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Gaudium IVF & Women Health IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Gaudium IVF and Women Health Limited, incorporated in 2015, operates in the IVF and fertility treatment segment in India . The company provides services such as IVF, IUI, ICSI, egg freezing, laser-assisted embryo implantation, infertility surgeries and surrogacy-related fertility treatments . It follows a hub-and-spoke model with 7 hubs and 28 spokes across India . Revenue from operations was ₹7,072.40 lakhs in FY25 .
Gaudium IVF an Book Built Issue, amounting to ₹
165.00 Crore,consisting an fresh issue of
1.14 crore shares aggregating to ₹
32.42 crores and offer for sale of
90.00 crore shares aggregating to ₹
0.95 crores.The subscription period for the Gaudium IVF IPO opens on February 20, 2026, and closes on February 24, 2026. The allotment is expected to be finalized on or about 25 February 2026, Wednesday, and the shares will be listed on the NSE with a tentative listing date set on or about Friday, February 27, 2026.
The Share Price Band of Gaudium IVF IPO is set at ₹75 to ₹79 per share per equity share. The Market Capitalisation of the Gaudium IVF at IPO price of ₹79 per equity share will be ₹575.02 Cr. The lot size of the IPO is 189 shares. Retail investors are required to invest a minimum of ₹
14,931, 1 lots (
189 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
14 lots (
2,646 shares), amounting to ₹
209,034.
Sarthi Capital Advisors Private Limited, are the book running lead manager of the Gaudium IVF Ltd. while Bigshare Services Private Limited is the registrar for the issue.
Gaudium IVF India Limited IPO GMP Today
The Grey Market Premium of Gaudium IVF IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Gaudium IVF Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 24 February 2026, the Gaudium IVF IPO live subscription status shows that the IPO subscribed 7.27 times on its Final Day of subscription period. Check the Gaudium IVF IPO Live Subscription Status Today at BSE.
Gaudium IVF Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Gaudium IVF IPO allotment date is 25 February 2026, Wednesday, Gaudium IVF IPO Allotment will be out on 25 February 2026, Wednesday, and will be live on Registrar Website from the allotment date.
Bigshare Services Private Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Gaudium IVF IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Gaudium IVF Limited IPO
Gaudium IVF to utilise the Net Proceeds towards the following objects:
1. ₹5,000.00 Lakh is required for Funding capital expenditure towards establishment of New IVF Centers of our Company
2. ₹2,000.00 Lakh is required for Repayment/pre-payment, in full or in part, of certain outstanding loans availed by our Company; and
3. General Corporate Purposes.
Refer to Gaudium IVF Limited RHP for more details about the Company.
Gaudium IVF & Women Health Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| February 17, 2026 | ₹ 79 | ₹ 79 | ₹0(0.0%) | 17 February 2026; 03:41 PM |
Gaudium IVF & Women Health IPO Details
| Market Capitalization | ₹575.02 Cr |
| IPO Date | February 20, 2026 to February 24, 2026 |
| Listing Date | February 27, 2026 |
| Face Value | ₹5 Per Share |
| Price Band | ₹75 to ₹79 per share |
| Issue Price | ₹79 per share |
| Employee Discount | NA |
| Lot Size | 189 Equity Shares |
| Total Issue Size | 2,08,86,200 Equity Shares (aggregating to ₹165.00 Cr) |
| Fresh Issue | 1,13,92,500 Equity Shares (aggregating to ₹90.00 Cr) |
| Offer for Sale | 94,93,700 Equity Shares (aggregating to ₹75.00 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 6,13,94,384 |
| Share holding post issue | 7,27,86,884 |
| Rating | Avoid |
Gaudium IVF & Women Health IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Gaudium IVF & Women Health IPO Timeline (Tentative Schedule)
| IPO Open Date | Fri, Feb 20, 2026 |
| IPO Close Date | Tue, Feb 24, 2026 |
| Basis of Allotment | Wed, Feb 25, 2026 |
| Initiation of Refunds | Wed, Feb 25, 2026 |
| Credit of Shares to Demat | Thu, Feb 26, 2026 |
| Listing Date | Fri, Feb 27, 2026 |
| Cut-off time for UPI mandate confirmation | Wed, Feb 25, 2026 |
Gaudium IVF & Women Health IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 10,443,100 | - |
| Non-Institutional Investor Portion | 3,132,930 | - |
| Retail Shares Offered | 7,310,170 | - |
Gaudium IVF & Women Health IPO Promoter Holding
| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue | 84.34% |
Gaudium IVF & Women Health IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 189 | ₹14,931 |
| Retail (Max) | 13 | 2,457 | ₹194,103 |
| S-HNI (Min) | 14 | 2,646 | ₹209,034 |
| S-HNI (Max) | 66 | 12,474 | ₹985,446 |
| B-HNI (Min) | 67 | 12,663 | ₹1,000,377 |
Gaudium IVF & Women Health IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 41,77,240 | 67,85,478 | 1.62x | 25 February 2026; 09:22 AM |
| Non Institutional Investors(NIIS) | 31,32,930 | 4,40,22,069 | 14.05x | 25 February 2026; 09:22 AM |
| Retail Individual Investors (RIIs) | 73,10,170 | 5,55,42,942 | 7.60x | 25 February 2026; 09:22 AM |
| Total | 1,46,20,340 | 10,63,50,489 | 7.27x | 25 February 2026; 09:23 AM |
About Gaudium IVF & Women Health Limited
Gaudium IVF and Women Health Limited, incorporated in 2015, operates in the IVF and fertility treatment segment in India . The company provides services such as IVF, IUI, ICSI, egg freezing, laser-assisted embryo implantation, infertility surgeries and surrogacy-related fertility treatments . It follows a hub-and-spoke model with 7 hubs and 28 spokes across India . Revenue from operations was ₹7,072.40 lakhs in FY25 .
Key Clients & Major Facilities
The company serves fertility patients across India through 30+ locations . Its main hubs are located in Delhi (Janakpuri & Kailash Colony), Mumbai, Ludhiana, Srinagar, Patna and Bangalore . The Janakpuri center includes a 15-bed hospital facility for mother and child care . The company also operates an in-house pharmacy through its wholly owned subsidiary, Gaudium International Private Limited .
Product Portfolio, Lifecycle Impact & Execution
The company offers a full fertility treatment cycle — consultation, ovarian stimulation, IVF/ICSI, embryo development, transfer and follow-up . Advanced services include laser-assisted implantation and genetic testing . Its services span Level-1 and Level-2 ART clinics . The hub-and-spoke model ensures patient flow and optimized resource use. No time or cost overruns have been reported .
Mergers, Acquisitions & Expansion Plans
The company acquired Gaudium IVF & Gynae Solutions in 2021 through preferential allotment of 9,40,232 shares . In 2023, it acquired Gaudium Bawa IVF and 100% shares of Gaudium International Private Limited . It has expanded into Mumbai, Bangalore and Srinagar in recent years . The IPO proceeds will be used to repay HDFC Bank term loans of ₹750 lakhs and ₹1,700 lakhs .
Employees & Banker
As at September 30, 2025, the company had 122, full time employees. The Banker to the Company is HDFC Bank Limited.
Management & Growth Vision
The company is led by Dr. Manika Khanna, Chairperson & Managing Director . She has international exposure and advanced training in gynecological endoscopic surgery .
Management’s growth strategy includes:
- Expansion of hubs in major cities.
- Strengthening spoke alliances (currently 28 spokes) .
- Leveraging international collaboration (London agreement dated May 01, 2024) .
- Using IPO proceeds to reduce debt burden and strengthen balance sheet .
Funds for expansion are expected through internal accruals, IPO proceeds and promoter support. The promoter has undertaken to infuse unsecured debt/equity if required .
Industry Overview
The company operates in the IVF and Fertility Services Industry.
Global Industry Size
- USD 27.49 billion in 2024
- Expected to reach USD 54.60 billion by 2034
- CAGR: 7.10%
Indian Industry Size
- USD 1.32 billion in 2024
- Expected to reach USD 4.54 billion by 2034
- CAGR: 13.13%
India’s share in the global IVF market is projected to rise from 4.8% in 2024 to 8.3% by 2034 .
Growth Drivers:
- Rising infertility rates
- Delayed marriages and lifestyle changes
- Advanced ART technologies
- Regulatory support via ART and Surrogacy Acts
India is one of the fastest-growing IVF markets globally.
Major Risk Factors
- Medical & Legal Risks
Healthcare services carry risks of medical negligence claims. Complaints and regulatory actions may affect brand and finances . - Regulatory Compliance Risk
The company operates under multiple healthcare and statutory approvals. Delay or cancellation of licenses may impact operations . - Promoter Tax Litigation Risk
Income tax demands of ₹72.69 lakhs (plus interest ₹10.54 lakhs) are pending against the promoter . - Employee Attrition Risk
Attrition rates were 31% (Sep 2025), 63% (FY25), 51% (FY24 & FY23) . High attrition may affect service quality. - Doctor Dependency Risk
Professional and consultation fees form 6.08% to 13.78% of total expenses . Loss of key doctors may impact business. - Reputation Risk
Any malpractice, treatment failure, or regulatory action may impact patient inflow and brand trust .
Key Strengths & Opportunities
- Hub-and-Spoke Model
7 hubs and 28 spokes provide strong network presence and asset-light expansion . - PAN India Presence
30+ locations across major states including Delhi, Maharashtra, Punjab, Karnataka and J&K . - Integrated Services
Offers IVF, IUI, ICSI, genetic testing, surgeries and pharmacy under one umbrella . - Strong Revenue Growth
Revenue from operations increased from ₹4,423.69 lakhs (FY23) to ₹7,072.40 lakhs (FY25) . - International Collaboration
London collaboration agreement signed on May 01, 2024 for patient guidance . - Favourable Industry Growth
Indian IVF market expected to grow at 13.13% CAGR till 2034 , providing strong tailwinds.
Gaudium IVF & Women Health Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 2,815.75 | 1,560.02 | 2,599.60 | 2,173.94 |
| Total Assets | 10,661.85 | 8,851.27 | 5,100.67 | 3,662.70 |
| Total Borrowings | 2,251.37 | 1,893.44 | 1,572.52 | 978.12 |
| Fixed Assets | 679.75 | 640.90 | 579.09 | 379.08 |
| Cash | 661.87 | 721.50 | 1,185.50 | 1,505.71 |
| Cash flow from operating activities | 235.56 | 871.76 | 344.06 | 2,385.34 |
| Cash flows from investing activities | -544.12 | -1,517.42 | -540.16 | -1,562.68 |
| Cash flow from financing activities | 248.92 | 181.66 | -124.11 | 525.45 |
| Net Borrowing | 1,589.50 | 1,171.94 | 387.02 | -527.59 |
| Revenue | 4,974.97 | 7,095.84 | 4,815.31 | 4,426.02 |
| EBITDA | 1,895.23 | 2,862.59 | 1,927.47 | 2,006.55 |
| PAT | 1,250.56 | 1,912.74 | 1,031.69 | 1,352.54 |
| PAT Margin | 25.14% | 26.96% | 21.43% | 30.56% |
| EPS | 2.04 | 3.12 | 1.68 | 2.2 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 3.12 |
| EPS Post IPO (Rs.) | 2.63 |
| Adjusted 12M EPS Post IPO (Rs.) | 3.44 |
| P/E Pre IPO | 25.32 |
| P/E Post IPO | 30.06 |
| Adjusted 12M P/E Post IPO | 22.99 |
| ROE | 41.31% |
| ROCE | 39.37% |
| P/BV | 10.48 |
| Debt/Equity | 0.41 |
| RoNW | 41.71% |
| EBITDA Margin | 40.48% |
| PAT Margin | 26.96% |
Gaudium IVF & Women Health Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Gaudium IVF & Women Health | 2.63 | 30.06 | 41.31% | 39.37% | 10.48 | 0.41 | 41.71% |
| Progyny Inc. | 50.52 | 41.56 | - | - | 5.33 | - | 12.90% |
| Inspire IVF Public Company | 0.17 | 11.43 | - | - | 0.25 | - | 3.97% |
Gaudium IVF & Women Health Limited Contact Details
Gaudium IVF Limited
Phone: 011- 4885 8585
Email: compliance@gaudiumivfcentre.com
Website: http://www.gaudiumivfcentre.com/
Gaudium IVF & Women Health IPO Registrar and Lead Manager(s)
Bigshare Services Private Limited
Phone: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com/
Sarthi Capital Advisors Private Limited
Phone: : +91 22 2652 8671/ 72
Email: ipo@sarthiwm.in
Website: http://www.sarthi.in/
Gaudium IVF & Women Health IPO Review
Gaudium IVF and Women Health Limited, incorporated in 2015, operates in the IVF and fertility treatment segment in India . The company provides services such as IVF, IUI, ICSI, egg freezing, laser-assisted embryo implantation, infertility surgeries and surrogacy-related fertility treatments . It follows a hub-and-spoke model with 7 hubs and 28 spokes across India . Revenue from operations was ₹7,072.40 lakhs in FY25 .
The Company is led by Promoter, i.e.,DR. MANIKA KHANNA, DR. PEEYUSH KHANNA AND VISHAD KHANNA
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,974.97 Lakh, ₹ 7,095.84 Lakh, ₹ 4,815.31 Lakh, and ₹ 4,426.02 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,895.23 Lakh, ₹ 2,862.59 Lakh, ₹ 1,927.47 Lakh, and ₹ 2,006.55 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,250.56 Lakh, ₹ 1,912.74 Lakh, ₹ 1,031.69 Lakh, and ₹ 1,352.54 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 3.12 and post-issue EPS of ₹ 2.63 for FY25. The pre-issue P/E ratio is 25.32x,while the post-issue P/E ratio is 30.06x against the Industry P/E ratio is 26.49x The company's ROE for FY25 is 41.31% and RoNW is 41.71%The Annualised EPS is ₹ 3.44x and P/E is ₹ 22.99x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Gaudium IVF showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Gaudium IVF Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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