Gaudium IVF IPO

Gaudium IVF and Women Health Limitedgaudiumivfcentre.com

ListedMainboardHealth CareNSE · BSE

Price band: ₹75 – ₹79
Issue size: ₹165 Cr
Lot size: 189 sh
Bidding: 20 – 24 Feb
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Gaudium IVF and Women Health, incorporated in March 2015 and described in the record as running seven full-service fertility hubs and 28 spoke locations with 122 employees at 30 September 2025, raised Rs 165 Cr at a band of Rs 75 to Rs 79 — Rs 90 Cr fresh (54.55% of the total) and Rs 75 Cr offer for sale (45.45%). Revenue was Rs 44.24 Cr in FY23, Rs 47.89 Cr in FY24 and Rs 70.72 Cr in FY25, rises of 8.25% and then 47.67%, while profit after tax went Rs 13.53 Cr, Rs 10.32 Cr and Rs 19.13 Cr. Borrowings rose at every period after FY23, from Rs 9.78 Cr to Rs 22.51 Cr at 30 September 2025. The book closed on 24 February 2026 subscribed 7.27 times overall; the shares listed on 27 February 2026 at Rs 83 against the Rs 79 band top and last traded at Rs 92.11 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

63Balanced

IPOVista score

Profitable but slow-growing

63% of the scoring model was backed by disclosed data for Gaudium IVF, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · B1/51, Janak Puri, B-1, New Delhi 110058, India · 122 employees

Gaudium IVF and Women Health Limited runs fertility clinics in India, selling assisted-reproduction treatment to couples who cannot conceive. Its core service is in vitro fertilisation, alongside ICSI, intrauterine insemination and ovulation induction, plus gynaecological care for PCOD/PCOS and endometriosis, high-risk pregnancy management, and an in-house pharmacy. Incorporated in March 2015 and founded by Dr. Manika Khanna, it operates a hub-and-spoke network: seven full-service hubs — two in Delhi and one each in Mumbai, Ludhiana, Srinagar, Patna and Bangalore — supported by 28 spoke locations that handle consultations and follow-up and refer complex procedures to a hub. It performed 3,476 IVF cycles in FY25 and 1,824 in the six months to September 2025, and had 122 employees at that date. Patients also come from Canada, the UK, the US, Kenya, South Africa and Oman.

Revenue is fee-for-service treatment billed per IVF cycle, with packages payable upfront or in instalments. IVF treatment was 78.54% of FY25 revenue from operations of ₹7,072.40 lakhs; the acquired pharmacy arm contributed 16.57% and the day-care hospital 4.89%. Spoke centres are an alliance rather than owned capacity, keeping the model asset-light — EBITDA margin was 40.48% in FY25, down from 45.36% in FY23. The structural constraint is collection: the company books 75% of a case's income by the embryo-creation stage but collects only 20% of total revenue by then, the rest at embryo transfer; trade receivables rose from ₹90.84 lakhs at FY23 to ₹5,096.53 lakhs by September 2025, and borrowings reached ₹2,251.37 lakhs.

The company on paper

Legal name: Gaudium IVF and Women Health Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 24 Mar 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U85100DL2015PLC278296
Sector: Health Care · IVF and fertility treatment centres run on a hub-and-spoke network
Employees: 122
Registered office: B1/51, Janak Puri, B-1, New Delhi 110058, India
Promoters: Dr. Manika Khanna, Dr. Peeyush Khanna, Vishad Khanna
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 71.3%
Website: gaudiumivfcentre.com

The numbers

Financial performance

Revenue has compounded at 3.8% a year across the 4 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

55% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹90.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹75.00 Cr
Total issue size: ₹165 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription7.27×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹79.00
Listed at: ₹83.00
Listing gain: up 5.1%
Since listing: up 27.5%
Against the issue price: up 34.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 189
At cut-off price: ₹79.00
Amount blocked: ₹14,931

One lot is 189 shares at ₹14,931. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~13%

chance of one lot, per application

Retail subscription: 7.60×
Applicants per share available: 7.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹83.00

listed at, 5.1% against the issue price

Issue price: ₹79.00
Premium said: —
If allotted 189 shares: ₹756

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose 59.86% over two years, from Rs 44.24 Cr in FY23 to Rs 70.72 Cr in FY25, with the FY25 step alone 47.67% above FY24's Rs 47.89 Cr.
EBITDA was Rs 28.63 Cr in FY25 against Rs 19.27 Cr in FY24, a rise of 48.57%, and profit after tax Rs 19.13 Cr against Rs 10.32 Cr, a rise of 85.37%.
Net worth rose at every period after FY23: Rs 22.73 Cr at FY23, Rs 26.99 Cr at FY24, Rs 46.30 Cr at FY25 and Rs 58.85 Cr at 30 September 2025.
The six months to 30 September 2025 carried revenue of Rs 49.50 Cr, which is 69.99% of the full FY25 figure of Rs 70.72 Cr, and 1,824 IVF cycles against 3,476 in the whole of FY25 (52.47%).

What to weigh against it

Profit after tax fell 23.73% in FY24, from Rs 13.53 Cr to Rs 10.32 Cr, in a year when revenue rose 8.25% from Rs 44.24 Cr to Rs 47.89 Cr.
EBITDA margin, computed from the record's own figures, was 45.37% in FY23 (Rs 20.07 Cr on Rs 44.24 Cr), 40.24% in FY24 (Rs 19.27 Cr on Rs 47.89 Cr), 40.48% in FY25 (Rs 28.63 Cr on Rs 70.72 Cr) and 38.28% in the six months to September 2025 (Rs 18.95 Cr on Rs 49.50 Cr).
Borrowings rose at every period after FY23 — Rs 9.78 Cr at FY23, Rs 15.73 Cr at FY24, Rs 18.93 Cr at FY25 and Rs 22.51 Cr at 30 September 2025 — a rise of 130.16% across the three steps.
The company's own business-model description puts trade receivables at Rs 90.84 lakhs at FY23 and Rs 5,096.53 lakhs (Rs 50.97 Cr) at September 2025, the latter above the Rs 49.50 Cr of revenue booked in the preceding six months, and states that 75% of a case's income is booked by the embryo-creation stage while only 20% of total revenue is collected by then.

Easy to miss in the prospectus

The record's financial series stops at 30 September 2025 and that final column covers six months, not a year, while the Rs 92.11 price is as of 23 October 2026; nothing between those dates is on record.
Only one subscription row is present, the day-3 close of 24 February 2026: QIB 1.62 times, NII 14.05 times, retail 7.60 times, total 7.27 times. No day-wise build-up and no anchor allocation are on record.
The record carries no valuation multiples, no peer set and no breakdown of how the Rs 90 Cr fresh issue was to be applied; promoter holding is given as 99.98% before the issue and 71.30% after, a fall of 28.68 percentage points.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Gaudium IVF — Prospectus dated 2026-02-2525 Feb 2026Filed after pricing, with every placeholder filled in.Opens on gaudiumivfcentre.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Sarthi Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Gaudium IVF's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 20 Feb 2026
Closes: 24 Feb 2026
Allotment: 25 Feb 2026
Lists: 27 Feb 2026
Revenue (H1FY26): ₹49.50 Cr
Profit (H1FY26): ₹12.51 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.