Gaudium IVF & Women Health Ltd has formally launched its initial public offering (IPO), setting a price band of ₹75 to ₹79 per share to raise approximately ₹165 crore from the Indian capital markets. The public issue will open for subscription on February 20, 2026 and close on February 24, 2026, with allotment expected by February 25 and listing on the BSE and NSE slated for February 27, 2026.
The offering comprises a fresh issue of 11.3 million equity shares worth up to ₹90 crore and an offer for sale (OFS) of approximately 9.49 million shares valued at ₹75 crore by promoter Dr. Manika Khanna. This structure reflects a combination of capital raising for growth alongside partial promoter share monetisation.
At the upper end of the price band, the company’s valuation is estimated at around ₹575 crore. Investors can bid for a minimum lot of 189 shares, implying a base investment of around ₹14,931 at the top of the band, with multiples thereof for larger bids.
Proceeds from the fresh portion of the issue will be directed primarily towards capital expenditure to establish 19 new IVF centres across India, a strategic thrust aimed at expanding the company’s geographic reach. Funds will also be used to repay or pre-pay certain borrowings and for general corporate purposes.
Founded in 2015, Gaudium IVF & Women Health operates a hub-and-spoke model, with seven hub centres and 28 spoke clinics spanning key cities such as Delhi, Mumbai, Bengaluru, Ludhiana, Patna and Srinagar. The company provides a spectrum of fertility and reproductive healthcare services, including IVF (in vitro fertilisation), ICSI (intracytoplasmic sperm injection), IUI (intrauterine insemination) and related treatments. It also serves international patients from regions including North America, Africa and the Middle East.
The IPO represents a first for the assisted reproductive technology (ART) and fertility services segment in India, positioning Gaudium IVF as possibly the industry’s inaugural entrant into the public markets. It arrives amid growing investor and market interest in healthcare and specialised medical services, driven by demographic shifts, rising fertility awareness and expanding demand for reproductive care solutions.
In its latest financial year ending March 31, 2025, the company reported revenue from operations of ₹70.72 crore with a profit after tax of ₹19.13 crore, highlighting growth from the previous year’s figures. Industry research points to a broader Indian IVF market that could expand significantly over the coming decade, offering strong growth potential for organised providers.
The IPO allocates 50 per cent of the issue to qualified institutional buyers (QIBs), 35 per cent to non-institutional investors (NIIs) and the remaining 15 per cent to retail investors. Sarthi Capital Advisors has been appointed sole book-running lead manager, while Bigshare Services is acting as registrar for the issue.
This public offering follows the company’s earlier filing of draft papers with the Securities and Exchange Board of India (Sebi), and it sets a precedent in the niche but expanding fertility care market as Gaudium IVF seeks to leverage public funding for its next phase of growth and service expansion.
