The initial public offering of Gaudium IVF and Women Health closed on Tuesday with an overall subscription of 7.27 times, reflecting robust investor participation across categories on the final day of bidding.
The ₹165 crore IPO attracted bids for 10,63,50,489 shares against 1,46,20,340 shares on offer, as per NSE data.
Strong Demand from Retail and Non Institutional Investors
The Non Institutional Investors segment recorded the highest response, subscribing 14.05 times their allotted quota. Retail individual investors followed with a subscription of 7.60 times.The portion reserved for Qualified Institutional Buyers was subscribed 1.62 times.
With this public issue, Gaudium IVF becomes the first company in the fertility care sector to access the public markets.
IPO Structure and Valuation
The company had fixed the price band at ₹75 to ₹79 per share, placing its valuation at approximately ₹575 crore at the upper end of the band.The offering comprises:
- A fresh issue of 1.14 crore equity shares
- An offer for sale of nearly 95 lakh equity shares by promoter Manika Khanna
Utilisation of IPO Proceeds
Proceeds from the fresh issue will be deployed to:- Establish 19 new IVF centres across India
- Repay certain borrowings
- Meet general corporate requirements
Business Model and Expansion Strategy
Founded by Manika Khanna, Gaudium IVF operates in the assisted reproductive technologies segment in India. The company follows a hub and spoke model, currently operating seven hubs and 28 spokes across multiple states.The planned expansion of new IVF centres is aimed at strengthening its national footprint in the fertility services space.
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
- Revenue of ₹47.89 crore
- Profit after tax of ₹10.31 crore
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