The initial public offering (IPO) of Gaudium IVF & Women Health, a Delhi-based fertility services provider, is scheduled to open for subscription on Friday, February 20. This marks the first-ever stock market debut by a fertility services company in India.
The anchor book for the IPO will open for a single day on February 18, while the public issue will remain open until February 24. The company is set to finalise the IPO allotment on February 25. Shares of Gaudium IVF & Women Health are expected to list on the BSE and NSE on February 27, as per the issue timeline. The company had refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in September 2025, which received regulatory approval in January 2026.
Gaudium IVF grey market premium (GMP) has not opened yet.
Gaudium IVF & Women Health IPO: 10 key takeaways from the RHP
Ahead of the IPO opening on Friday, here are the important details investors should know from the Red Herring Prospectus (RHP):
1. Gaudium IVF IPO size & structure
The IPO comprises a fresh issue of 1.13 crore equity shares, along with an offer-for-sale (OFS) of 94.93 lakh shares by promoter and founder Dr Manika Khanna.
2. Gaudium IVF IPO OFS details
Dr Manika Khanna currently holds 99.32% stake in the company. Post the IPO, her shareholding will decline to 70.73%.
3. Gaudium IVF IPO objectives
The proceeds from the IPO will be used to support the company’s expansion strategy, including setting up new IVF centres, investing in its wholly-owned subsidiary EKK Global Pvt Ltd, and launching FMCG products. A portion of the funds will also be allocated towards working capital requirements and general corporate purposes.
4. Gaudium IVF IPO financials
For the April–September period of the current financial year, Gaudium IVF reported a profit of ₹12.5 crore on revenue of ₹49.5 crore. In FY25, the company’s profit surged 85.4% to ₹19.1 crore, compared with ₹10.3 crore in the previous year. Revenue during the same period increased 47.7% to ₹70.7 crore, up from ₹47.9 crore.
5. About the company
Gaudium IVF and Women Health Limited was founded in 2009 by Dr Manika Khanna. The company is a leading fertility care provider in India, focused on helping individuals and couples achieve parenthood. Gaudium operates across over 30 locations, comprising 7 hubs and 28 spokes. It is known for strong success rates, particularly in complex fertility cases, and follows a patient-centric approach with personalised treatment plans. The clinics use advanced medical technologies, including the INTEGRA Ti system, to deliver high-quality fertility care.
6. Industry outlook
According to the RHP, demand for IVF services in India has increased significantly due to factors such as delayed marriages, higher maternal age, rising infertility rates, and greater awareness of fertility treatments. With success rates ranging between 50–60%, this growing demand has fuelled the expansion of the Indian fertility market. The IVF market size stood at around USD 779 million in CY23 and is expected to grow 15.5% in CY24 to reach USD 900 million. The market is projected to expand at a CAGR of 15.7% from CY23 to CY29, reaching approximately USD 1,874 million by CY29.
7. FMCG product launch plans
To leverage its existing network of patients, clinics, and doctors, Gaudium IVF plans to diversify into FMCG products, including mother-and-child wellness and nutraceutical offerings. These specialised products will focus on infant well-being, maternal health support, and nutraceutical supplements for managing diabetes. The FMCG business will be launched through its wholly-owned subsidiary, EKK Global Private Limited, which acts as a special purpose vehicle. Further details are available under “Objects of the Offer” on page 86 of the Draft Red Herring Prospectus.
8. Book running managers
Sarthi Capital Advisors Pvt Ltd is the book-running lead manager for the issue, while Bigshare Services Pvt Ltd is acting as the registrar.
9. Key dates
The Gaudium IVF IPO will open for subscription on February 20, 2026, and close on February 24, 2026. The allotment is expected to be finalised on February 25, 2026. Shares will be credited to the demat accounts of successful bidders on February 26, while refunds will be issued to non-allottees. The IPO is scheduled to list on the BSE and NSE on February 27, 2026.
10. IPO structure
Retail investors will be allocated 35% of the issue, Qualified Institutional Buyers (QIBs) will receive 50%, while High Net Worth Individuals (HNIs) will account for 15%. As part of the OFS, promoter Dr Manika Khanna will be divesting a portion of her stake.
