Gaudium IVF & Women Health IPO: Check the GMP, Price Band, Peer Comparison and More

Synopsis: Gaudium IVF & Women Health Ltd has launched its IPO to raise ₹70 crore for expanding IVF centers, repaying loans, and corporate purposes. Operating a hub-and-spoke model, it offers advanced fertility and women’s healthcare across India and abroad.

Gaudium IVF & Women Health Ltd IPO has launched its Initial Public Offering (IPO), with the objective to set up and expand new IVF centers, to repay or prepay existing loans, and for corporate purposes. The issue is a combination of fresh issue of 1.14 crore shares and offer for sale of 0.95 crore shares. with a face value of Rs. 5 each.

Gaudium IVF & Women Health Ltd IPO with a book build issue of 2.09 crore shares opens for subscription on February 20, 2026, and closes on February 24, 2026, with the price band set at ₹75 to ₹79 per equity share and it will list on BSE and NSE, with a tentative listing date fixed as February 27, 2026. 

GMP of On Gaudium IVF & Women Health IPO

As of February 20, 2025, the shares of Gaudium IVF & Women Health Ltd in the grey market were trading at a 10.76 percent premium. The shares in the Grey Market traded at Rs. 87.5. This gives it a premium of Rs. 8.5 per share over the cap price of Rs. 79.00.

Overview of Gaudium IVF & Women Health

Gaudium IVF & Women Health Ltd. was incorporated in March 2015 and has been providing In Vitro Fertilization (IVF) and fertility treatments across India. The company operates through a hub-and-spoke model, with over thirty locations, including seven hubs and twenty-eight spoke centres, enabling widespread access to advanced fertility care.

Through strategic alliances with infertility experts, known as Spokes, Gaudium IVF aims to raise awareness about Assisted Reproductive Technology (ART) and IVF treatments. The organization serves patients not only from India but also internationally, including from Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman.

The company has established centres in major cities, including two in Delhi (Janakpuri and Kailash Colony) and one each in Mumbai (Khar West), Ludhiana, Srinagar, Patna, and Bangalore, ensuring coverage of key regions across India.

Gaudium IVF offers a full spectrum of specialized fertility services, such as IVF, Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), and ovulation induction. 

Their treatments address various infertility challenges for both men and women. In addition, the company provides comprehensive gynaecological care for conditions like PCOD/PCOS and endometriosis, as well as high-risk pregnancy management for women with complex fertility histories or health concerns. The facilities also cater to male infertility, offering advanced sperm retrieval techniques and other specialized treatments, ensuring holistic care for couples seeking parenthood.

Promoters of Gaudium IVF & Women Health

The promoters of Gaudium IVF & Women Health Ltd., Dr Manika Khanna, Dr Peeyush Khanna, and Vishad Khanna, bring extensive expertise in reproductive medicine, fertility treatments, healthcare management, and patient-focused care. Their visionary leadership and deep understanding of advanced assisted reproductive technologies, comprehensive gynecological care, and international patient services have been instrumental in establishing Gaudium IVF as a trusted and leading fertility and women’s health brand across India and abroad.

Offer For Sale

Dr. Manika Khanna, a promoter of Gaudium IVF & Women Health Ltd., is offering 94,93,700 equity shares for sale. The weighted average cost of acquisition of these shares on a fully diluted basis is Rs. 0.16 per share.

Lead Managers of Gaudium IVF & Women Health

Sarthi Capital Advisors Private Limited is acting as the Book Running Lead Manager. Bigshare Services Private Limited is the registrar managing investor applications and allotment.

Objectives of the IPO Offer

The company intends to utilize the net proceeds from the IPO primarily to fund its growth and strengthen its financial position. Approximately Rs. 50 crore will be allocated for capital expenditure to establish new IVF centers, while around Rs. 20 crore will be used for repayment or prepayment of certain outstanding loans. The remaining proceeds will be utilized for general corporate purposes, bringing the total to Rs. 70 crore.

Financial Analysis of Gaudium IVF & Women Health Ltd

IVF & Women Health Ltd. has demonstrated steady financial performance in recent years. The company’s total income grew from Rs. 44.26 crore in FY23 to Rs. 48.15 crore in FY24, reaching Rs. 70.96 crore in FY25, with Rs. 49.75 crore recorded for the quarter ended September 30, 2025.

Profit After Tax (PAT) showed fluctuations, decreasing from Rs. 13.53 crore in FY23 to Rs. 10.32 crore in FY24, and improved to Rs. 19.13 crore in FY25, and Rs. 12.51 crore as of September 30, 2025.

IVF & Women Health Vs Peers

Gaudium IVF and Women Health Limited shows a strong financial position with a PAT of Rs. 1,912.74 Lakhs and a RoNW of 41.71 percent, indicating efficient profitability and return on equity. However, its P/E ratio and closing price are not provided, which limits valuation insights.

Among the peer groups, Progyny Inc. leads with a significantly higher PAT of Rs. 46,524.22 Lakhs and a strong RoNW of 12.90 percent, along with a high P/E ratio of 41.56 and a closing price of Rs. 2,099.48, suggesting strong market confidence. Inspire IVF Public Company Limited has the lowest PAT (Rs. 551.07 Lakhs) and RoNW (3.97%), with a modest P/E ratio of 11.43 and a closing price of Rs. 1.99, indicating relatively lower market valuation and profitability.

IVF & Women Health Strengths and Weaknesses

Strengths

• Patient-Centric Approach: Focused on personalized care to ensure the best outcomes and patient experience.
• Expert Team: Comprises experienced doctors and healthcare professionals for high-quality treatments.
• Next-Gen INTEGRA Ti Labs for ICSI: Equipped with advanced laboratories for precise and efficient intracytoplasmic sperm injection procedures.
• Highly Technical USG-Guided Services: Uses state-of-the-art ultrasound guidance for accurate fertility procedures and monitoring.
• Strategically Located Central Hubs: Operating in prime urban locations like Mumbai, Bangalore, Delhi NCR, and Patna to ensure accessibility and reach.
• Asset-Light Business Model: Minimizes capital expenditure by leveraging technology and scalable infrastructure, enhancing operational efficiency.

Weakness

• Contingent Liabilities: As of September 30, 2025, the Company has contingent liabilities of ₹4,499.34 lakhs (including interest) against a net worth of Rs. 5,885.47 lakhs. These liabilities have not been provided for in the financial statements and, if realized, may adversely affect the Company’s financial condition.
• Business and Operational Risks: The Company provides healthcare services, primarily fertility treatments such as IVF, IUI, ICSI, egg freezing, and embryo implantation. Its operations are exposed to operational, medical, reputational, and legal risks. Failure to deliver quality healthcare may negatively impact reputation, business prospects, and financial performance.
• Human Resource Dependence: The Company relies heavily on doctors, nurses, and other healthcare professionals. High attrition rates—31% (Sept 2025), 63% (Fiscal 2025), 51% (Fiscal 2024), and 51% (Fiscal 2023)—could affect operations. Professional and consultation fees paid to doctors accounted for 6.08%, 8.28%, 12.23%, and 13.78% of total expenses over the same periods.
• Key Personnel Risk: The business is dependent on a limited number of embryologists. Loss or inability to retain such personnel could adversely affect operations, financial condition, and results.
• Related Party Transactions: The Company engages in related party transactions, which may involve potential conflicts of interest.

Conclusion

Gaudium IVF & Women Health Ltd one of the leading fertility and women’s healthcare providers in India, operating a hub-and-spoke model with advanced IVF and specialized gynecological services. The IPO offers investors an opportunity to participate in a fast-growing, patient-centric healthcare brand with international reach and strong profitability. However, potential investors should consider risks such as contingent liabilities, dependence on key medical personnel, operational and reputational risks, and high staff attrition before investing.

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