India’s first fertility-services IPO is here: Gaudium IVF opens issue on Feb 20

Gaudium IVF and Women Health IPO News

• Gaudium IVF IPO to hit Dalal Street on February 20
• IPO comprises of fresh issue of 1.13 crore shares, and OFS of 94.93 lakh shares by founder
• Promoter's stake will reduce to 70.73% post issue, from 99.32%

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New Delhi-based fertility services provider Gaudium IVF and Women Health has filed Red Herring Prospectus with the Registrar of Companies on February 13, intimating that its IPO will open for public subscription next week on February 20.

With this, this is the first company from the fertility services provider making market debut.

The IPO anchor book will be opened for a day on February 18, while the public subscription will close on February 24. The company will finalise IPO share allotment by February 25, while Gaudium IVF and Women Health shares will be available for trading on the BSE and NSE on February 27, as per the schedule.

The initial public offering (IPO) is a combination of fresh issue of 1.13 crore equity shares, and an offer-for-sale of 94.93 lakh shares by promoter and founder Dr Manika Khanna.

She holds 99.32 percent shareholding in the fertility and reproductive health services provider, which will be reduced to 70.73 percent post issue.

The company intends to spend Rs 50 crore of proceeds from fresh issue for establishment of new IVF centers, Rs 20 crore for repaying debt, and the balance amount for general corporate purposes.

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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. "For which the company proposes to deploy Rs 50 crore towards the establishment of 10 new IVF centers proposed to be opened in FY27, 8 in FY28 and 1 in FY29."

Utilising proceeds for repayment of loan seems to be helping the company reduce debt burden, as its outstanding borrowings stood at Rs 22.5 crore till September 2025.

On the financial front, Gaudium IVF has recorded profit of Rs 12.5 crore on revenue of Rs 49.5 crore for April-September period of current financial year. 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 to Rs 70.7 crore, up from Rs 47.9 crore.

The company refiled its draft papers with Securities and Exchange Board of India (SEBI) in September 2025, which 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.

Apart from Gaudium IVF and Women Health, Indira IVF Hospital also planned to tap capital markets as the company in July 2025 filled its draft document via confidential route with SEBI to raise funds through IPO.