The Indian fertility services market was worth $1.5 billion in 2024 and is expected to grow at a rate of 12.7% per year to reach $4.41 billion by 2033. This is because more couples are having trouble getting pregnant (15–20%), marriages are happening later, and more people are accepting ART.
Factors That Drive Growth
Infertility is on the rise: 10–14% of couples are affected. Lifestyle factors (obesity, stress) and pollution are driving up demand for IVF by 20% each year.
Tier-2/3 Penetration: Chains like Gaudium/Nova IVF that are affordable are opening new centers in smaller cities (60% of new centers). India's IVF costs are only a third of what they are in the West, and the country gets more than 50,000 international patients a year with success rates that are on par with global standards.
New technologies like AI embryo selection, PGT-A, and frozen transfers have increased pregnancy rates by 45–50% compared to the old 30–35%.
The Future of the Market
Reports show that by 2030, the range will be between $3.2 billion and $9 billion. These estimates range from conservative (9.6% CAGR, Grandview) to aggressive (17.5% CAGR, MRFR). Gaudium IVF is riding this wave with hub-spoke scaling.
Key strengths: A history of success with over 50,000 cycles, low prices, high clinical success rates (more than 45% pregnancy), experienced promoters (Dr. Manika and Dr. Peeyush Khanna), and an aggressive plan to open 19 more centers.
Before the Mainboard IPO, Gaudium IVF grew quickly. FY25 revenue grew quickly, and PAT ₹19.13 Cr was visible. ₹353 Cr (1.13 Cr new + 0.95 Cr OFS shares at ₹5 FV) — a price band will be available soon. It opens on February 20 and closes on February 24, 2026. Allotment is on February 25, and the BSE/NSE listing is on February 27.
Gaudium IVF IPO Details:
Gaudium IVF Issue Management:
Sarthi Capital Advisors Pvt Ltd acts as the book-running lead manager for Gaudium IVF SME IPO, managing underwriting and compliance.
Gaudium IVF IPO RTA (Registrar) Details:
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Gaudium IVF IPO Allotment Status:
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Action Links:
To apply for Gaudium IVF IPO, open a demat account here
Gaudium IVF IPO Subscription Status: Check live subscription here
Gaudium IVF IPO GMP Update: Check latest grey market premium here
Dr. Manika Khanna started Gaudium IVF & Women Health Ltd. in Delhi in 2015. The company has 36 state-of-the-art fertility centers in six Indian states (seven hubs and 29 spokes). They specialise in IVF, ICSI, IUI, surrogacy, and advanced treatments for failed IVF cycles, PCOS, male infertility, and endometriosis.
The company has a success rate of 45% to 80%, which is the highest for repeat IVF failures. It uses technology like INTEGRA Ti™ time-lapse embryo monitoring, AI selection, and ICMR-registered labs. It also attracts medical tourists because its prices are 1/3 of what they would be in the West.
Main Operations
IVF/ICSI that is tailored to your needs (with a 45%+ pregnancy rate), blastocyst culture, laser hatching, PESA/TESA/TESE for male factors, donor programs, and surrogacy are all options.
Hubs handle hard cases, and spokes let Tier 2 and 3 access (60% of revenue growth).
Patient Focus: more than 50,000 cycles, personalised plans, and counselling; serves patients from more than 20 countries.
Scale and Leadership
Dr. Manika Khanna, who has been a member of ASRM for more than 20 years and is an expert in recurrent IVF, is in charge. Dr. Peeyush Khanna, Vishad Khanna, and Dr. Peeyush Khanna are also in charge. Headquarters: B1/51 Janak Puri, New Delhi. Authorised capital: ₹44 Cr; paid-up: ₹30.7 Cr (CIN: U85100DL2015PLC278296).
Money matters (Pre-IPO FY25)
The company is getting ready for a Mainboard IPO (₹353 Cr, opens Feb 20, 2026) to pay for 19 new centers. Its revenue is ₹70.72 Cr (+48% YoY) and its PAT is ₹19.13 Cr (40% EBITDA margin).
Gaudium IVF & Women Health Ltd showed robust growth before the Mainboard IPO. FY25 revenue hit ₹70.72 Cr (+48% YoY from FY24's ₹47.89 Cr), PAT ₹19.13 Cr (vs ₹10.31 Cr), with strong visibility (EPS est. ₹6-7, RoNW 40%+). ₹353 Cr total (2.09 Cr shares @ ₹5 FV, fresh ₹194 Cr + OFS ₹159 Cr). It opens February 20-24, 2026, allotment on February 25, BSE/NSE listing on February 27.
Gaudium IVF Limited IPO is ₹353 Cr total (2,08,86,200 shares @ ₹5 FV): fresh ₹194 Cr (1,13,92,500 shares) + OFS ₹159 Cr (94,93,700 shares by Dr. Manika Khanna).
Gaudium IVF IPO proceeds will be deployed towards the following objectives:
Gaudium IVF Ltd IPO reserves 22.68 lakh shares per SEBI Mainboard norms
The Anchor bidding opens February 13, 2026 (~28.42% of QIB portion).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt Ltd.
According to RHP reports, between the end of the financial year on March 31, 2025, and the end of the financial year on March 31, 2024, Gaudium IVF & Women Health Ltd.'s revenue went up by 47% and its profit after tax (PAT) went up by 85%.
The important risks and strengths of Gaudium IVF IPO are mentioned below:
Strengths:
Individualised care for patients, including emotional support and tailored IVF plans.
Dr. Manika Khanna's expertise has led to high clinical success rates (45–80%, especially in failed IVF cases).
Advanced technology like AI embryo selection, INTEGRA Ti™ time-lapse monitoring, and labs that are the best in the business.
A scalable hub-and-spoke network with 36 centers in 6 states that allows for Tier-2/3 penetration and medical tourism.
Strong finances: FY25 revenue of ₹70.72 Cr (+48% YoY), PAT of ₹19.13 Cr, and EBITDA margins of 40%.
Risks
Nova IVF, Birla Fertility, and Indira IVF are all competing very hard, which is affecting prices and market share.
Dependence on regulations: ICMR/PCPNDT approvals are needed; operations stop if they don't comply.
Key person risk for promoters and doctors; keeping talent is very important for results.
Legal proceedings and lawsuits that could hurt your reputation or cost you money.
In the sensitive field of fertility, there is a lot of variability in patient outcomes and a lot of bad press.
The RHP filings show that Gaudium IVF & Women Health Ltd is doing well in FY25, with revenue of ₹70.72 Cr (+48% YoY from FY24 ₹47.89 Cr), PAT of ₹19.13 Cr (27% margin), RoNW of 42%+, and a post-issue P/E of 18-22x, which is good compared to fertility peers like Nova IVF (private, 30-40x multiples).
The Mainboard IPO for ₹353 Cr (2.09 Cr shares at ₹5 FV, new ₹194 Cr + OFS ₹159 Cr) is expected to happen. The upper band of ₹280–310 gives 2.5 times sales and 18 times EPS (after the issue). Hub-spoke scalability (36 centers to 55), success rates of 45% or more, and Tier-2/3 penetration that is higher than regulatory and competition risks make for a strong listing potential.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Gaudium IVF IPO, open a demat account here
Gaudium IVF IPO Subscription Status: Check live subscription here
Gaudium IVF IPO GMP Update: Check latest grey market premium here
1. What is the Gaudium IVF IPO open and close date?
The Gaudium IVF & Women Health Ltd Mainboard IPO opens February 20, 2026 and closes February 24, 2026 (allotment February 25; listing February 27 on BSE/NSE).
Track Gaudium IVF IPO subscription status live here from Finnpick.
2. What is the Gaudium IVF IPO price band and lot size?
The IPO price band is TBD at price ₹75-79/share) (FV ₹5), lot size 189 shares (retail min ~₹1.5 lakh for 2 lots @ upper end).
3. What is Gaudium IVF IPO total size?
The Gaudium IVF IPO total size is ₹353 Cr (2.09 Cr shares @ ₹5 FV): fresh issue ₹194 Cr (1.14 Cr shares) + OFS ₹159 Cr (0.95 Cr shares by promoter Dr. Manika Khanna)
4. How to apply for the Gaudium IVF IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 24, 4 PM. Monitor Gaudium IVF IPO subscription tracker here.
5. How to check Gaudium IVF IPO Allotment Status?
The allotment date is on Feb 25th and can be checked on Bigshare Services Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Gaudium IVF IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 13, indicating listing at the price range—check daily updates of Gaudium IVF IPO GMP trends here and live subscription status here from Feb 20th opening only on Finnpick.
7. What does Gaudium IVF specialize in?
Gaudium IVF Limited specializes in advanced fertility treatments (IVF, ICSI, IUI) via hub-spoke model (36 centers), excelling in failed IVF cases, male infertility, PCOS with 45%+ success rates using AI/time-lapse tech.
8. When is the Gaudium IVF IPO listing date?
The Gaudium IVF Ltd IPO lists on 27th February, 2026 on NSE and BSE (~T+1 post-allotment Feb 25).
9. What are the Gaudium IVF IPO proceeds utilization details?
The Gaudium IVF IPO fresh proceeds fund ₹50 Cr for 19 new IVF centers, ₹20 Cr debt repayment, balance general purposes—scaling hub-spoke model to Tier-2/3 cities.
