Gaudium IVF & Women Health IPO Review: Key Details, Company Overview, Industry Context

The company has fixed the price band at ₹75 to ₹79 per equity share of face value ₹5 each. Investors can bid for a minimum of 189 equity shares and in multiples of 189 shares thereafter. At the upper price band of ₹79, one lot requires an application amount of ₹14,931.

The IPO brings together three important points: Gaudium IVF’s fertility-care network, its proposed expansion through new IVF centres, and the mix of fresh issue and promoter offer for sale. The company’s revenue profile, IVF cycle data, doctor-led operating model and healthcare compliance risks make this issue different from a normal hospital or diagnostics IPO.

Gaudium IVF IPO: Key Details

A Fertility-Care IPO, Not a Regular Hospital Listing

Gaudium IVF is focused on fertility treatment and women’s healthcare. Unlike a broad hospital chain, the company’s core business is built around IVF and related assisted reproductive technology services.

As per the RHP, Gaudium IVF operates through a hub-and-spoke model. The company has 7 hubs and has entered into strategic arrangements with 28 spokes. The hubs act as full-service centres for advanced procedures, while spokes support consultation, awareness, referral flow and patient access.

This model makes the IPO different from a simple clinic expansion story. The business depends on patient trust, doctor availability, embryology capability, centre-level quality control, medical equipment, regulatory compliance and repeat referral strength.

Fresh Issue and Offer for Sale Structure

The IPO has two parts: a fresh issue and an offer for sale. The fresh issue consists of up to 1,13,92,500 equity shares, while the offer for sale consists of up to 94,93,700 equity shares by Dr. Manika Khanna.

At the upper price band of ₹79, the fresh issue size works out to approximately ₹90.00 crore, while the offer for sale works out to approximately ₹75.00 crore. At the lower price band of ₹75, the fresh issue is approximately ₹85.44 crore and the offer for sale is approximately ₹71.20 crore.

The fresh issue proceeds will be available to the company after offer-related expenses. The offer for sale proceeds will go to the promoter selling shareholder and will not form part of the company’s net proceeds.

How the Fresh Issue Money Is Proposed to Be Used

The RHP states that Gaudium IVF proposes to use the net proceeds from the fresh issue mainly for setting up new IVF centres, repayment or prepayment of certain outstanding loans, and general corporate purposes.

The company proposes to establish 19 new IVF centres in a phased manner. The RHP indicates 10 new centres proposed in Fiscal 2027, 8 new centres in Fiscal 2028 and 1 new centre in Fiscal 2029.

Expansion Plan: 19 Proposed IVF Centres

The expansion plan is one of the central points in this IPO. Gaudium IVF is proposing to expand from its existing hub-and-spoke network into new cities across India.

The proposed locations include Delhi, Noida, Gurgaon, Lucknow, Indore, Nagpur, Vizag, Surat, Pune, Hyderabad, Chennai, Mumbai, Kolkata, Ahmedabad, Cochin, Coimbatore, Jaipur, Guwahati and Kanpur.

According to the RHP, the company had not yet identified the premises for the proposed new IVF centres. The premises are expected to be finalised after analysing factors such as demographics, accessibility and surrounding business environment.

This makes the fresh issue story execution-linked. The proposed centres can widen Gaudium IVF’s presence, but the actual outcome will depend on location selection, doctor availability, embryology resources, regulatory approvals, centre ramp-up and patient acquisition.

Business Model: IVF-Led, With Hospital and Pharmacy Revenue

Gaudium IVF’s revenue is mainly driven by fertility treatment. The company offers services such as IVF, ICSI, IUI, ovulation induction, male infertility treatment, cryopreservation, frozen embryo transfer, fertility-related surgeries, PCOD/PCOS care and women’s health services.

The company also has a hospital facility at its Janakpuri centre in Delhi NCR for mother and child care and day-care procedures. In addition, pharmacy revenue has become a visible part of the revenue mix after the acquisition of Gaudium International Private Limited.

This revenue mix shows that IVF treatment remains the main business, while pharmacy has become a meaningful contributor. The mix also shows why the company should not be viewed only as a standalone IVF clinic chain.

IVF Cycle Data: A Useful Operating Metric

In IVF businesses, operating metrics can be as important as financial numbers. Gaudium IVF discloses cycle-related data using OPU and ET. OPU refers to ovum pick-up, while ET refers to embryo transfer.

The company reported 1,824 total cycles for the six months ended September 30, 2025. For Fiscal 2025, total cycles stood at 3,476. For Fiscal 2024 and Fiscal 2023, the total cycle count was 3,711 and 3,512 respectively.

This data is useful because IVF companies are not evaluated only by beds or hospital capacity. Patient inflow, treatment cycles, centre maturity, doctor availability and clinical infrastructure are important parts of the operating story.

GAAT: The Technology Angle in the RHP

The RHP mentions Gaudium Advanced Analysis and Treatment, or GAAT, as a proprietary process developed by the company for advanced genome-based IVF treatment.

The process is described as being aimed at complex infertility cases such as recurrent implantation failure, recurrent miscarriages, poor ovarian reserve, genetic predispositions and advanced parental age.

The RHP states that GAAT uses genetic insights across female partner, male partner and embryo-related analysis to support a more personalised treatment approach. Development costs related to GAAT are recorded as intangible assets under development.

This gives the company a technology-led narrative, but it should be read with the usual caution applicable to healthcare disclosures. Clinical outcomes, patient suitability, doctor expertise, regulatory compliance and actual adoption across centres remain important.

Financial Snapshot

Gaudium IVF reported revenue from operations of ₹70.72 crore in Fiscal 2025, compared with ₹47.89 crore in Fiscal 2024 and ₹44.24 crore in Fiscal 2023. For the six months ended September 30, 2025, revenue from operations stood at ₹49.50 crore.

Profit after tax stood at ₹19.13 crore in Fiscal 2025, compared with ₹10.32 crore in Fiscal 2024 and ₹13.53 crore in Fiscal 2023. For the six months ended September 30, 2025, profit after tax was ₹12.51 crore.

Valuation at the Price Band

The price band advertisement shows the P/E ratio at 24.04 times at the lower price band and 25.32 times at the upper price band, based on diluted EPS for Fiscal 2025.

The advertisement also shows the average industry peer group P/E at 26.49 times for Fiscal 2025 and weighted average return on net worth at 16.01% for the last three financial years.

These valuation numbers are part of the IPO background. They need to be read along with the company’s healthcare focus, centre expansion plan, IVF cycle data, dependence on doctors and regulatory risk profile.

Risk Points That Make This IPO Different

Healthcare IPOs have a different risk profile compared with manufacturing, financial services or consumer businesses. For Gaudium IVF, the offer documents highlight risks linked to clinical services, specialist doctors, regulatory approvals, contingent liabilities and IVF outcome variability.

• Contingent liabilities: The price band advertisement mentions contingent liabilities of ₹4,499.34 lakh, including interest, compared with net worth of ₹5,885.47 lakh as of September 30, 2025.
• Healthcare and procedural risk: The company provides IVF, IUI, ICSI, egg freezing, embryo-related and other fertility services. Any failure in quality, patient care or compliance can affect reputation and financial performance.
• Dependence on doctors and specialists: The business depends on doctors, nurses, embryologists and other healthcare professionals.
• Employee attrition: The price band advertisement shows attrition of 31% for the six months ended September 30, 2025, and 63%, 58% and 51% for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively.
• Limited embryologist availability: The company’s operations depend on a limited number of embryologists across centres, which can affect quality and service continuity.
• IVF success-rate variability: The advertisement shows IVF success rates of 58.74%, 58.23%, 58.03% and 57.01% for the six months ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Any decline can affect patient trust and brand reputation.
• Regulatory approvals: The RHP includes applications and approvals related to ART clinics, PNDT-related registrations, biomedical waste and other healthcare regulatory requirements.
• Expansion execution: The company proposes to establish 19 new IVF centres, but premises had not been identified as per the RHP. Location finalisation, approvals and ramp-up are important execution factors.

Reading the IPO as a Healthcare-Network Story

Gaudium IVF IPO is best understood as a specialised fertility-care network issue rather than a broad hospital or diagnostics IPO. The business is built around IVF treatment, doctor-led care, patient referrals, clinical infrastructure and a hub-and-spoke operating model.

The company already has an operating base across 7 hubs and 28 spokes. The fresh issue adds a centre-expansion plan through 19 proposed IVF centres. At the same time, fertility treatment is a trust-heavy and outcome-sensitive business where reputation, clinical quality and specialist availability matter.

The offer also includes a sizeable OFS by the promoter selling shareholder. Therefore, the IPO combines three separate elements: a fertility-care business, a planned centre-expansion programme and partial promoter stake sale.

Key Points from the RHP and Price Band Advertisement

• Gaudium IVF IPO is scheduled to open on February 20, 2026 and close on February 24, 2026.
• The price band is fixed at ₹75 to ₹79 per share.
• The lot size is 189 shares, and one lot costs ₹14,931 at the upper price band.
• The IPO consists of a fresh issue of up to 1,13,92,500 shares and an OFS of up to 94,93,700 shares.
• The total offer size is approximately ₹156.65 crore to ₹165.00 crore.
• The company operates through 7 hubs and 28 spokes.
• Fresh issue proceeds are proposed to be used for new IVF centres, loan repayment or prepayment, and general corporate purposes.
• The company proposes to establish 19 new IVF centres in phases.
• IVF treatment contributed 78.54% of revenue from operations in Fiscal 2025.
• Pharmacy contributed 16.57% of revenue from operations in Fiscal 2025 and 28.85% for the six months ended September 30, 2025.
• The P/E ratio is 25.32 times at the upper price band, based on diluted EPS for Fiscal 2025.
• Contingent liabilities, healthcare compliance, attrition, embryologist availability and centre expansion are key risk areas.

Source and Data Note

This article is based on Gaudium IVF and Women Health Limited’s Red Herring Prospectus dated February 13, 2026 and the price band advertisement published before the IPO opening. The article reflects information available around February 18, 2026, before the public bidding period opens.

Disclaimer

This article is for educational and informational purposes only. It is not investment advice, medical advice, a recommendation to apply for the IPO, or a recommendation to buy, sell or hold any security. IPO investments are subject to market risk, valuation risk, allotment risk, liquidity risk, business risk and regulatory risk. Readers should refer to the Red Herring Prospectus, price band advertisement and official filings before making any investment decision.