India has thousands of IVF clinics. Millions of couples visit them every year. But until now, not a single fertility company has been listed on Indian stock exchanges. That is about to change.
Gaudium IVF and Women Health Limited is set to open its IPO on February 20, 2026, with a tentative listing on BSE and NSE on February 27, 2026. This makes Gaudium IVF a historic milestone — the first ever fertility services company to get listed in India.
What Is Gaudium IVF?
Founded in 2015 and promoted by Dr. Manika Khanna (Chairperson & Managing Director), Gaudium IVF is a Delhi-based chain of fertility clinics operating on a hub-and-spoke model. Currently, the company runs 7 hub centres in cities like Delhi, Mumbai, Bangalore, Ludhiana, Patna, and Srinagar — supported by 28 spoke clinics across the country.
The company offers a full range of fertility services including IVF, ICSI, IUI, embryo procedures, infertility surgeries, and women's health care. It also runs a 15-bed mother-and-child hospital in Janakpuri, Delhi, and has a pharmaceutical subsidiary that supplies medicines to its own centres.
Gaudium IVF IPO Details at a Glance
| Detail | Information |
|---|---|
| IPO Open Date | February 20, 2026 |
| IPO Close Date | February 24, 2026 |
| Price Band | ₹75 – ₹79 per share |
| Total Issue Size | ₹165 crore |
| Fresh Issue | ₹90 crore |
| Offer for Sale | ₹75 crore |
| Lot Size | 189 shares |
| Min. Investment | ₹14,931 (at upper band) |
| Listing Exchange | BSE & NSE |
| Expected Listing | February 27, 2026 |
The IPO proceeds will mainly be used for setting up new IVF centres (₹50 crore), repaying existing loans (₹20 crore), and general corporate purposes.
Strong Financials Back the Story
Gaudium IVF's numbers are impressive for a company of its size. In FY25, the company reported ₹70.72 crore in revenue — a jump of nearly 48% compared to FY24. More importantly, it is a highly profitable business, with an EBITDA margin of about 40% and a PAT (net profit) of ₹19.13 crore.
For comparison, Indira IVF — the market leader with 160+ centres — earns higher revenue but operates at lower margins (33% EBITDA margin vs Gaudium's 40%).
Why This IPO Matters for Indian Investors
The global IVF market is worth USD 27.49 billion in 2024 and is expected to double to USD 54.60 billion by 2034. India's own IVF market is growing even faster — projected to grow from USD 1.32 billion to USD 4.54 billion by 2034, a CAGR of over 13%.
According to WHO, 1 in 6 adults experiences infertility at some point. Rising infertility awareness, late marriages, lifestyle changes, and more couples seeking medical help are all driving demand for IVF services in India.
As the first listed IVF company in India, Gaudium also sets the valuation benchmark for the entire sector. Future entrants like Indira IVF or Nova IVF, if they list, will be compared to Gaudium's trading multiples.
Key Risks Investors Should Know
No investment comes without risk, and Gaudium's IPO has some specific concerns worth noting:
High Employee Attrition: The company reported a 63% attrition rate in FY25 — up from 51% the previous year. Losing trained fertility doctors and embryologists can directly affect patient outcomes and revenue.
Regulatory Compliance: India's ART (Assisted Reproductive Technology) Regulation Act 2021 is strict. Any non-compliance across its multi-state clinics could lead to penalties or cancellation of licenses.
Tax Demands Pending: The company has a disclosed income tax demand of over ₹24 crore that is currently under proceedings.
IVF is not covered by most insurance: Most Indian health policies do not cover IVF treatments. Patients pay from their own pocket, making this business sensitive to economic downturns.
Bottom Line: A Landmark IPO for India's Healthcare Sector
Gaudium IVF's listing is more than just another IPO. It is a defining moment for India's fertility care industry. For investors who believe in the long-term growth of healthcare and women's wellness in India, this IPO offers early-mover access to a niche but fast-growing segment.
At an estimated post-issue P/E of around 30x, the valuation is not cheap — but it reflects the growth expectations for a category that is still in its early innings in India.
Whether you are a retail investor, a healthcare sector tracker, or simply curious about this historic listing, keep an eye on Gaudium IVF as it opens for subscription on February 20, 2026. Check the IPO Review and Latest GMP before applying the Gaudium IVF IPO.
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