Gaudium IVF & Women Health IPO Overview
Gaudium IVF & Women Health Limited is a fertility and women’s healthcare services provider in India, operating through a hub-and-spoke model with a network of 30+ locations including 7 main hubs and 28 spokes across major Indian cities. It offers advanced reproductive healthcare services such as In Vitro Fertilisation (IVF), ICSI (Intracytoplasmic Sperm Injection), IUI (Intrauterine Insemination) and other fertility and gynaecological treatments, addressing both domestic and international patients.
The company’s initial public offering (IPO) is scheduled to open on 20 February 2026 and close on 24 February 2026, with a price band fixed at ₹75 – ₹79 per share and a total issue size of approx ₹165 crore. This offering includes both a fresh issue and an offer-for-sale (OFS) component, making it one of the notable mainboard healthcare IPOs of 2026.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| IPO Open Date | 20 February 2026 (Thursday) |
| IPO Close Date | 24 February 2026 (Monday) |
| Anchor Investor Bidding | 18 February 2026 (one-day anchor portion) |
| Allotment Date | 25 February 2026 (Expected) |
| Credit to Demat | 26 February 2026 (Expected) |
| Refund Initiation | 26 February 2026 (Expected) |
| Listing Date | 27 February 2026 (Tentative) |
| Price Band | ₹75 to ₹79 per share |
| Face Value | ₹5 per share |
| Lot Size | 189 shares |
| Min Investment (Retail) | ₹14,931 (189 shares @ upper band) |
| sNII Minimum | ₹44,167 (~6 lots) |
| bNII Minimum | ₹1,57,661 (~20 lots) |
| Issue Size | Approx ₹165 crore |
| Fresh Issue | ~1.13 crore shares (~₹90 cr at upper band) |
| Offer for Sale (OFS) | ~94.93 lakh shares (~₹75 cr at upper band) |
| Total Shares Offered | 2,08,86,200 equity shares |
| Listing | NSE & BSE (Mainboard) |
Note: The IPO includes an OFS from the founder/promoter Dr. Manika Khanna, reducing her stake post-issue from ~99.32% to ~70.73% at the upper band.
Issue Break-up
| Category | Allocation (% of Net Issue) | Shares (Approx) |
| Qualified Institutional Buyers (QIB) | ≥ 50% | Approx 1.04 cr |
| Retail Individual Investors (RII) | ≤ 35% | Approx 73 05 000 |
| Non-Institutional Investors (NII) | ≤ 15% | Approx 31 32 000 |
| Total | 100% (Net Offer) | 2,08,86,200 |
Selling Shareholders (OFS)
- Offer For Sale (OFS): ~94.93 lakh shares offered by Dr. Manika Khanna (Founder & Promoter).
- Post-IPO promoter holding is estimated to remain at ~70.73% at the upper price band.
Objects of the Issue (Fund Utilization)
The company intends to use the net proceeds from the IPO for:
- Capital Expenditure: Establishment of new IVF centres across India — plans include opening 19 new centres (10 in FY27, 8 in FY28, 1 in FY29).
- Repayment/Pre-payment of Borrowings: Reduce outstanding debt to strengthen the balance sheet.
- General Corporate Purposes: Working capital, marketing, branding, IT, and other strategic business needs.
Strategic Context:
- Expansion into underserved regions is designed to capture the rapidly growing fertility services market driven by increased awareness, demographic trends and demand for advanced reproductive healthcare.
- Part of the funds will also support potential FMCG initiatives via subsidiaries focusing on women and child wellness products (as disclosed in IPO documents).
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Sarthi Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
Founder & Promoter:
- Dr. Manika Khanna – Founder, Executive Chairperson & Managing Director, with over two decades of experience in reproductive medicine and fertility treatments.
Other Key Leadership:
- Dr. Peeyush Khanna – Executive Whole-Time Director & experienced medical professional.
- Vishad Khanna – Non-Executive Director.
- Several independent directors and governance committees support strategic decision-making.
COMPANY DETAILS
Gaudium IVF & Women Health Limited was incorporated in 2015 and over the years has built a pan-India presence in assisted reproductive technology and women’s healthcare through a hub-and-spoke model. The company provides a broad range of fertility and gynaecological services, including IVF, ICSI, IUI, ovulation induction, egg freezing, and advanced male infertility treatments. Centres are located across Delhi (Janakpuri, Kailash Colony), Mumbai (Khar West), Ludhiana, Srinagar, Patna, Bengaluru, and extended via spokes in numerous other regions.
Business Model:
- The hub-and-spoke approach enables standardised quality care at central hubs while expanding reach through partnered spoke clinics.
- Services cater to both domestic and international patients from countries such as the UK, USA, Canada, Kenya, South Africa and Oman.
Financial Snapshot (Based on latest available filings)
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 (Mar 2025) | ~70.7 | ~19.1 |
| FY24 (Mar 2024) | ~47.9 | ~10.3 |
| H1 FY26 (Sep 2025) | ~49.8 | ~12.5 |
Revenue and profit have shown strong growth in recent years, reflecting increasing demand for fertility services in India.
Company Strengths
- India’s first public listing in fertility services sector, setting a benchmark for assisted reproductive technology providers.
- Pan-India hub-and-spoke clinical network spanning major cities, enabling wide patient reach.
- Comprehensive fertility care portfolio — IVF, ICSI, IUI, ovulation induction, egg freezing, advanced male infertility treatments.
- Experienced leadership and medical expertise under founder Dr. Manika Khanna.
- Strong revenue and profitability growth in recent periods.
- Geographically diversified operations with international patient inflows.
- Strategic expansion plans for 19 new centres, boosting capacity and market penetration.
Key Risks & Challenges
- Healthcare regulatory and clinical compliance risks inherent in fertility and medical operations.
- Competitive pressures from established fertility chains and multi-specialty hospital networks.
- Execution risk related to rapid expansion of new IVF centres and capital allocation.
- Dependence on skilled medical professionals (embryologists, specialists) in a competitive talent market.
- OFS component signals partial promoter exit, which may influence investor perception.
Disclaimer
This document is for educational and informational purposes only and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risks.
