Gaudium IVF IPO kicks off today: Should you subscribe to this issue?

The initial public offering (IPO) of Gaudium IVF & Women Health opens for bidding on Friday, February 20. The healthcare services provider is offering its shares in the range of Rs 75-79 apiece and investors can apply for a minimum of 189 equity shares and its multiples thereafter. The issue will close for bidding on Tuesday, February 24.

The Rs 165 crore IPO of Gaudium IVF & Women Health includes a fresh share sale of Rs 90 crore and an offer-for-sale (OFS) of up to 94,93,700 equity shares worth Rs 65 crore. The net proceeds from the fresh share sale shall be utilized towards funding capital expenditure, repayment or pre-payment of certain debt and general corporate purposes.

Incorporated in March 2015, New Delhi-based Gaudium IVF and Women Health is engaged in In-Vitro Fertilization (IVF) treatments throughout India and has expanded into several states utilizing a hub-and-spoke model. It operates over thirty locations, which include seven hubs (centres) and twenty-eight spokes.

Ahead of its IPO, Gaudium IVF and Women Health raised Rs 49.50 crore from four anchor investors including Meru Investment Fund, Sanshi Fund, Hornbill Orchid India Fund and Carnelian India Multi Strategy Fund as it allocated 62,65,860 equity shares at Rs 79 apeice.

Gaudium IVF reported a net profit of Rs 12.51 crore with a revenue of Rs 49.75 crore for the period ended on December 30, 2025. It clocked a net profit at Rs 19.13 crore with a revenue of Rs 70.96 crore for the financial year ended on March 31, 2025. At the current valuation, the company is commanding a total market capitalization close to Rs 575 crore. 

The company has reserved 50 per cent share for qualified institutional bidders, while non-institutional investors will have 15 per cent of the allocations. Retail investors will have 35 per cent of allocation in the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 8-9 apiece, hinting at 10-11 per cent gains. However, its GMP stood at Rs 10-12 a day ago.

Sarthi Capital Advisors is the sole book running lead manager for Gaudium IVF and Women Health IPO and Bigshare Services is the registrar of the issue. Here's what a host of brokerage firms said about the IPO of Gaudium IVF and Women Health:
 

Arihant Capital Markets

Rating: Subscribe

Gaudium IVF appears well-positioned to benefit from the structurally growing fertility market in India, supported by its proprietary GAAT module, consistent clinical success rates and stable treatment volumes. Its focus on personalized, genome-based solutions enhances clinical differentiation and premium positioning, while diversified revenue streams across IVF, hospital services and pharmacy operations provide operational resilience, said Arihant Capital.

"With strong clinical credibility, integrated service offerings and scalable infrastructure, the company is strategically placed to drive sustainable growth, improve average revenue per patient, and strengthen its competitive standing in the organized fertility care segment. The issue is valued at a P/E ratio of 22.98 times, based on annualized PAT of FY26 EPS of Rs 3.4," it said with a 'subscribe' rating.
 

Swastika Investmart

Rating: Subscribe

Gaudium IVF is India’s first pure-play listed fertility services company, offering a scarcity premium in a fragmented IVF market. It reported a strong turnaround, with PAT rising about 85 per cent YoY in FY25. Profitability remains healthy, supported by 40 per cent EBITDA margins and strong ROE, said Swastika Investmart.

"At the upper price band of Rs 79, the valuation of 28–30 times FY25 P/E appears relatively premium. The stock may suit investors with a 2–3 year horizon, but the Rs 31 crore tax dispute is a key risk to watch," it added with a 'subscribe' rating.
 

SMIFS

Rating: Subscribe

As new centers stabilize over a 2–3 year ramp cycle, aggregate revenue is expected to scale meaningfully, said SMIFS. "We recommend subscribing to the issue as overall the outlook remains supported by structural industry growth, disciplined capacity addition, scalable operating architecture and demonstrated execution capability across geographies."
 

BP Equities

Rating: Subscribe

Improving financial performance, scalable infrastructure, and structural industry growth drivers provide long-term growth visibility, said BP Equities. "The issue is valued at a P/E ratio of 25.3 times on the upper price band based on FY25 earnings. we thus recommend a 'subscribe' rating for this issue," it said.
 

Ventura Securities

Rating: Subscribe

Asset efficient hub and spoke model supports scalable growth with operating margins above 40 percent and strong cost control. Comprehensive fertility offerings, favorable industry tailwinds, medical tourism focus and experienced leadership drive sustained patient growth and revenue visibility, said Ventura Securities with a 'subscribe' rating.

"The company is exposed to regulatory and workforce retention risks in a specialist healthcare segment, with high attrition among key professionals potentially affecting service quality. It also faces significant contingent liabilities and competition from larger healthcare players that could pressure margins and growth," the brokerage said citing its weaknesses.