Gaudium IVF and Women Health IPO

About Gaudium IVF and Women Health IPO

The Gaudium IVF and Women Health IPO opens on Friday, Feb 20, 2026 and closes on Tuesday, Feb 24, 2026. The allotment of shares will take place on Wednesday, Feb 25, 2026. The credit of shares to the demat account will take place on Thursday, Feb 26, 2026. The initiation of refunds will take place on Wednesday, Feb 25, 2026. The listing of shares will take place on Friday, Feb 27, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1.14 crore shares aggregating to ₹90.00 crores. The offer for sale portion includes 0.95 crore shares aggregating to ₹75.00 crores. The total number of shares and aggregate amount are 2,08,86,200 shares (aggregating up to ₹165 crores).

Gaudium IVF and Women Health IPO’s price band is set at ₹75 to ₹79 per share. The lot size for an application is 189. The minimum amount of investment required by a retail investor is ₹14,931 (189 shares) (based on upper price). The lot size of investment for sNII is 14 lots (2,646 shares), amounting to ₹2,09,034, and for bNII, it is 67 lots (12,663 shares), amounting to ₹10,00,377.

Incorporated in the year 2015, Gaudium IVF and Women Health is engaged in IVF (In vitro fertilisation) treatment in India and has grown into several states with the Hub and spoke model over the years. Gaudium IVF is founded by their promoter Dr. Manika Khanna, a specialist with advanced training in gynaecological endoscopic surgery from Kiel, Germany, and in Gynaec Endoscopy from Melbourne IVF Gujarat Private Limited. The company has a PAN India presence.

Objectives of Gaudium IVF and Women Health IPO

The funds raised from the IPO, after deducting related expenses, will be allocated for:

1. Capital expenditure for establishing new IVF centres
2. Working capital requirements for establishing new IVF centres
3. Investment in the company’s subsidiary (EKK Global Pvt. Ltd.) for a. Launch of FMCG products b. Working capital requirements
4. General corporate purposes

Industry Outlook

According to Infomerics Research Report, the Indian IVF market is expected to expand from USD 1.32 crores in 2024 to USD 4.54 crores by 2034, registering a robust CAGR of 13.13%. This implies India’s share of the global market is set to rise from ~4.8% in 2024 to ~8.3% by 2034, positioning it as one of the fastest-growing IVF markets worldwide.

About Gaudium IVF and Women Health

Gaudium IVF, located in Delhi, India, is a leading provider of advanced fertility treatments. Established by Dr. Manika Khanna, a globally trained specialist in gynecological endoscopic surgery, the company has expanded across multiple states using a hub-and-spoke model.

With over 30 locations, including 7 hubs and 28 spokes, Gaudium IVF collaborates with infertility experts to raise awareness about Assisted Reproductive Technology (ART) and IVF treatments. By combining cutting-edge technology, specialised expertise, and patient-centric care, Gaudium IVF continues to transform lives, offering hope to couples facing infertility challenges.

Strengths of Gaudium IVF and Women Health

• Clinical excellence and advanced medical technologies to deliver quality healthcare.
• Ability to attract, train and retain high-quality doctors and staff.
• Scalable model and disciplined approach for growth.
• Stable and robust financial performance.
• Professional management and experienced leadership of their Promoters i.e., Dr. Manika Khanna and Dr. Peeyush Khanna.

Risks of Gaudium IVF and Women Health

• Dependence on doctors and specialized medical staff
• Limited availability of trained embryologists
• Regulatory, medical, and legal exposure
• Rapid technological changes in equipment and procedures
• Margin pressure from supplier or doctor cost increases
• Delays in setting up new IVF centres

*data as on- For the Period Ended September 30, 2025

Note: Financials of company are based on restated financial statement for fiscal 2025. Financials of peers are based on fiscal 2024 and currency conversion rate is as on December 31, 2024. Closing price of Progyny Inc. was taken from NASDAQ and closing price of Inspire IVF Public Company Limited was taken from The Stock exchange of Thailand as on January 17, 2025, respectively, converted to Indian rupee based on exchange rate of $/₹ of 80.6232 as on December 31, 2024, and THB/₹2.4878 as on December 31, 2024 respectively.

Anchor Investor Bidding Date

Wednesday, February 18, 2026

*The company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Issue Opening Date.

• Registrar: Bigshare Services Private Limited
• Book Running Lead Managers: Sarthi Capital Advisors Private Limited

Gaudium IVF and Women Health Business Model

The company earns its revenue through offering IVF (In vitro fertilization) treatment in India. It has grown into several states with the Hub and spoke model over the years.

Gaudium IVF and Women Health Growth Trajectory

Gaudium IVF and Women Health’s Total Income for FY25 was ₹70.95 crores, whereas in FY24 and FY23 it was ₹48.15 crores and ₹44.26 crores, respectively.

The Profit After Tax for FY25 was ₹19.12 crores, whereas in FY24 and FY23 it was ₹10.31 crores and ₹13.52 crores, respectively.

Their EBITDA for FY25 was ₹28.626 crores, whereas in FY24 and FY23 it was ₹19.27 crores and ₹20.06 crores, respectively .

Gaudium IVF and Women Health Market Position

The company operates 30+ locations, which comprises 7 hubs (centres) and 28 spokes (company has entered into a strategic alliance with Spokes i.e. Infertility Expert to achieve the mutual goal of spreading awareness about ART and IVF treatment). The company has patients from different countries such as Canada, United Kingdom, United State, Kenya, South Africa and Oman. Their main centres (Hubs) are located in major cities of which 2 centres are located in Delhi (Janakpuri & Kailash Colony), 1 centre in Maharashtra (Mumbai - Khar West), 1 centre in Punjab (Ludhiana), 1 centre in Jammu & Kashmir (Srinagar), 1 centre in Bihar (Patna) and 1 centre in Karnataka (Bangalore), to cater potential locations across India.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹70.958 crores, ₹19.127 crores, and ₹28.626 crores, respectively.

How to apply for Gaudium IVF and Women Health IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.