Gaudium IVF IPO opens tomorrow: GMP signals decent listing; key things to know before you apply

Gaudium IVF IPO

• Gaudium IVF IPO opens for bidding on February 20.
• IPO targets to raise Rs 165 crore at Rs 75-79 per share.
• Grey market premium at 12.66 percent ahead of listing.

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The initial public offering of Gaudium IVF and Women Health is set to open for public bidding tomorrow, February 20. Grey market estimates currently hint towards a decent listing for the New Delhi-based fertility services provider.

The company aims to raise Rs 165 crore through a combination of fresh issue of 1.13 crore shares worth Rs 90 crore, and an offer-for-sale of 94.93 lakh shares worth Rs 75 crore.

Gaudium IVF IPO GMP:

Ahead of listing, the unlisted shares of Gaudium IVF IPO were trading with 12.66 percent grey market premium (GMP) over the IPO price, according to Investorgain. Although the GMP suggests decent listing, it has fallen from the 15.19 percent quoted yesterday, and 18.99 percent quoted a day before by the site.

According to IPO Watch too, the unlisted shares of the company were trading with 12.66 percent GMP over the IPO price.

It is important to note that grey market is an unofficial platform. The actual listing performance may significantly differ from these expectations.

About Gaudium IVF IPO:

The IPO will remain open for public bidding between February 20 (Friday) and February 24 (Tuesday) at a price band of Rs 75-79 per share. This values the company at Rs 575 crore at the upper price band.

Dr Manika Khanna, who holds 99.32 percent shareholding in the company, is the selling shareholder in the offer-for-sale. Her stake will be reduced to 70.73 percent after the public issue.

The allotments are likely to be finalised by February 25, and the shares are scheduled to be listed on stock exchanges on February 27.

How will the IPO proceeds be used?

Gaudium IVF & Women Health, which offers IVF (In Vetro fertilization) treatment in India and operates business through hub and spoke model, plans to spend Rs 50 crore from the fresh issue proceeds for establishment of new IVF centers, Rs 20 crore for repaying debt, and the remainder funds for general corporate purposes.

Incorporated in 2015, Gaudium IVF that operates at over 30 locations in India through a hub-and-spoke model comprising 7 hubs (centers - Delhi, Mumbai, Ludhiana, Jammu & Kashmir, Bihar, and Bangalore) and 28 spokes proposed to establish 19 new IVF centers across India.

On the financial front, Gaudium IVF reported profit of Rs 12.5 crore on revenue of Rs 49.5 crore for the April-September period of the ongoing financial year 2026. Profit in the financial year ended March 2025 grew by 85.4 percent to Rs 19.1 crore, from Rs 10.3 crore in previous year, while revenue in the same period increased 47.7 percent YoY to Rs 70.7 crore.

The company refiled its draft papers with Securities and Exchange Board of India (SEBI) in September 2025, which was subsequently cleared by the regulator in January 2026.

Sarthi Capital Advisors is acting as the merchant banker for the Gaudium IVF and Women Health IPO.

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