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HomeIPOGaudium IVF & Women Health

About Gaudium IVF & Women Health

Incorporated in March 2015, Gaudium IVF and Women Health Limited have engaged in In Vitro Fertilization treatments throughout India and have expanded into several states utilizing a hub-and-spoke model. The company has more than thirty locations. These include seven hubs (centres) and twenty-eight spokes. The strategic alliance between the organization and Infertility Experts, referred to as Spokes, was forged in order to meet the mutual goal of spreading awareness about Assisted Reproductive Technology or ART and In Vitro Fertilization or IVF treatments.The patients come from various countries such as Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman. The company has hubs in Delhi, two Janakpuri and Kailash Colony; Mumbai; Khar West; Ludhiana; Srinagar; Patna; and Bangalore, covering all important locations across the subcontinent. This company offers a range of specialized fertility services: In Vitro Fertilization, Intracytoplasmic Sperm Injection, Intrauterine Insemination, and ovulation induction. Our treatments are specifically directed for a variety of infertility conditions in both males and females. We also provide comprehensive gynaecological care for PCOD/PCOS and endometriosis and high-risk pregnancy management for women with complex fertility history or health conditions. These facilities cover a wide scope of male infertility treatments, right from advanced sperm retrieval techniques.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries logo

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SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Gaudium IVF & Women Health

Gaudium IVF & Women Health

Open Date

Feb 20, 2026

Close Date

Feb 24, 2026

listed

Min Investment

₹14,931

Lot Size

189 Shares

Issue Size

₹165 Cr

Price Range

₹75 - ₹75

Listing Date

Feb 27, 2026

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Grey Market Premium (GMP) Trend

Gaudium IVF & Women Health IPO - Issue Objectives

The company will use approximately ₹50 crore for the establishment of new IVF Centers. The company will use ₹20 crore for repayment of certain outstanding loans availed by it. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Capital expenditure

55.5%

Repayment of borrowings

22.2%

General corporate purposes

22.3%

1

Capital expenditure

The company will use approximately ₹50 crore for the establishment of new IVF Centers.

55.50%
2

Repayment of borrowings

The company will use ₹20 crore for repayment of certain outstanding loans availed by it.

22.20%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

22.30%

IPO Subscription Status

QIB
1.62x
NII
14.05x
Individual
7.60x
Total
7.27x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Gaudium IVF & Women Health

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue49.7570.9648.1544.26
EBITDA18.9528.6319.2720.07
Expenses
Profit After Tax12.5119.1310.3213.53
Assets106.6288.5151.0136.63
Net Worth58.8546.3026.9922.73
Reserves28.1615.6026.0021.74
Borrowing22.5118.9315.739.78

Gaudium IVF & Women Health - Promoter(s)

Dr. Manika Khanna

Dr. Peeyush Khanna

Vishad Khanna

Pre Issue Share Holding

99.99%

Post Issue Share Holding

71.30%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Pan-india network scale

Gaudium IVF operates a pan-India fertility platform with 30+ locations, comprising 7 hubs and 28 spokes. The hubs are strategically located across Delhi (2), Mumbai, Bengaluru, Patna, Ludhiana and Srinagar, while spokes extend reach across 10+ states. This hub-and-spoke model centralises high-complexity ART procedures while spokes drive patient acquisition and follow-ups, improving throughput and cost efficiency.

02

Capital-light and scalable operating model

The company follows an asset-light operating structure, with centres largely housed in leased facilities. Each hub is designed with 5 to 15 beds and a single operating theatre, enough to handle IVF volumes efficiently. This keeps fixed costs under control, enables quicker breakeven for new centres, and supports growth without putting pressure on the balance sheet.

03

Proprietary genome-based GAAT platform

Gaudium IVF has developed its own GAAT (Gaudium Advanced Analysis and Treatment) platform, a genome-based IVF approach aimed at patients with complex fertility challenges such as repeated IVF failures or advanced maternal age. By combining genetic insights from the female partner, male partner and embryos, GAAT helps doctors personalise treatment plans. Development costs of ₹7.38 crore have been capitalised as of March 31, 2025, with no royalty obligations, strengthening IP ownership.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Inherent healthcare risks

Gaudium operates in fertility treatments such as IVF, IUI and ICSI, which inherently carry medical negligence, patient outcome, and regulatory risks. A consumer complaint alleging negligence with a claim of ₹50 lakh is currently pending before the Delhi District Consumer Disputes Redressal Commission. Any escalation in malpractice claims or regulatory scrutiny could materially impact reputation, cash flows and operations.

02

High talent attrition

The company's employee attrition rate was 31% during H1FY26 and as much as 63% in FY25, which points to a highly unstable workforce. Professional and consultation fees paid to doctors represented 6.08% of total expenses in H1FY26, and 8.28% in FY25, thus indicating constant dependence on specialised talent. If the company fails to attract or retain skilled professionals, that might result in a decline in service quality, fewer patients and lower profitability.

Contact Details

Gaudium IVF & Women Health

B1/51, Janak Puri, B-1, New Delhi, New Delhi, 110058

01148858585
compliance@gaudiumivfcentre.com
https://www.gaudiumivfcentre.com/

Registrar Contact Details

Bigshare Services Pvt.Ltd.

+91-22-6263 8200
ipo@bigshareonline.com
https://ipo.bigshareonline.com/ipo_status.html

Gaudium IVF & Women Health IPO - FAQs

Gaudium IVF & Women Health IPO is a Mainboard IPO. The issue is priced at 75-₹79. The minimum order quantity is 189 Shares. The IPO opens on 20 Feb, and closes on 24 Feb. Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-02-18
  • Bidding Starts2026-02-20
  • Bidding Ends2026-02-24
  • Allotment Finalisation2026-02-25
  • Release of Funds2026-02-25
  • Demat Transfer2026-02-26
  • Listing2026-02-27
04

Comprehensive high-complexity ART services

Gaudium IVF offers a full spectrum of ART services, including IVF, ICSI, IMSI, IUI, TESA, cryopreservation and embryo transfer. The company treats complex conditions such as PCOS, endometriosis, azoospermia, and recurrent implantation failure. Advanced procedures like IMSI and TESA, which typically command higher realisations, support revenue per cycle and clinical differentiation.

05

Advanced technology and precision diagnostics

Gaudium IVF employs next-generation embryology labs with INTEGRA Ti™ platforms for ICSI, advanced egg quality evaluation systems, and Samsung ultrasound machines for precise clinical monitoring. The company also offers highly technical USG-guided procedures, including HSG, transvaginal and transrectal scans, follicular monitoring, biopsies, and ovarian cyst aspiration. This technological depth allows for precise diagnosis and better decision-making in complex fertility cases.

03

Embryologist concentration risk

Operations across seven IVF centres are supported by only five embryologists, each capable of handling up to 120 cycles per month. The loss of even one embryologist could materially disrupt operations, particularly as some centres rely on travelling embryologists. This concentration exposes the company to operational bottlenecks and scalability constraints.

04

High contingent liabilities relative to net worth

As of September 30, 2025, the company disclosed contingent liabilities of 44.99 crore, which is 76% of the net worth of 58.85 crore. The bulk of these liabilities are disputing income tax demands amounting to more than 30.89 crore, out of which 20% (6.18 crore) has to be deposited in instalments even though appeals are pending. An unfavourable result may significantly impact liquidity and the overall strength of the balance sheet.