stands at ₹575.02 crore

• Revenue for FY25: ₹70.72 crore

This implies a relatively high Price-to-Sales ratio, reflecting growth expectations.

Healthcare companies often trade at premium valuations if:

• Growth is strong

• Margins are stable

• Brand presence is established

• Expansion potential is high

Investors must evaluate whether current valuation reflects realistic growth prospects.

Key Risks to Consider

1. Regulatory Risk

Fertility clinics operate under healthcare regulations which may evolve.

2. High Competition

Several established IVF chains operate in India.

3. Dependence on Specialists

Business success depends heavily on experienced doctors and embryologists.

4. Reputation Risk

Medical outcomes and patient satisfaction significantly impact brand value.

5. Expansion Execution Risk

Scaling clinics across India requires strong operational control.

Use of IPO Proceeds

Funds raised through fresh issue are likely to be used for:

• Expansion of clinic network

• Capital expenditure

• Working capital

• General corporate purposes

Expansion into new cities can increase revenue but requires disciplined execution.

Market Sentiment and Investor Outlook

The healthcare sector remains attractive for long-term investors due to structural demand growth.

However, IPO pricing, profitability metrics and expansion plans will determine investor response.

The neutral GMP indicates that the market is neither overly optimistic nor pessimistic at this stage.

Subscription data across categories will provide better clarity about demand.

Should Investors Apply?

The IPO may suit:

• Investors seeking exposure to healthcare growth

• Long-term investors comfortable with sector risks

• Those attracted by relatively affordable retail entry

It may not suit:

• Short-term listing gain seekers

• Conservative investors seeking low volatility

• Investors uncomfortable with healthcare regulatory risk

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