Gaudium IVF And Women Health Limited IPO

Q: What is Gaudium IVF IPO?

Gaudium IVF IPO is a Mainboard IPO having an issue size of Rs. ₹165.00 Crs. It is priced at ₹75 - ₹79 per share. The issue opens on 20 Feb 2026 and closes on 24 Feb 2026.

Q: When will Gaudium IVF IPO open?

Gaudium IVF IPO opens on 20 Feb 2026 and closes on 24 Feb 2026.

Q: What is the lot size of Gaudium IVF IPO?

The minimum lot size of Gaudium IVF IPO is 189 shares and the minimum application amount is Rs. 14931.

Q: When is the allotment of Gaudium IVF IPO?

The allotment date of Gaudium IVF IPO is 25 Feb 2026.

Q: What is the listing date of Gaudium IVF IPO?

The listing date of Gaudium IVF IPO is 27 Feb 2026.

Q: What is the subscription of Gaudium IVF IPO?

Gaudium IVF IPO subscription details are available on the IPO360 company page.

Q: How to check allotment status of Gaudium IVF IPO?

You can check the allotment status from the allotment link available on the Gaudium IVF IPO page on IPO360.

Q: How to apply Gaudium IVF IPO in Zerodha?

You can apply through the Zerodha Kite app by navigating to Bids → IPO, selecting the IPO, entering bid details and approving the UPI mandate.

Mainboard NSE & BSE 100% Book Built Offer

Closed

Gaudium IVF And Women Health Limited IPO

Mainboard NSE & BSE 100% Book Built Offer

Closed

Price Band

₹75 - ₹79

Total Issue

₹165.00 Cr

Bid Dates

20 Feb - 24 Feb

Subscription

7.27x

Est. GMP

₹0 (0.00%)

Website RHP Check Allotment

Tentative Timetable

Open 20 Feb

Close 24 Feb

Allotment 25 Feb

Refunds 25 Feb

Credit 26 Feb

Listing 27 Feb

Business Overview

Gaudium IVF is engaged in providing assisted reproductive technology (ART) services in India, with a primary focus on in vitro fertilization (IVF) and related fertility treatments. The Company has expanded its presence across multiple states through a hub-and-spoke model designed to improve accessibility and patient outreach. Founded by its Promoter, Dr. Manika Khanna, who has received advanced training in gynecological endoscopic surgery from Kiel, Germany, and in gynaec endoscopy from Melbourne IVF Gujarat Private Limited, Gaudium IVF operates more than 30 locations comprising 7 hubs and 28 spokes. It has also entered into strategic alliances with infertility experts to promote awareness and expand access to ART services. The Company offers a comprehensive range of treatments including IVF, intracytoplasmic sperm injection (ICSI), intrauterine insemination (IUI) and ovulation induction, with protocols designed to address diverse male and female infertility challenges.

1. Executive Overview

Gaudium IVF and Women Health Limited, founded in 2015, is a leading healthcare provider focused on IVF and reproductive health services in India. Established by Dr. Manika Khanna, the company has grown from a single clinic to a pan-India network using a hub-and-spoke model. It offers a wide range of fertility treatments, from basic care to advanced IVF solutions.

The company operates across 30+ locations, including 7 major hubs and multiple spoke centers, with presence in key regions like Delhi NCR, Maharashtra, and Karnataka. It also serves international patients from over 40 countries. Gaudium IVF stands out for its asset-light model and strong clinical performance, maintaining a success rate of around 58%. With the IVF market in India growing rapidly, the company is well-positioned for future expansion.

2. Business Model and Revenue Streams

Gaudium IVF utilizes an asset-light, Hub-and-Spoke operational model designed for rapid scalability and high resource optimization.

Hub Centers: These are centers of excellence located in Tier-1 cities that perform advanced procedures such as OPU (Ovum Pick-Up), ET (Embryo Transfer), and cryopreservation.
Spoke Centers: These centers act as the primary patient touchpoints for consultations and preliminary care, feeding complex cases into the major Hubs.
Revenue Segments: The company's primary income is derived from IVF Treatments, supplemented by Hospital services (mother and child care) and Pharmacy sales through its subsidiary, Gaudium International Private Limited.
Pricing & Payment: The company offers flexible treatment packages that vary based on case complexity, allowing for lump-sum payments or installments to improve affordability.

Financial Performance & Revenue Breakdown (₹ in Lakhs)

Services Offered	Sept 30, 2025 (Stub)	% of Revenue	Fiscal 2025	% of Revenue	Fiscal 2024	% of Revenue
IVF Treatment	3,393.34	68.55%	5,554.38	78.54%	4,222.43	88.17%
Pharmacy	1,427.99	28.85%	1,172.24	16.57%	195.20	4.08%
Hospital	128.55	2.60%	345.78	4.89%	371.39	7.75%
Total	4,949.88	100.00%	7,072.40	100.00%	4,789.01	100.00%

Key Industry-Specific Operating Metrics

Particulars	Sept 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Total Cycles (OPU+ET)	1,824	3,476	3,711	3,512
Success Rate (%)	58.74%	58.23%	58.03%	57.01%
Avg. Revenue Per Patient (₹ Lakhs)	2.58	3.55	1.89	3.44
Total OPDs	3,859	8,145	7,208

3. Products and Service Portfolio

The company offers a 360-degree suite of fertility and reproductive health services.

Primary Fertility Treatments: Includes In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), and Intrauterine Insemination (IUI).
Specialized Male Infertility Care: Advanced techniques like Testicular Sperm Aspiration (TESA) and Intracytoplasmic Morphologically Selected Sperm Injection (IMSI).
Emerging Technology - GAAT: The Gaudium Advanced Analysis and Treatment (GAAT) module is a proprietary genome-sequencing process used to enhance success rates for high-risk patients.
Fertility Preservation: Cryopreservation services (vitrification) for egg, sperm, and embryo freezing.
Ancillary Health Services: High-risk pregnancy management, laparoscopic surgeries, and fertility wellness programs.

Operational Infrastructure by Center (Hubs)

Center Location	State	ART Level	No. of Beds	IVF Facility
Janakpuri	Delhi	Level-2	15	Yes
Mumbai	Maharashtra	Level-2	9	Yes
Bengaluru	Karnataka	Level-2	7	Yes
Srinagar	J&K	Level-2	7	Yes
Patna	Bihar	Level-2	5	Yes
Ludhiana	Punjab	Level-2	5	Yes
Greater Kailash	Delhi	Level-1	3

4. Key Business Strengths

Patient Centric Approach with dedicated counselors providing transparency and emotional support throughout the fertility journey.
Expert Leadership Team led by Dr. Manika Khanna, a specialist with over 20 years of experience in complex infertility cases.
Advanced Technological Integration utilizing next-generation labs, INTEGRA Ti for ICSI, and proprietary GAAT genome sequencing.
Asset-Light Scalability through a refined Hub-and-Spoke model that minimizes capital expenditure for new market entries.
Strong Regional Dominance with established central hubs in high-demand markets like Delhi NCR, Mumbai, and Bengaluru.
Consistent Clinical Outcomes maintaining a high success rate of over 58% even as the volume of patients increases.

5. Future Growth Strategy

Geographic Expansion of the Hub-and-Spoke model into underserved Tier-2 and Tier-3 Indian cities to capture untapped demand.
Enhanced Digital Acquisition through targeted SEO, PPC, and social media marketing to build brand awareness globally.
Proprietary Innovation by fully operationalizing the GAAT module to lead the market in genome-based personalized IVF.
International Patient Growth by leveraging the London collaboration and expanding outreach in the Middle East and Africa.
Capacity Optimization by centralizing advanced procedures at Hubs while increasing the volume of routine care at Spoke centers.
Focus on Egg Freezing to cater to the growing trend of women opting for fertility preservation due to evolving life goals.

Lot Info

Lot Information for Gaudium IVF IPO
Category	Lots	Shares	Amount
Retail (Min)	1	189	₹14,931
Retail (Max)	13	2,457	₹1,94,103
S-HNI (Min)	14	2,646	₹2,09,034
S-HNI (Max)	66	12,474	₹9,85,446
B-HNI (Min)	67	12,663	₹10,00,377

Category Reservation

QIB 50%

NII 15%

Ret 35%

Market Maker

₹0.00

Employee

₹0.00

Shareholder

₹0.00

Issue Size

Total ₹165.00 Cr

Fresh Issue

₹90.00 Cr (1.14 Cr Shares)

Offer For Sale

₹75.00 Cr (0.95 Cr Shares)

Objects of the Issue

₹B1 Cr

₹B2 Cr

₹B3 Cr

Grey Market Premium

GMP ₹0

Est. Price ₹79

Est. Gain 0.00%

Date	GMP (₹)	Est. Price
25 Feb	₹0 (0%)	₹79
24 Feb	₹5 (6.3%)	₹84
23 Feb	₹7.5 (9.5%)	₹86.50
22 Feb	₹8.5 (10.8%)	₹87.50
21 Feb	₹8.5 (10.8%)	₹87.50
20 Feb	₹8.5 (10.8%)	₹87.50
19 Feb	₹12 (15.2%)	₹91
18 Feb	₹12 (15.2%)	₹91
17 Feb	₹13 (16.5%)	₹92

Gaudium IVF IPO Peer Comparison

(Rs. in crores)

Gaudium IVF IPO Peer Comparison Table
Particulars	Gaudium IVF	Progyny Inc.	Inspire IVF
Revenue	707.24	99,941.20	262.97
PAT	191.27	4,652.42	55.11
EPS (₹)	3.12	50.52	0.17
NAV (₹)	7.54	394.20	4.34
RONW	41.71%	12.90%	3.97%
EBITDA	40.48%	6.05%	36.61%
PAT Mrgn	26.96%	4.59%	20.44%
PE Ratio	25.32	41.56	11.43
Debt to Equity	0.41	-	-

All information pertains to FY 2024-25. The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of December 31, 2024. for Peers

Financial Performance

(Rs. in crores)

Financial Performance Metrics for Gaudium IVF IPO
Particulars	Sep-25	Mar-25	Mar-24	Mar-23
Revenue	494.99	707.24	478.90	442.37
PAT	125.06	191.27	103.17	135.25
Net Worth	588.55	462.97	269.86	227.30
Borrowings	225.14	189.34	157.25	97.81
Assets	1,066.19	885.13	510.07	366.27
NAV (₹)	9.59	7.54	4.40	3.70
EPS (₹)	2.04	3.12	1.68	2.20

KPIs

EBITDA

40.48%

PAT

26.96%

ROE

41.31%

ROCE

39.70%

Debt to Equity

0.41

PE Ratio

25.32

PB Ratio

10.48

Mkt Cap (in Crs.)

575.02

All the data pertains to FY 2024-25.
PE, PB, and market capitalization are calculated based on the Upper Price Band.

Shareholding

Promoter

99.98%

Public

0.02%

Manika Khanna 99.32%

Others 0.66%

Management

Manika Khanna Chairman & MD

Rakesh Sharma CFO

Registrar & Lead Managers

Registrar

Bigshare Services

Lead Managers (1)

Sarthi Capital Advisors

Subscription Status

Updated as on 24-Feb-2026 19:00:00

Mainboard Subscription Status for Gaudium IVF IPO
Category	Sub (x)	Offered	Bids
QIB	1.62	41,77,240	67,85,478
NII	14.05	31,32,930	4,40,22,069
bHNI	12.71	20,88,620	2,65,55,634
sHNI	16.73	10,44,310	1,74,66,435
Retail	7.60	73,10,170	5,55,42,942
Total	7.27	1,46,20,340	10,63,50,489

Frequently Asked Questions

What is Gaudium IVF IPO?

Gaudium IVF IPO is a Mainboard IPO having an issue size of ₹165.00 Crs. Gaudium IVF IPO is priced at ₹75 - ₹79 per share. The issue opens on 20 Feb 26 and closes on 24 Feb 26.

When will Gaudium IVF IPO open?

Gaudium IVF IPO opens on 20 Feb 26 and closes on 24 Feb 26.

What is the GMP of Gaudium IVF IPO?

The estimated Grey Market Premium of Gaudium IVF IPO is ₹0 per share (0.00%).

What is the lot size of Gaudium IVF IPO?

The minimum lot size of Gaudium IVF IPO is 189 shares & the minimum application amount is Rs. 14931.

When is the allotment of Gaudium IVF IPO?

The allotment date of Gaudium IVF IPO is 25 Feb 26.

What is the listing date of Gaudium IVF IPO?

The listing date of Gaudium IVF IPO is 27 Feb 26.

What is the subscription of Gaudium IVF IPO?

Gaudium IVF IPO is subscribed 7.27 times.

What is the price band of Gaudium IVF IPO?

Gaudium IVF IPO is priced at ₹75 - ₹79 per share.

How to check allotment status of Gaudium IVF IPO?

Click the allotment link on Gaudium IVF IPO page of IPO360.

How to apply Gaudium IVF IPO in Zerodha?

Go to Kite App → Tap on Bids → Tap on IPO
Select the IPO → Tap on apply → Enter UPI ID
Enter Qty and Price
Submit the application
Approve the UPI Mandate on your UPI app

How to apply Gaudium IVF IPO in Groww?

Go to Groww App → Stocks Section → Select IPO option
Select the IPO you want to apply
Enter your bid details and price
Enter UPI ID & submit
Approve the UPI Mandate on your UPI app

How to apply Gaudium IVF IPO using ASBA?

Log in to your bank's net banking portal.
Navigate to the 'IPO' or 'ASBA' section.
Select Gaudium IVF IPO from the list of available IPOs.
Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
Submit the application.
Money will remain blocked till the refund date