The Indian healthcare sector is reaching a new milestone as Gaudium IVF and Women Health Limited prepares for its stock market debut. Setting a price band of Rs 75 to Rs 79 per share, the company will become the first specialized fertility services provider to list on Indian exchanges.
The Rs 165 crore initial public offering (IPO) arrives at a time when the domestic In Vitro Fertilization (IVF) market is projected to witness double-digit growth.
IPO Details, Timeline
The public issue is scheduled to open for subscription this Friday, Feb 20, 2026, and will conclude on Feb 24. For retail investors, the minimum application size is fixed at one lot of 189 equity shares, requiring an outlay of Rs 14,931 at the upper price band.
The total issue size is a blend of growth capital and partial exit for the promoter:
- Fresh Issue: 11.3 million shares (approximately Rs 90 crore)
- Offer for Sale (OFS): 9.49 million shares (approximately Rs 75 crore) by promoter Dr. Manika Khanna.
The anchor investor window opens today, Feb 18, serving as a bellwether for institutional appetite. Market watchers expect a neutral listing on Feb 27 on both the BSE and NSE, as early Grey Market Premium (GMP) activity remains muted at Rs 0.
Strategic Growth and Capital Allocation
Gaudium IVF intends to utilize the net proceeds from the fresh issue to fuel a multi-city expansion. Approximately Rs 50 crore is earmarked for establishing new IVF centers, while Rs 20 crore will be deployed for the repayment or prepayment of existing borrowings.
The company's "hub-and-spoke" model-comprising 7 central hubs and 28 spokes-has allowed it to scale across 30+ locations, including Delhi, Mumbai, and Bangalore. Beyond domestic borders, Gaudium has positioned itself as a medical tourism destination, catering to patients from the UK, USA, Canada, and various African nations.
Riding the Fertility Tailwinds
The timing of the IPO aligns with a significant shift in India's healthcare landscape. The domestic IVF market is estimated to reach approximately $1.45 billion by the end of 2026, driven by rising infertility rates, lifestyle changes, and increased social acceptance of assisted reproductive technology (ART).
Financially, Gaudium has demonstrated robust momentum. In FY25, the company reported a total income of Rs 70.72 crore, representing a 47.7% increase year-on-year. Profit after tax (PAT) surged by 85.4% during the same period to reach Rs 19.13 crore, signaling healthy margins despite the capital-intensive nature of specialized healthcare.
As the first pure-play fertility stock, Gaudium will likely serve as a benchmark for valuation in this niche segment. While the lack of immediate GMP suggests cautious sentiment, the company's strong clinical track record and debt-reduction plans provide a fundamental base for long-term investors eyeing the expansion of the "silver economy" and elective healthcare.
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