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Gaudium IVF & Women Health

Gaudium IVF & Women Health is coming out with a 100% book building; initial public offering (IPO) of 2,08,86,200 shares of Rs 5 each in a price band Rs 75-79 per equity share. 

Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.

The issue will open for subscription on February 20, 2026 and will close on February 24, 2026.

The shares will be listed on BSE as well as NSE.

The face value of the share is Rs 5 and is priced 15.00 times of its face value on the lower side and 15.80 times on the higher side.

Book running lead manager to the issue is Sarthi Capital Advisors.

Compliance Officer for the issue is Naveen Kumar.

Profile of the company

Incorporated in the year 2015, Gaudium IVF & Women Health is engaged in IVF (In vitro fertilization) treatment in India and has grown into several states with Hub and spoke model over the years. Gaudium IVF is founded by its Promoter Manika Khanna, a specialist with advanced training in gynecological endoscopic surgery from Kiel, Germany, and in Gynaec Endoscopy from Melbourne IVF Gujarat Private Limited. Having a PAN-India presence, the company operates more than 30 locations, which comprises of 7 hubs (centers) 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. Its main centers (Hubs) are located in major cities of which 2 centers are located in Delhi (Janakpuri & Kailash Colony), 1 center in Maharashtra (Mumbai - Khar West), 1 center in Punjab (Ludhiana), 1 center in Jammu & Kashmir (Srinagar), 1 center in Bihar (Patna) and 1 center in Karnataka (Bangalore), to cater potential locations across India.

The company offers a complete array of specialized fertility and reproductive health services. Its advance treatments include; In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), and ovulation induction, all its treatment is carefully designed to address a variety of infertility challenges for both male and female. The company also offers comprehensive gynecological care, including PCOD/PCOS and endometriosis. Further, high-risk pregnancy management is provided for women with complex fertility histories or health conditions. The wellness aspect includes fertility wellness programs, offering nutritional counselling and psychological support to ensure holistic care for couples undergoing treatments.

Its facilities provide a comprehensive range of male infertility treatments, including advanced sperm retrieval techniques. For fertility preservation, it also offers cryopreservation services for eggs freezing for future fertilization, utilizing advanced technology to ensure optimal success rates in future IVF cycles. Additionally, its centers specialize in Frozen Embryo Transfers (FET). It also offers laparoscopic and hysteroscopic surgeries for the diagnosis and treatment of infertility-related conditions, as well as genetic testing options, including Preimplantation Genetic Testing (PGT), designed to enhance pregnancy outcomes and mitigate the risks of genetic disorders.

Proceed is being used for:

• Funding capital expenditure towards establishment of New IVF Centers of the company
• Repayment/pre-payment, in full or in part, of certain outstanding loans availed by the company
• General corporate purposes

Industry Overview

In Vitro Fertilization (IVF) is a medical procedure that offers hope to couples struggling with infertility. It involves combining eggs and sperm in a laboratory to achieve fertilization. If this process is successful, the resulting fertilized egg, or embryo, develops for several days before one or more healthy embryos are implanted into the uterus, aiming for a successful pregnancy. With increasing awareness of infertility issues and advancements in IVF techniques, conversations around reproductive challenges and the success rates associated with treatment are becoming more open and accepted. Couples now have expanded options such as egg and sperm donation, cryopreservation for future use, and embryo testing through advanced genetic screening. While IVF represents a breakthrough in reproductive medicine, the process can be emotionally and financially demanding. The physical challenges of egg retrieval, hormonal shifts, and uncertainty of outcomes often contribute to stress and anxiety. Many couples also experience feelings of isolation or societal pressure, making mental health support an important component of fertility care. Nevertheless, with advancements in medical technology, supportive care frameworks, and initiatives to improve accessibility, the IVF services market is poised for robust growth.

The global IVF market is estimated at $27.49 billion in 2024 and is projected to reach $54.60 billion by 2034, reflecting a CAGR of 7.10%. Within this landscape, the Indian IVF market is expected to expand from $1.32 billion in 2024 to $4.54 billion 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. Growth in India is underpinned by structural and demographic shifts. Rising infertility prevalence, delayed marriages, changing lifestyle patterns, and increasing maternal age have expanded the addressable patient pool. Greater awareness of assisted reproductive technologies (ART), particularly IVF, across urban and semi-urban centres is expected to accelerate adoption. In addition, technological advancements such as AI-enabled embryo selection, preimplantation genetic testing, cryopreservation, and improved clinical protocols are enhancing success rates and patient confidence. Supportive regulatory frameworks, including the ART and Surrogacy Acts, along with the potential inclusion of fertility treatments under insurance, are expected to broaden affordability and access. Collectively, these factors position India as a critical growth hub within the global IVF landscape, supported by favourable demographics, medical expertise, and rising affordability.

The IVF industry is entering a phase of accelerated and sustained growth, shaped by demographic, technological, and policy-driven factors. Rising infertility rates, delayed marriages, changing lifestyle patterns, and a shift toward late parenthood are creating a strong and expanding demand base for fertility solutions. Increasing social acceptance of assisted reproductive technologies (ART), coupled with growing awareness, is further driving adoption across both metropolitan and non-metropolitan regions. Policy and regulatory developments are another critical driver. The implementation of the ART and Surrogacy Acts has provided greater legal clarity, improving patient trust and standardising clinical practices. Looking forward, the potential inclusion of fertility treatments under insurance coverage could materially improve affordability and expand the addressable patient base. At the same time, sustained government focus on women’s health and reproductive care is likely to support further institutionalisation of the industry.

Pros and strengths

Patient centric approach: Every patient is unique and to be treated accordingly with care and support. The company has counsellor to guide through their parental hood journey with emotional support and care. It provides its patient with quality consultation, confidentiality, complete transparency and support throughout their IVF journey.

Modern technology: It provides world class treatment by utilising latest technology, like advantage of next generation labs featuring INTEGRA Ti, for ICSI procedures. It also utilizes the latest equipment for egg quality evaluation, Samsung Ultrasound Machines for precise monitoring, and advanced clean operating rooms to keep everything sterile.

Asset light business model: Gaudium IVF employs an asset-light model, characterized by efficient Standard Operating Procedures (SOPs) and internal controls, reducing dependency on individual practitioners and facilitating scalable, consistent care across its network.

Hubs in major Cities: It has already established central hubs in key cities such as Mumbai, Bangalore, Delhi NCR, and Patna. These hubs act as centers of excellence, where advanced treatments and procedures are performed in IVF, IUI, Embryo freezing, and Embryo Transfer etc. Each hub is designed to cater to a larger geographical area, extending services to patients from surrounding cities and towns represented by spokes.

Risks and concerns

Professional dependency & high attrition risk: The company is highly dependent on doctors, nurses and other healthcare professionals and the business will be impacted significantly if the company is unable to attract / retain such professionals. The attrition rate of the employees during the period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 31%, 63%, 51% and 51%. Further, the Professional and Consultation fees paid to doctors as a percentage of its total expenses were 6.08% 8.28%, 12.23% and 13.78%, for the period ended September 30, 2025 and for Fiscal 2025, Fiscals 2024 and Fiscal 2023.

Reputational sensitivity and brand dependence risk: The business of the company depends on the strength of the brand and reputation of the company. Failure to maintain and enhance the brand and reputation, and any negative publicity and allegations in the media against the company, even if untrue, may adversely affect the brand, reputation and trust in, services of the company, which could result in a material adverse impact on business, financial condition, results of operations and prospects of the company.

Profitability risk from unfavourable procurement terms: If the company fails to achieve favourable pricing from its suppliers or vendors, fail to negotiate favourable terms with its doctors, or fail to pass on any cost increases to the customers, its business, financial condition and profitability may be adversely impacted. Its key expenses as a percentage of its total expenses were 55.29%, 69.76%, 51.00% and 62.71%, during period ended September 30, 2025 and for Fiscal 2025, Fiscals 2024 and Fiscal 2023.

Revenue concentration risk linked to procedure volumes: The company’s revenues are dependent on the number of new and existing patients undergoing for ovum pick-up (OPU), embryo transfer (ET) procedures and the total number of cycles performed. Any fluctuation in patient inflow, conversion of consultations into procedures, or repeat cycles by existing patients may materially impact its operating performance and financial condition.

Outlook

Gaudium IVF and Women Health is engaged in IVF treatments throughout India and have expanded into several states utilizing a hub-and-spoke model. The company has Established central hubs in prime urban locations, including Mumbai, Bangalore, Delhi NCR, and Patna. The company has patient-centric approach coupled with expert team. On the concern side, the company is dependent on limited embryologists and the loss of or its inability to attract or retain such personnels could adversely affect its business, financial condition and results of operations. Moreover, if the company fails to achieve favourable pricing from its suppliers or vendors, fail to negotiate favourable terms with its doctors, or fail to pass on any cost increases to the customers, its business, financial condition and profitability may be adversely impacted.

The issue has been offering 2,08,86,200 shares in a price band of Rs 75-79 per equity share. The aggregate size of the offer is around Rs 156.65 crore to Rs 165.00 crore based on lower and upper price band respectively. Minimum application is to be made for 189 shares and in multiples thereon, thereafter. On performance front, revenue from operations for fiscal 2025 was reported as Rs 7,072.40 lakh that has increased by Rs 2,283.39 lakh and by 47.68% compared to Rs 4,789.01 lakhs in fiscal 2024. Moreover, the profit after tax in Fiscal 2025 increased by 85.40% to Rs 1,912.74 lakh, compared to Rs 1,031.69 lakh in Fiscal 2024.

In addition to core IVF services, the company plans to expand its presence across India using a Hub-and-Spoke model, which will enhance accessibility to quality reproductive care in underserved regions. The company currently operates from more than 30 locations, which comprises of 7 hubs (centers) and 28 spokes (company has entered into a strategic alliance with Spokes-Infertility Expert to achieve the mutual goal of spreading awareness about ART and IVF treatment). The company plans to increase its presence across India using a hub-and-spoke model. This approach involves establishing full-service hubs in major cities, complemented by Spokes in surrounding areas. This includes: Improve accessibility to high-quality IVF treatments, particularly in underserved regions; Maintain consistency in service quality across all centers, building on its experiences; Optimize resource allocation by centralizing advanced procedures in hub centers while providing routine care and consultations at spoke centers; and Build a strong referral system so patients get the right care at the best facility within the Gaudium IVF network.