Gaudium IVF IPO: Price Band Fixed at ₹75 to ₹79 Per Share, Issue Opens February 20

Gaudium IVF and Women Health Ltd has announced a price band of ₹75 to ₹79 per equity share for its ₹165 crore initial public offering, marking a significant milestone for the fertility services provider.

At the upper end of the price band, the company is valued at approximately ₹575 crore.

IPO Timeline and Structure​

The public issue will open for subscription on February 20 and close on February 24. The bidding for anchor investors is scheduled to take place on February 18. The company is set to list on the stock exchanges on February 27.

The IPO comprises:

• A fresh issue of 1.14 crore equity shares
• An offer for sale of nearly 95 lakh equity shares by promoter Manika Khanna

The current structure reflects a higher promoter stake being offered compared to the earlier draft filed in January, which had proposed a fresh issue of 1.83 crore equity shares and an offer for sale of 25.31 lakh shares.

Utilisation of Proceeds​

Gaudium IVF plans to deploy the proceeds from the fresh issue toward:

• Capital expenditure of ₹50 crore for setting up 19 new IVF centres across India
• Repayment or pre-payment of certain borrowings amounting to ₹20 crore
• General corporate purposes

The expansion plan focuses on strengthening the company’s footprint, particularly in underserved regions.

Business Model and Market Presence​

Founded by Manika Khanna, Gaudium IVF has positioned itself as a provider of assisted reproductive technology services in India. The company operates a hub and spoke model with seven hubs and 28 spokes across multiple states, enabling wider patient outreach and operational scalability.

With its proposed listing, Gaudium IVF will become the first company from the fertility care segment to tap the public markets.

Financial Performance​

For the financial year ended March 31, 2025, Gaudium IVF reported:

• Revenue from operations of ₹70.72 crore
• Profit after tax of ₹19.13 crore

In FY24, the company posted:

• Revenue of ₹47.89 crore
• Profit after tax of ₹10.31 crore

The financial performance reflects a strong year-on-year increase in both revenue and profitability.

Industry Outlook and Competitive Landscape​

The Indian assisted reproductive technology sector has been drawing growing investor interest. According to an Infomerics Research report, the broader Indian IVF market is projected to expand at a compound annual growth rate of 13 percent, rising from USD 1.32 billion in 2024 to USD 4.54 billion by 2034.

In July, Indira IVF Hospital Ltd confidentially filed draft papers with Sebi to raise funds through an IPO, underscoring rising activity in the segment.

Issue Allocation and Key Intermediaries​

The IPO allocation structure is as follows:

• 50 percent reserved for qualified institutional investors
• 35 percent for institutional investors
• 15 percent for non-institutional investors

Sarthi Capital Advisors has been appointed as the sole book running lead manager, while Bigshare Services will act as the registrar to the issue.

With a clear expansion roadmap, improving financial metrics, and rising sector interest, Gaudium IVF’s IPO marks a notable development in India’s fertility services industry.