Fertility services firm Gaudium IVF re-files IPO with Sebi with a higher OFS portion

IVF

Gaudium IVF and Women Health, one of India’s largest fertility service providers, has re-filed its Draft Red Herring Prospectus (DRHP) with the capital market regulator Sebi, in a renewed push toward public listing and aggressive network expansion.

The revised IPO structure reveals a strategic shift in promoter intent, with the offer now comprising of a fresh issuance of up to 1.13 crore equity shares and an offer for sale (OFS) component of up to 94.94 lakh shares by Dr Manika Khanna, the founder of the IVF company. This marks a significant increase in the OFS portion compared to the previous filing, where the fresh issue was larger at 1.83 crore shares and the OFS stood at just 25.32 lakh shares. The overall issue size remains nearly unchanged at 2.08 crore shares, but the revised structure indicates a promoter dilution of nearly 70 lakh additional shares, suggesting a stronger exit intent.

The company plans to deploy the net proceeds from the fresh issue towards, Rs 50 crore for setting up 19 new IVF centers across India, Rs 20 crore for repayment or pre-payment of borrowings, and remaining funds for general corporate purposes.

Founded by renowned fertility specialist Dr Manika Khanna, Gaudium IVF operates in a hub-and-spoke model with 7 hubs and 28 spokes across multiple states. Gaudium’s expansion strategy is aimed at penetrating under-served regions with affordable fertility solutions, leveraging its strong brand and the clinical reputation of the founder.

India’s IVF market is projected to grow at a CAGR of 13.1%, expanding from $1.32 billion in 2024 to USD 4.54 billion by 2034, offering fertile ground for players like Gaudium IVF.

For FY25, the company posted a revenue of Rs 70.72 crore, EBITDA of Rs 28.63 crore, net profit of Rs 19.13 crore compared to Rs 47.89 crore revenue, Rs 19.27 crore EBITDA and a net profit of Rs 10.31 crore a year ago.

Sarthi Capital Advisors is the sole Book Running Lead Manager for the issue, while Bigshare Services will serve as the registrar.