Gaudium IVF IPO Closes Tomorrow: Expansion-Focused IVF Chain Taps Market with ₹165 Crore Offer

The Gaudium IVF IPO is a book-built issue aggregating to ₹165 crore. The offering comprises a fresh issue of 1,13,92,500 equity shares worth ₹90 crore and an offer for sale (OFS) of 94,93,700 equity shares amounting to ₹75 crore. The IPO opened for subscription on February 20, 2026, and will close on February 24, 2026. The allotment is expected to be finalised on February 25, 2026, with listing scheduled on the BSE and NSE on February 27, 2026.

The price band has been fixed at ₹75 to ₹79 per share, with a face value of ₹5 per share. At the upper price band, the company commands a pre-IPO market capitalisation of ₹575.02 crore.

Gaudium IVF IPO Day-wise Subscription Details

Gaudium IVF IPO Subscription Status Today - Feb 23, 2026

Issue Structure and Investment Details

The total issue size stands at 2,08,86,200 shares. Post-issue, the shareholding will increase from 6,13,94,384 shares to 7,27,86,884 shares. The IPO follows a book-building process and will be listed on both BSE and NSE.

Investors can apply for a minimum lot size of 189 shares. At the upper price band of ₹79, the minimum retail investment required is ₹14,931. Retail investors can apply for a maximum of 13 lots (2,457 shares), amounting to ₹1,94,103.

For sNII (small non-institutional investors), the minimum application is 14 lots comprising 2,646 shares worth ₹2,09,034, while the maximum is 66 lots (12,474 shares) amounting to ₹9,85,446. For bNII (big non-institutional investors), the minimum investment is 67 lots or 12,663 shares, translating to ₹10,00,377.

Reservation and Allocation Details

Anchor Investment

The company raised ₹49.50 crore from anchor investors on February 19, 2026. A total of 62,65,860 shares were allotted under the anchor portion. The lock-in period for 50% of the anchor shares ends on March 27, 2026 (30 days), while the remaining 50% will be locked in until May 26, 2026 (90 days).

Company Overview

Gaudium IVF and Women Health Limited was incorporated in March 2015 and operates in the Assisted Reproductive Technology (ART) segment, primarily offering In Vitro Fertilisation (IVF) services across India. The company follows a hub-and-spoke model and operates more than thirty locations, including seven hubs and twenty-eight spokes.

It has entered into a strategic alliance with Infertility Experts (Spokes) to increase awareness and outreach for ART and IVF treatments. The company caters not only to domestic patients but also to international patients from Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman.

The company operates two centres in Delhi (Janakpuri and Kailash Colony) and one centre each in Mumbai (Khar West), Ludhiana, Srinagar, Patna, and Bangalore. Its service portfolio includes IVF, Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, PCOD/PCOS management, endometriosis treatment, high-risk pregnancy management, and advanced male infertility treatments, including sperm retrieval techniques.

Financial Performance

Key Performance Indicators

As of September 30, 2025, Return on Equity (ROE) was 21.25% compared to 41.31% in FY25. Return on Capital Employed (ROCE) stood at 21.03% against 39.70% in FY25. The debt-to-equity ratio was 0.38 as of September 30, 2025. PAT margin was 25.14% and EBITDA margin was 38.29% for the half-year ended September 2025.

The Price-to-Book Value is 10.48. Pre-IPO EPS stands at ₹3.12 with a P/E of 25.36x, while post-IPO EPS is ₹3.44 with a P/E of 22.99x. Promoter holding will dilute from 99.99% pre-issue to 71.30% post-issue.

Objects of the Issue

Out of the net proceeds, ₹50.00 crore will be utilised for funding capital expenditure towards establishing new IVF centres. ₹20.00 crore will be used for repayment or prepayment of certain outstanding loans. The remaining amount will be allocated towards general corporate purposes.

The promoters of the company are Dr. Manika Khanna, Dr. Peeyush Khanna, and Vishad Khanna.

Conclusion

The company is aggressively expanding its PAN-India presence amid rising IVF awareness. Despite a minor setback in FY24 due to accounting policy changes, the company has reported growth in top-line performance. The company benefits from medical tourism and may attract investor interest post-listing.