Gaudium IVF and Women Health IPO
Founded by Dr Manika Khanna back in 2009, Gaudium IVF and Women Health Limited has carved out a solid reputation as a standout player in the assisted reproduction scene in India. Unlike your average hospital, Gaudium has a distinct IVF-only focus , with the majority of its income coming from fertility treatments like IVF - In Vitro fertilisation, IUI - Intrauterine Insemination, and egg freezing.
Its Unique "Hub-and-Spoke" Approach
Gaudium takes a smart approach in how it operates - employing a scalable hub-and-spoke model . Essentially this means setting up a main central hub with top-notch embryology labs and high-end technology, which is supported by a series of smaller ' spoke ' clinics that take care of consultations and basic treatments.
- Expansion Plans: They currently have more than 30 centres already set up across North and East India
- Success Record: The centre manages a clinical pregnancy success rate of about 58% - a figure that really sets them apart from the rest in the often-trust-driven healthcare sector.
Gaudium IVF IPO Details:
IPO Open Date February 20, 2026
IPO Close Date February 24, 2026
Listing Date (Tentative) February 27, 2026
Face Value Rs 5 per share
Price Band Rs 75 to Rs 79 per share
Lot Size 189 Shares
Total Issue Size Rs 165 Crores
Fresh Issue Rs 90 Crores
Offer For Sale (OFS) Rs 75 Crores
Listing Exchanges BSE, NSE
Registrar Bigshare Services Pvt. Lt
Financial Details of Gaudium IVF and Women Health IPO
- Financial Year Revenue Net Profit (PAT) EBITDA Margin
- FY 2023 ₹44.23 Cr ₹13.53 Cr 45.3%
- FY 2024 ₹47.89 Cr ₹10.32 Cr 40.2%
- FY 2025 ₹70.72 Cr ₹19.13 Cr 40.5%
Bump in Revenue: The jump in revenue from FY24 to FY25 is a clear sign that the expansion efforts are paying off - and more people are coming through the doors than ever before.
Impressive Margins: It's worth noting that their EBITDA margin has stayed above 40% consistently - a pretty impressive feat. The fact that IVF businesses tend to do better than general hospitals in this regard, thanks to non-emergency treatments, doesn't hurt either.
Getting Out of Debt: The company is planning to put 20 crores from the IPO straight into debt repayment. That will help them boost their net profit margins once they go public.
GMP and Subscription Performance
The Grey Market Premium (GMP) gives us a sneaky peek at how the new stock might do on its listing day.
The latest on GMP
- GMP value at the moment: 8 to 9 rupees per share
- Where the listing price is likely to land: between 79 to 89 rupees
- Potential listing gain: 10 to 12 percent
- Keep in mind, GMP can jump all over the place in a single hour, influenced by market mood and how many people are chipping in for shares.
Where things stand with Subscription Status
- The IPO was a bit slow to get going on day 1, but so far it looks like people are getting serious about it on day.
- Retail investors: those little guys who play the market in small numbers have been bidding at a level of about 3.01 times over.4 - that's a pretty high level of interest.
- Non-institutional investors (NII): not as crazy about it, they've only chipped in at a level of about 2.87 times.
- Qualified Institutional Buyers (QIB): this lot usually saves its bids for the last day (that's tomorrow, Feb 24th).
- Overall subscription numbers: so far its a 2.12 times subscription number.
Gaudium IVF and Women Health IPO Lot Size
- Application Lots Shares Amount
- Retail 1 189 Rs 14,931
- Retail-Max 13 2,457 Rs 1,94,103
- SHNI-Min 14 2,646 Rs 2,09,034
- SHNI-Max 66 12,474 Rs 9,85,446
- BHNI-Min 67 12,663 Rs 10,00,377
Should We Invest In Gaudium IVF and Women Health IPO
- A First Mover Advantage: Being the first pure-play IVF company in India to list on the stock market gives it a certain cache that investors are willing to pay a premium for. And right now, investors who want to get in on the fertility market have no other option but Gaudium IVF
- An Asset-Light Model: Unlike traditional hospitals, Gaudium IVF's hub-and-spoke model means they can expand into new cities without breaking the bank - no huge capital outlays needed to set up new facilities.
- The Manika Khanna Effect: In medicine, the personal reputation of the people behind the treatment makes all the difference. And Dr. Khanna - the founder - is a household name in the world of infertility treatment.
- Its People Problem: Gaudium IVF relies heavily on skilled doctors and embryologists. If they lose their best people, it can have a quick and nasty impact on the bottom line.
- Regulatory Landmines: The rules and regulations imposed by the Indian Government on assisted reproductive technology (ART) are strict and don't change often - but when they do, its got the potential to knock Gaudium IVF for six.
- Does it really seem like a Good Value at 25-28 times earnings? - that's roughly the price to earnings ratio of Gaudium IVF (based on what analysts expect them to earn next year). Its not cheap - but top quality healthcare stocks rarely are.
Last Opinion
- Listing Day Cushion: That 10-12% GMP is no guarantee of a wild listing day, but we're still looking at a decent safety net. Not a stock that's going to make your head spin, but a reasonable profit nonetheless.
- Long-term Prospects: And then there's the bigger picture - the Indian IVF market is looking like a rocket ship to the stars, growing 16%+ year on year for the next five years thanks to more and more people delaying parenthood. Gaudium is definitely well-placed to capitalise on this growth opportunity.