GI
Gaudium IVF
Mainboard₹165 Cr issue
+5.06%
Listing gain over issue price
Issue size
₹165 Cr
1 lot at cut-off
₹14,931
Lot size
189shares
Allotment
25 Feb 2026
Listing
27 Feb 2026
Listing performance
Issue price
₹79
Listed at
₹83
Listing-day close
₹80.48
Latest price
₹119.48
Listing gain
+5.06%
Return since listing
+51.24%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 27 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹79 | ₹0 |
| 26 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹79 | ₹0 |
| 25 Feb 2026 | −₹4 | −5.06% | ₹0 | ₹75 | −₹756 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 27 Feb 2026
- Face value
- ₹5 per share
- Issue price
- ₹79 per share
- Lot size
- 189 shares
- Total issue size
- ₹165 Cr
- Market cap at offer price
- ₹575 Cr
- Promoter holding
- 99.99% → 71.30% pre-issue → post-issue
- ISIN
- INE0P8B01020
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- B1/51, Janak Puri, B-1, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 62,65,860 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 189 shares per lot, in multiples, at ₹79
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 189 | ₹14,931 |
| Retail (max) | 13 | 2,457 | ₹1,94,103 |
| S-HNI (min) | 14 | 2,646 | ₹2,09,034 |
| S-HNI (max) | 66 | 12,474 | ₹9,85,446 |
| B-HNI (min) | 67 | 12,663 | ₹10,00,377 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
62,65,860
Anchor portion
₹49.50 Cr
at ₹79 per share
Valuation and performance
Valuation at offer price
₹79 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.12 | 3.44 |
| P/E (×) | 25.32 | 22.97 |
| Price to book (×) | 10.48 | — |
| Market cap | — | ₹575 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.71%
- ROCE
- 39.70%
- Debt / equity
- 0.41
- PAT margin
- 26.96%
- EBITDA margin
- 40.48%
- NAV per share
- ₹7.54
- Price to book
- 10.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Gaudium IVF
Gaudium IVF and Women Health Limited, incorporated as a private limited company in March 2015 and converted to public limited company in October 2024, operates as a fertility healthcare provider in India. Founded by Dr. Manika Khanna, the company operates 7 hubs (centers) and 28 spokes (strategic alliances with infertility experts) across 30+ locations. The company provides fertility treatments including In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, and related services. As of September 30, 2025, the company generated revenue from operations of ₹4,949.88 lakhs with EBITDA of ₹1,895.23 lakhs (38.29% margin) and reported net worth of ₹5,885.47 lakhs. The company also operates a pharmacy business through its subsidiary Gaudium International Private Limited.
Company Analysis
from RHPGaudium IVF and Women Health Limited provides in vitro fertilization (IVF) and fertility treatments across India through a hub-and-spoke model spanning 30+ locations.
Gaudium IVF and Women Health Limited, incorporated as a private limited company in March 2015 and converted to public limited company in October 2024, operates as a fertility healthcare provider in India. Founded by Dr. Manika Khanna, the company operates 7 hubs (centers) and 28 spokes (strategic alliances with infertility experts) across 30+ locations. The company provides fertility treatments including In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, and related services. As of September 30, 2025, the company generated revenue from operations of ₹4,949.88 lakhs with EBITDA of ₹1,895.23 lakhs (38.29% margin) and reported net worth of ₹5,885.47 lakhs. The company also operates a pharmacy business through its subsidiary Gaudium International Private Limited.
Healthcare ServicesFertility and Reproductive MedicineIn Vitro Fertilization (IVF)Assisted Reproductive Technology (ART)Pharmaceuticals and Medical Consumables
Objects of the Issue
- Funding capital expenditure towards establishment of New IVF Centers of our Company ₹5,000.00 lakhs p.28
- Repayment/pre-payment, in full or in part, of certain outstanding loans availed by our Company ₹2,000.00 lakhs p.28
- General Corporate Purposes p.28
- Funding capital expenditure towards establishment of New IVF Centers of our Company ₹5,000.00 lakhs p.104
- Repayment/pre-payment, in full or in part, of certain outstanding loans availed by our Company ₹2,000.00 lakhs p.104
- General Corporate Purposes [●] (not exceeding 25% of Gross Proceeds) p.104
- Capex for expansion - setting up new IVF centers across Fiscal 2026, 2027, and 2028 ₹3,141.16 lakhs total (₹1,126.98 lakhs for Fiscal 2026 covering 10 centers; ₹901.58 lakhs for Fiscal 2027 covering 8 centers; ₹112.70 lakhs for Fiscal 2028 covering 1 center) p.108
- Repayment of outstanding loans availed from HDFC Bank ₹2,000.00 lakhs (estimated amount earmarked for repayment; actual outstanding loan/borrowings aggregated to ₹2,251.37 lakhs as at September 30, 2025) p.119
- General Corporate Purposes Balance of Net Proceeds, not exceeding 25% of Gross Proceeds from Fresh Issue p.120
- Not specified in this document part p.177
Issue Structure
- Total Issue
- Up to 2,08,86,200 Equity Shares of face value of ₹5.00 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 1,13,92,500 Equity Shares of face value of ₹5.00 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 94,93,700 Equity Shares of face value of ₹5.00 each aggregating up to ₹[●] lakhs by Dr. Manika Khanna
- Price Band
- [●] per Equity Share (Floor Price: ₹[●]; Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5.00 each
Business Model
The company generates revenue through providing IVF and fertility treatment services to patients across its 7 hub centers and 28 spoke locations. Revenue recognition occurs across four stages: Stimulation, Egg Pick-Up, Embryo Creation, and Embryo Transfer, with 75% of total income recognized up to the Embryo Creation stage. The company also generates revenue through its pharmacy division. The company operates on a flexible credit scheme where 20% of revenue is collected from patients up to the Embryo Creation stage with the remaining amount collected at Embryo Transfer, creating timing gaps reflected in elevated trade receivables.
Business Segments
Provides In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), ovulation induction, and related fertility treatments
Sale of medical consumables, drugs, and pharmaceuticals through Gaudium International Private Limited (wholly owned subsidiary)
Provides in-vitro fertilization treatment cycles to patients at hub centers across India
Facilitates surrogacy arrangements for patients where the company coordinates the surrogacy process
In vitro fertilization treatment designed to offer couples the chance of having a child. Tailored treatment plans including consultations, ultrasounds, biological examinations, hormonal treatments, oocyte sampling, embryo replacement, and freezing.
Day care procedures related to women's and child health and IVF treatments. Facility located at Janakpuri Center (Delhi NCR) with 15 beds and nurse and support staff. Provides delivery packages with pricing varying by room category and routine support from month 4-9 of pregnancy.
In-house pharmacy through wholly owned subsidiary Gaudium International Private Limited, located at Janakpuri Center (Delhi NCR). Supplies medicines and consumables required for patient care during and after treatments, and fulfills supply needs of the six other centers.
Provides in vitro fertilization (IVF), intrauterine insemination (IUI), intracytoplasmic sperm injection (ICSI), egg freezing, laser-assisted embryo implantation and related fertility treatment procedures at 7 hub centers and 28 spoke clinics.
Providing IVF treatment in bundled packages which includes infusions, Ovum Egg pickup, Embryo Creation and Embryo Transfer; Maternity Care
Trading of pharmaceutical products, medicines, medical consumables and drugs
Provides in vitro fertilization treatment in bundled packages which includes injections, Ovum/Egg pickup, Embryo Creation and Embryo Transfer
Operating hospital facilities for gynecological and women's healthcare services
Sale of medicines, medical consumables and drugs including wholesale distribution
SWOT Analysis
Strengths
- • Established IVF provider with hub-and-spoke model across 30+ locations(p.22)
- • Strong IVF success rates consistently above 57%(p.47)
- • Experienced leadership with specialist credentials(p.22)
- • Diversified service offerings including IVF, ICSI, IUI and related treatments(p.22)
- • Significant growth in profitability with strong EBITDA and PAT margins(p.30)
- • Centralized medical expertise enabling consistent service delivery across centers(p.54)
- • Established hub-and-spoke model with proven scalability and replicable operating procedures(p.106)
- • Strong brand recognition and patient trust established through initial centers(p.107)
- • Refined operations and business model enabling efficient scaling(p.107)
- • Successful track record of overcoming region-specific operational challenges(p.106)
- • Extensive pan-India presence with hub-and-spoke model(p.169)
- • Strong international patient base(p.169)
- • Experienced founder with specialist training(p.169)
- • Comprehensive fertility treatment portfolio(p.171)
- • Integrated hospital and pharmacy facilities(p.172)
- • Vertically integrated pharmacy operations(p.172)
- • Expert team led by founders with 20+ years experience in infertility treatment(p.178)
- • Modern technology infrastructure including INTEGRA Ti™ labs and advanced ultrasound equipment(p.178)
- • Hub-and-spoke model enabling scalable presence across 30+ locations(p.177)
- • Asset-light business model with efficient SOPs reducing dependency on individual practitioners(p.178)
- • High IVF success rates of 58.74% demonstrating clinical effectiveness(p.176)
- • Proprietary GAAT technology for advanced genome-based IVF treatment developed in-house(p.180)
- • Strong profitability with PAT margin of 25.14% and EBITDA margin of 38.29% in stub period(p.177)
- • Established healthcare business with IVF specialization(p.307)
- • Strong profitability margins with 25%+ PAT margins(p.309)
- • Growing revenue from pharmacy and product sales(p.309)
- • Improved average revenue per patient (ARPP)(p.309)
- • Strong trademark portfolio and brand presence(p.348)
- • Multi-state presence with clinical registrations(p.332)
Weaknesses
- • Substantial contingent liabilities equal to 76% of net worth(p.31)
- • Very high employee attrition rate averaging 51-63%(p.31)
- • Heavy dependence on promoter doctors for operations and strategy(p.31)
- • Critical dependence on limited number of embryologists(p.43)
- • Negative cash flows from investing activities across multiple years(p.44)
- • Complex income tax litigation with ₹2,689.28 lakhs in demands(p.37)
- • Dependence on centralized medical and clinical expertise with attrition risk(p.54)
- • All business premises located on leased basis with no owned properties(p.55)
- • Heavy reliance on third-party technology service providers with risk of system failures(p.58)
- • High employee attrition rate with 63% directors' turnover in Fiscal 2025(p.66)
- • Dependence on patient ability to arrange donors and obtain regulatory approvals for surrogacy(p.54)
- • History of delays in payment of statutory dues including provident fund and TDS(p.63)
- • High dependence on hub centers for advanced procedures(p.169)
- • Pharmacy subsidiary acquisition integration risks(p.173)
- • Limited hospital infrastructure (single 15-bed facility)(p.172)
- • High employee attrition rate of 31% in stub period, indicating workforce retention challenges(p.184)
- • Patient volume declined from 2,229 OPU cycles in FY2024 to 1,315 in stub period ending Sept 30, 2025(p.176)
- • Embattled income tax position with demands of ₹3,091.03 Lakhs raised by tax authorities(p.233)
- • Concentrated center operations with Janakpuri accounting for largest share of ET cycles(p.175)
- • Significant income tax demands from survey findings(p.327)
- • Penalties for alleged Section 269ST violations(p.328)
- • Rising finance costs due to increased borrowings(p.310)
- • Increased debt-to-equity ratio(p.323)
- • Dependence on IVF treatment revenue(p.307)
- • Complex regulatory compliance requirements across multiple states(p.340)
Opportunities
- • India's IVF market projected to grow 2.7x at 13.13% CAGR through 2034(p.22)
- • Global IVF market projected to double to USD 54.60 billion by 2034(p.22)
- • Growth driven by rising infertility, delayed marriages and increasing maternal age(p.22)
- • Planned expansion to 19 new IVF centers to capture underserved regions(p.51)
- • Rapid expansion of Indian IVF market with projected CAGR of 13.13% to reach USD 4.54 billion by 2034(p.106)
- • Large addressable market with India's young population and urbanization trends(p.106)
- • Fragmented and underserved IVF market with limited organized players in Tier-2 and Tier-3 cities(p.106)
- • Favorable treatment cost advantage with India offering IVF at $3,000-$4,000 versus $15,000-$20,000 globally(p.106)
- • Declining fertility rates in 16 states/UTs below 1.8, creating demand for IVF services(p.106)
- • Planned expansion to 19 new IVF centers across underserved regions using hub-and-spoke model(p.106)
- • Rapid expansion of Indian IVF market(p.169)
- • Tier-II and Tier-III market penetration(p.168)
- • Growing medical tourism potential(p.168)
- • Expansion of fertility preservation services(p.168)
- • International collaboration potential(p.172)
- • Expansion into underserved regions via hub-and-spoke model reducing urban concentration(p.177)
- • Growing demand for egg freezing as delayed marriages and careers increase among women(p.175)
- • International patient inflow from Middle East, Africa and Southeast Asia demonstrates global demand(p.182)
- • Growing fertility market driven by increasing incidence of infertility globally(p.183)
- • Expansion of pharmacy business(p.310)
- • Embryo transfer procedure growth(p.309)
- • Geographic expansion to new centers(p.313)
- • Development of proprietary technology platform(p.296)
Threats
- • Regulatory and medical risks inherent in healthcare services delivery(p.38)
- • IVF success rates subject to uncontrollable patient and biological factors(p.47)
- • Intense competition for limited pool of qualified healthcare professionals(p.39)
- • Volatility in revenue per patient and cycle volumes(p.52)
- • Rapid technological changes requiring continuous equipment upgrades(p.46)
- • Reputational damage from adverse medical outcomes or patient complaints(p.38)
- • Intense competition from established and emerging competitors with greater resources and pricing pressure(p.58)
- • Regulatory uncertainty and compliance risks including ART, PNDT, and MTP regulations(p.56)
- • Rising industry costs from strict health and safety regulations with increased compliance burden(p.57)
- • IVF industry structural challenges including high treatment costs, competition, and patient sensitivities(p.59)
- • Cultural stigmas and psychological stress impacting patient demand for fertility treatments(p.59)
- • Risk of catastrophic disruption from fire, natural disasters, or other incidents at facilities(p.61)
- • Regulatory non-compliance risks and pending registrations in multiple jurisdictions(p.60)
- • Sustained decline in patient volumes from reduced repeat cycles or adverse clinical outcomes(p.54)
- • Regulatory framework changes and compliance risk(p.166)
- • High capital intensity of advanced IVF technologies(p.165)
- • Intense competition from larger consolidated players(p.166)
- • Economic sensitivity of discretionary fertility treatments(p.166)
- • Fragmented regulatory interpretation across states(p.165)
- • Social stigma limiting market penetration(p.165)
- • Regulatory changes in healthcare and fertility treatment could impact operations(p.183)
- • Economic downturns reducing consumer spending on elective fertility treatments not covered by insurance(p.183)
- • Competitive intensity with established fertility market players offering similar treatments(p.183)
- • Ongoing income tax investigations and assessments(p.327)
- • Regulatory risk related to healthcare compliance(p.340)
- • Regulatory oversight of ART and surrogacy practices(p.333)
- • Dependence on promoter for regulatory compliance(p.329)
- • Liquidity pressure from tax obligations(p.328)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Manika Khanna | Promoter | 99.32% | — |
| Dr. Peeyush Khanna | Promoter | 0.36% | — |
| Vishad Khanna | Promoter | 0.30% | — |
| Dr. Manika Khanna | Promoter/Promoter Selling Shareholder | 6,09,73,900 equity shares (99.32%) | 5,14,80,200 equity shares (70.73%) |
| Dr. Peeyush Khanna | Promoter | 2,21,092 equity shares (0.36%) | 2,21,092 equity shares (0.32%) |
| Vishad Khanna | Promoter | 1,86,000 equity shares (0.30%) | 1,86,000 equity shares (0.25%) |
| Dr. Manika Khanna | Promoter | — | — |
| Dr. Peeyush Khanna | Promoter | — | — |
| Dr. Manika Khanna | Promoter/Chairperson & Managing Director | 99.32% | — |
| Dr. Peeyush Khanna | Promoter/Whole Time Director | 0.36% | — |
| Vishad Khanna | Promoter/Non-Executive Director | 0.30% | — |
| Dr. Manika Khanna | Promoter / Chairperson & Managing Director | — | — |
| Dr. Manika Khanna | Promoter/Promoter Group | — | — |
| Dr. Manika Khanna | Promoter Selling Shareholder | — | — |
Leadership
Dr. Manika Khanna · Chairperson & Managing Director
Dr. Peeyush Khanna · Whole-Time Director
Naveen Kumar · Company Secretary & Compliance Officer
Rakesh Kumar Sharma · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.