The Indian healthcare sector is witnessing strong structural growth, especially in fertility services driven by rising infertility rates, delayed parenthood, lifestyle changes, and increasing awareness. Gaudium IVF & Women Health Limited is now coming up with its Initial Public Offer (IPO). In this detailed IPO review, we will analyze Gaudium IVF IPO issue details, dates, GMP, financial performance, valuation, risks, strengths, and finally answer the key question – Should you invest or avoid this IPO?
About Gaudium IVF & Women Health Limited
Incorporated in March 2015, Gaudium IVF & Women Health Limited is engaged in providing In Vitro Fertilization (IVF) treatments and comprehensive women’s healthcare services across India.
The company operates a hub-and-spoke model with 7 major hubs and 28 spokes across multiple states. Its presence includes key cities such as Delhi (Janakpuri and Kailash Colony), Mumbai (Khar West), Ludhiana, Srinagar, Patna, and Bangalore.
The company offers:
- IVF (In Vitro Fertilization)
- ICSI (Intracytoplasmic Sperm Injection)
- IUI (Intrauterine Insemination)
- Ovulation induction treatments
- PCOS/PCOD management
- Endometriosis care
- High-risk pregnancy management
- Advanced male infertility treatments including sperm retrieval techniques
It also serves international patients from countries like Canada, UK, USA, Kenya, South Africa, and Oman.
Gaudium IVF IPO Issue Details
- IPO Type: Book Building Issue
- Issue Size: ₹165 Crores
- Fresh Issue: ₹90 Crores
- Offer for Sale (OFS): ₹75 Crores
- Face Value: ₹5 per share
- Price Band: ₹75 to ₹79 per share
- Lot Size: 189 shares
- Minimum Investment (Retail): ₹14,931
- Listing: BSE and NSE
- IPO Open Date: February 20, 2026
- IPO Close Date: February 24, 2026
- Tentative Listing Date: February 27, 2026
- Registrar: Bigshare Services Pvt. Ltd.
- Lead Manager: Sarthi Capital Advisors Pvt. Ltd.
- Retail quota: Not less than 35%
- QIB quota: Not more than 50%
- NII quota: Not less than 15%
Financial Performance Analysis
(₹ in Crores)
| Particulars | FY23 | FY24 | FY25 | Sep 2025 |
|---|---|---|---|---|
| Total Income | 44.26 | 48.15 | 70.96 | 49.75 |
| EBITDA | 20.07 | 19.27 | 28.63 | 18.95 |
| PAT | 13.53 | 10.32 | 19.13 | 12.51 |
| Net Worth | 22.73 | 26.99 | 46.30 | 58.85 |
| Borrowings | 9.78 | 15.73 | 18.93 | 22.51 |
Key Observations:
- Strong revenue jump in FY25.
- Healthy EBITDA margins around 38–40%.
- PAT margins above 25% which is strong for healthcare services.
- Return ratios (ROE and ROCE) above 20%.
- Debt levels are moderate with Debt/Equity below 0.5.
The company demonstrates scalable operations and healthy profitability.
Key Performance Indicators (KPIs)
- ROE: 21.25% (Sep 2025)
- ROCE: 21.03%
- PAT Margin: 25.14%
- EBITDA Margin: 38.29%
- Post IPO EPS: ₹3.44
- Post IPO P/E: 22.99x
- Price to Book: 10.48x
The valuation appears moderate compared to high-growth healthcare service companies.
Peer Comparison – P/E Ratio Analysis
Based on industry comparison (fertility and specialized healthcare chains):
- Highest P/E in peer group (Progyny Inc.): ~41.5x
- Lowest P/E in peer group (Inspire IVF Public Company Limited): ~11.4x
- Industry Average: ~26.4x
- Gaudium IVF Post IPO P/E: 22.99x
At around 23x earnings, the IPO is priced below industry average but above the lowest peer, indicating reasonable valuation.
Objects of the IPO
The company proposes to utilize fresh issue proceeds towards:
- Establishment of new IVF centers – ₹50 Crores
- Repayment or prepayment of certain loans – ₹20 Crores
- General corporate purposes
Expansion funding indicates growth orientation, while debt repayment strengthens balance sheet.
Competitive Strengths
1. Asset Light Hub-and-Spoke Model
The company uses a central hub model for complex procedures and satellite spokes for consultation and diagnostics. This reduces capital intensity and improves operating leverage.
2. High Margin Specialty Segment
IVF services typically have higher margins compared to general hospitals. EBITDA margin of ~38% reflects strong pricing power.
3. Brand Recall in Metro Locations
Presence in prime urban centers helps attract higher-paying clientele.
4. International Patient Base
Foreign patient inflow improves revenue mix and enhances brand positioning.
5. Experienced Promoters
Promoters include medical professionals with domain expertise.
Reasons to Invest in Gaudium IVF IPO
1. Structural Growth in Fertility Industry
Rising infertility rates, delayed marriages, urban stress, and increasing awareness are long-term growth drivers.
2. Strong Profitability Metrics
PAT margin above 25% and ROE above 20% indicate efficient capital deployment.
3. Expansion-Focused IPO
Major portion of funds is allocated toward opening new IVF centers, indicating future revenue visibility.
4. Reasonable Valuation
At ~23x P/E, pricing is lower than industry average of ~26.4x.
5. Improving Scale
Revenue grew significantly in FY25, indicating scalability of the model.
Risk Factors
1. Dependence on Key Doctors
Fertility business heavily depends on specialist doctors. Loss of key professionals could impact operations.
2. Regulatory Risk
Healthcare and ART services are regulated sectors. Any tightening of ART regulations may impact margins.
3. High Competition
Fertility segment has increasing competition from regional IVF chains and hospital groups.
4. Geographic Concentration
Operations are concentrated in select cities. Regional disruption can affect revenues.
5. OFS Component
₹75 Crores is Offer for Sale, meaning part of IPO proceeds go to promoters instead of company growth.
Grey Market Price (GMP) of Gaudium IVF IPO
Latest Gaudium IVF IPO GMP from Chittorgarh website indicates ₹ 12, while IPO Watch indicate ₹ 10 to ₹ 12. Even other prominant portals like IPOGuru indicates Gaudium GMP as ₹ 12.
However, GMP is unofficial and speculative in nature. Investors should not rely solely on GMP while making investment decisions.
How to Apply for Gaudium IVF IPO?
You can apply through:
- Net banking ASBA facility
- UPI through broker platforms like Zerodha, Upstox, Groww etc.
- Physical application via broker
Minimum retail investment is ₹14,931 (1 lot of 189 shares).
Should You Invest or Avoid Gaudium IVF IPO?
Positives:
- Strong profitability
- Asset light scalable model
- Industry tailwinds
- Reasonable valuation
Negatives:
- High competition
- Dependency on specialists
- Partial OFS
Final Verdict:
For long-term investors looking at specialty healthcare growth themes, this IPO appears reasonably priced with strong margins and expansion plans. Risk-averse investors may wait for listing performance. Moderate to High risk investors can consider subscribing for medium to long term.
Frequently Asked Questions (FAQs)
1. What is Gaudium IVF IPO price band?
₹75 to ₹79 per share.
2. What is minimum investment required?
₹14,931 for 1 lot (189 shares).
3. What is Gaudium IVF IPO GMP?
GMP is fluctuating and unofficial and is around ₹ 10 to ₹ 12. Investors should verify latest updates.
4. When is allotment date?
Expected on February 25, 2026.
5. When is listing date?
Tentatively February 27, 2026.
6. Is Gaudium IVF IPO good or bad for investment?
It is reasonably valued with strong profitability. Suitable for investors with moderate to high risk appetite.
Disclaimer
Investment in equity shares involves a high degree of risk. IPO investments are subject to market risks. Investors are advised to read the Red Herring Prospectus (RHP) carefully before making any investment decision. Past performance does not guarantee future returns. This article is for educational purposes only and should not be considered as investment advice.
- Gaudium IVF IPO Review 2026: GMP, Financials, Valuation & Should You Subscribe or Avoid? - February 19, 2026
- IIFL Finance NCD February 2026 Review – Up to 9% Interest, Ratings & Should You Invest? - February 17, 2026
- Best Strategies to Negotiate with Banks for Loan Settlement - February 17, 2026