Gaudium IVF IPO: Fertility services provider Gaudium IVF and Women Health IPO subscription begins today, Friday, February 20 and ends on Tuesday, February 24, marking a significant milestone as the first company in the fertility care sector to enter the public markets. Gaudium IVF IPO price band is set at ₹75 to ₹79 per share, which values the company at ₹575 crore.
On Thursday, February 20, Gaudium IVF secured ₹49.5 crore from a group of distinguished anchor investors, including MERU Investment Fund PCC-CELL, Sanshi Fund I, Hornbill Orchid India Fund, and Carnelian India Multi Strategy Fund. A total of 62,65,860 shares have been allocated to these investors at ₹79 per share, confirming the transaction size.
Founded by Khanna, Gaudium IVF is firmly established as a leader in assisted reproductive technologies in India. The company utilizes an effective hub-and-spoke model, operating seven hubs and 28 spokes across multiple states, which enables it to reach and serve a vast patient base efficiently.
For the financial year ending March 31, 2025, the company achieved impressive results, reporting a revenue from operations of ₹70.72 crore and a robust Profit After Tax (PAT) of ₹19.13 crore. This represents a significant increase from FY24, which saw revenue of ₹47.89 crore and a PAT of ₹10.31 crore.
Tentatively, Gaudium IVF IPO basis of allotment of shares will be finalised on Wednesday, February 25 and the company will initiate refunds on the same day, while the shares will be credited to the demat account of allottees on Thursday, February 26. Gaudium IVF shares are likely to be listed on BSE and NSE on Friday, February 27.
Gaudium IVF & Women Health IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
Gaudium IVF IPO GMP today
Gaudium IVF & Women Health IPO GMP today or grey market premium is +8.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Gaudium IVF share price was indicated at ₹87.5 apiece, which is 10.76% higher than the IPO price of ₹79.
Today, the IPO GMP is trending upward based on the last eight sessions of grey market activities, which suggests a strong listing is expected. The lowest GMP is ₹0.00, and the highest is ₹15, according to experts. This positive trend shows increased investor interest and confidence in the IPO.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Gaudium IVF IPO issue details
The proposed offering includes a fresh issue of 1.14 crore equity shares and an offer for sale (OFS) of nearly 95 lakh equity shares by promoter Manika Khanna.
The funds from the fresh issue will be used to open 19 new IVF centers across India, with ₹50 crore allocated for this purpose. Additionally, ₹20 crore will go toward repaying certain borrowings to improve financial stability.
This allocation also includes essential general corporate purposes. Sarthi Capital Advisors will manage the issue as the sole book running lead manager, while Bigshare Services will act as the registrar.
Gaudium IVF IPO review
According to BP Equities, Gaudium’s technology-driven differentiation, integrated service offerings, and capital-efficient expansion model position it to decisively capture incremental market share while ensuring consistent quality.
Financially, the business model exhibits strong revenue visibility bolstered by IVF cycle volumes, high gross margins inherent to ART procedures, and a clear trend of improving EBITDA margins as centers mature and fixed costs are effectively absorbed with greater throughput, said the brokerage in its report.
Further, BP Equities added that the asset-light structure enhances calibrated capital expenditure intensity, delivers superior return ratios, and maintains controlled leverage, positioning the company for robust and sustainable cash flow generation as utilization scales. In summary, the improving financial performance, scalable infrastructure, and structural industry growth drivers collectively guarantee strong long-term growth visibility.
“The issue is valued at a P/E ratio of 25.3x on the upper price band based on FY25 earnings. we thus recommend a “SUBSCRIBE” rating for this issue,” said the brokerage.
According to Swastika Investmart, Gaudium IVF is unequivocally India’s first pure-play listed fertility services company, commanding a significant advantage in a fragmented IVF market. The company has delivered a remarkable turnaround, with profit after tax (PAT) soaring by 85% year-on-year to ₹18.3 crore in FY25. Its profitability is exceptionally strong, supported by approximately 40% EBITDA margins and impressive return on equity (ROE).
At the upper price band of ₹79, the valuation of about 28–30 times FY25 price-to-earnings (P/E) is notably premium. This stock is undoubtedly suitable for investors with a 2–3 year horizon, but it’s crucial to remain vigilant regarding the ₹31 crore tax dispute, which poses a significant risk.
Gaudium IVF IPO subscription status
Subscription for the public issue will open at 10:00 IST during Friday’s deals.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
