Updated on 19.02.2026|14:04 PM
Gaudium IVF and Women Health Limited has announced its Initial Public Offering (IPO). It is a Delhi-based provider of Assisted Reproductive Technology (ART) services.
The subscription will open on February 20, 2026, and close on February 24, 2026, with a price band of ₹75 to ₹79 per share. You can track all the upcoming and live IPOs of 2026 at our IPO hub page which is updated regularly.
The company operates a hub-and-spoke model with over 30 clinics across North and West India.
The IPO comprises a fresh issue of 1.13 crore shares and an offer-for-sale of 94.93 lakh shares by the promoter, aiming to raise approximately ₹165 Crores. Proceeds from the fresh issue are earmarked for establishing 19 new IVF centers (₹50 Crores) and repayment of certain borrowings (₹20 Crores)
In this article, you will find Gaudium IVF IPO GMP today, price band, and a detailed review. For subscription status, check our IPO subscription status hub page, and for the allotment status, check our regularly updated allotment status hub page page.
Brief of Gaudium IVF IPO Details:
- Price Band: ₹75 – ₹79 per equity share
- IPO Open / Close Dates: February 20, 2026 – February 24, 2026
- Lot Size: 189 Shares (Minimum Investment: ₹14,931)
- Issue Size: 2,08,86,200 Equity Shares / ~₹165.00 Crores
- Fresh Issue: 1,13,92,500 Shares (₹90 Cr)
- Offer for Sale (OFS): 94,93,700 Shares (₹75 Cr)
- Registrar: Bigshare Services Private Limited
- Listing Exchange: NSE, BSE
The investors who want to know about allotment, credit of share and refund related issues can check our detailed guide on Bigshare IPO allotment status which has all the required details.
What Is The Gaudium IVF IPO GMP Today?
You can check the GMP of this and other issues at our GMP Hub page.
Note: The Grey Market Premium (GMP) is an unofficial market indicator reflecting sentiment and demand. Investors should not rely solely on GMP for investment decisions.
What Are The Important Gaudium IVF IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, February 20, 2026
- IPO Close Date: Tuesday, February 24, 2026
- Basis of Allotment Date: Wednesday, February 25, 2026
- Refund Initiation Date: Thursday, February 26, 2026
- Credit of Shares: Thursday, February 26, 2026
- Listing Date: Friday, February 27, 2026
What Are The Objectives of Gaudium IVF IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Expansion: A major allocation of ₹50.00 Crores is for setting up 19 new IVF centers, expanding their footprint into Tier-2 cities like Lucknow and Varanasi.
- Debt Repayment: ₹20.00 Crores will be used to repay outstanding borrowings, improving the company's leverage position.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
How is The Financial Performance of Gaudium IVF?
The following table summarizes the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 49.75 | 70.96 | 48.15 | 44.26 |
Profit After Tax (PAT) | 12.51 | 19.13 | 10.32 | 13.53 |
EBITDA | 18.95 | 28.63 | 19.27 | 20.07 |
Total Borrowing | 22.51 | 18.93 | 15.73 | 9.78 |
Assets | 106.62 | 88.51 | 51.01 | 36.63 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹70.96 Crores in FY25, marking a significant jump of over 47% compared to FY24. This growth trajectory continued in the first half of FY26 with ₹49.75 Crores, driven by increased patient volumes and the scaling up of its pharmacy distribution arm.
Profit After Tax (PAT):
Profitability has been robust, with PAT reaching ₹19.13 Crores in FY25, recovering from a dip in the previous year. The net margins remain healthy at over 25% in the recent period, reflecting the high-value nature of IVF procedures despite rising employee costs.
EBITDA:
The company posted an EBITDA of ₹28.63 Crores in FY25. While absolute numbers have grown, margins have slightly compressed to around 38-40% due to the integration of lower-margin pharmacy businesses and higher attrition-related expenses.
Total Borrowing:
Debt levels have risen to ₹22.51 Crores as of September 2025 to fund working capital for patient credit schemes. The IPO proceeds allocated for repayment (₹20 Cr) will be crucial in deleveraging the balance sheet.
Assets:
The asset base has expanded rapidly to ₹106.62 Crores by September 2025. This increase is driven by capital expenditure on new centres and the capitalisation of proprietary treatment protocols, signalling aggressive future growth plans.
What are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.12, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 25.32x at the upper end of the price band (₹79).
P/E Ratio = ₹79(Price) / ₹3.12(Earnings Per Share)
P/E Ratio ≈ 25.32x
Peer Comparison:
According to the Red Herring Prospectus (RHP), there are no listed companies in India that are comparable to Gaudium IVF and Women Health Limited in terms of the specific business model (Assisted Reproductive Technology services).
Therefore, a direct domestic peer comparison is not available. The RHP lists international players for reference, though they operate in different geographics and economic environments.
| Company | P/E Ratio | RoNW (%) |
Gaudium IVF | 25.32 | 41.71 |
| Progyny Inc. (USA) | 41.56 | 12.90 |
| Inspire IVF (Thailand) | 11.43 | 3.97 |
Analysis:
Gaudium IVF is entering the Indian primary market at a P/E multiple of approximately 25.32x based on an EPS of ₹3.12. In the absence of direct domestic listed peers, investors must evaluate this valuation against the company's internal financial metrics and broader healthcare industry standards.
The company reports a Return on Net Worth (RoNW) of 41.71%, which indicates a high efficiency in generating profits from shareholder capital.
What is the Industry Outlook of Gaudium IVF and Women Health Limited ?
Growth Potential:
The Indian IVF market is projected to grow at a CAGR of over 13% to reach $4.54 billion by 2034. Factors such as delayed parenthood, lifestyle changes, and increasing awareness of fertility treatments are major tailwinds.
Market Trends:
The sector is seeing a shift towards organized chains and comprehensive care models. Gaudium's integrated approach, combining clinics with pharmacy and proprietary technology, aligns well with this trend.
What Are The Strengths and Risks of Gaudium IVF IPO?
Strengths:
- High Profitability: With PAT margins consistently above 20% and RoNW exceeding 40%, the financial health is strong.
- Expansion Model: The "Hub and Spoke" model is capital efficient, allowing for scalable growth into new geographies.
- Proprietary Tech: Investment in genomic sequencing protocols (GAAT) offers a clinical differentiator.
Risks:
- Contingent Liabilities: Significant tax demands (~₹45 Cr) pose a financial risk relative to the company's net worth.
- High Attrition: An attrition rate of over 60% in FY25 is a red flag for a service-oriented business relying on skilled medical staff.
- Promoter Dependence: The brand is heavily reliant on the reputation of its founder, Dr. Manika Khanna.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Valuation: Investors should assess the valuation in the context of high growth and high margins but lack of domestic peers.
- Risk Profile: The regulatory risks (ART laws) and tax liabilities are significant factors to weigh against the growth potential.
- Use of Funds: The clear allocation for capex signals confidence in future demand.
Key Takeaways
- IPO Price: ₹79 per share (Upper Band).
- Min Investment: ₹14,931 (189 Shares).
- Allotment: February 25, 2026
- Listing: NSE & BSE on February 27, 2026.
FAQs on Gaudium IVF IPO
What is Gaudium IVF IPO GMP today?
The GMP is a dynamic market sentiment indicator. Check our hub page on GMP Today.
What is Gaudium IVF IPO price band?
The price band is fixed at ₹75 to ₹79 per equity share.
What is Gaudium IVF IPO allotment date?
The allotment status is expected to be finalized on Wednesday, February 25, 2026.
How to check Gaudium IVF IPO allotment status?
Investors can check the status on the website of Bigshare Services Private Limited or via the NSE/BSE IPO allotment portals.
What is Gaudium IVF IPO listing date?
The shares are tentatively scheduled to list on Friday, February 27, 2026.
Investment Perspective on Gaudium IVF IPO
Gaudium IVF presents a high-growth opportunity in a niche healthcare segment with impressive financial ratios. However, the operational risks related to staff attrition and contingent liabilities require careful consideration by potential investors.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
