Gaudium IVF and Women Health Ltd

Gaudium IVF and Women Health Ltd is a 10-year-old company, which focuses on in-vitro fertilization (IVF) treatment through India. The company operates IVF centres across 30 locations in India. It also caters to patients from the US, Canada, UK, Kenya, Oman, and South Africa. It offers a range of fertility services including IVF, assisted reproduction techniques (ART), intracytoplasmic sperm injection (ICSI), intrauterine insemination (IUI), an ovulation induction. Their treatment caters to the fertility needs of men and women. In addition, they also provide end-to-end pregnancy management for the patient. 

Gaudium IVF and Women Health Ltd has been promoted by Dr Manika Khanna, Dr Peeyush Khanna, Vishad Khanna. The fresh funds raised in the IPO will be used for funding capex for the setting up of new IVF centres across India, repayment of loans, and for general corporate purposes. The Offer for Sale (OFS) is by the promoter, Dr Manika Khanna selling 94.937 lakh shares. The issue is being lead-managed by Sarthi Capital Advisors Private Ltd; while Bigshare Services Private Ltd will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Gaudium IVF and Women Health Ltd. 

1. The IPO of will be open from February 20th, 2026 to February 24th, 2026. It has a face value of ₹5 per share and IPO price band is set in range of ₹75 to ₹79 per share.
2. The IPO of Gaudium IVF and Women Health Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early investors.
3. The Fresh issue portion comprises the issue of 1,13,92,500 shares (113.93 lakh shares), which at the upper price band of ₹79 per share translates into ₹90 crore.
4. The offer for sale (OFS) portion comprises the sale of 94,93,700 shares (94.94 lakh shares), which at the upper price band of ₹79 per share translates into ₹75 crore.
5. The overall IPO, therefore, will comprise of the fresh issue portion and the offer for sale of 2,08,86,200 shares (208.86 lakh shares), which at the upper price band of ₹79 per share translates into ₹165 crore. 

The IPO of Gaudium IVF and Women Health Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on February 19, 2026. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Gaudium IVF and Women Health Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Gaudium IVF and Women Health Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 189 shares) 

Financial Highlights

The table captures the key financials of Gaudium IVF and Women Health Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

While the growth has been erratic in the last 3 years, the company has managed to maintain PAT margins around 27%, while the ROE has been over 40%. The EBITDA margins have been steady at above 40% for the last 3 years. 

Valuation Metrics

At the IPO price of ₹79 per share, the indicative P/E comes to about 25.3X at the latest year EPS of ₹3.12 per share. There are not too many comparable peer-group companies, but the company should get a premium valuation for its primary and sole focus on the rapidly growing area of in-vitro fertilization and attendant services. 

The company does bring some advantages like a scalable model and a hub and spokes model which makes the model cost effective yet efficient. Investors must be conscious of the risks in any healthcare venture. 

A Brief on the Anchor Allocation

The anchor issue of Gaudium IVF and Women Health Ltd saw a strong response on 19th February 2026 with 30.00% of the IPO size absorbed by anchors. Out of 2,08,86,200 shares (208.86 lakh shares) on offer in the IPO, anchors picked up 62,65,860 shares (62.66 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹79 per share. This includes the face value of ₹5 per share plus a share premium of ₹74 per share. The anchor bidding process opened and closed on 19th February 2026.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Gaudium IVF and Women Health Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 19th January 2026, Gaudium IVF and Women Health Ltd allotted 62,65,860 shares to 4 anchor investors. The allocation was done at the upper IPO price band of ₹79 per share which resulted in overall anchor allocation of ₹49.50 crore. The anchors have already absorbed 30.00% of the total issue size of ₹165.00 crore. Listed below are the Top 4 IPO anchor investors who accounted for anchor collection of ₹49.50 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of Gaudium IVF and Women Health Ltd. The anchor bidding opened and closed on February 19, 2026. 

Data Source: BSE Filings (Value Allocated is ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260219-16&attachedId=735659ab-e701-42d0-8adc-f3de6dd8cc8f 

Out of the 62,65,860 shares allocated to the anchors in the IPO, there was no allocation made either to mutual funds or to insurance companies registered with SEBI. All the allocations were to AIFs only. 

Next Step in the IPO

Post the closure of the IPO subscription on 24th February 2026, the basis of allotment will be finalized on 25th February 2026 and the refunds will be initiated on 26th February 2026. In addition, the demat credits are expected to also happen on 26th February 2026 and the stock will list on 27th February 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 26th February 2026 under ISIN (INE0P8B01020). 

IPO Subscription Status On Day-1

As of 5.20 pm on 20th February 2026, out of the 146.20 lakh shares on offer in the IPO (excluding anchor portion), Gaudium IVF and Women Health Ltd saw bids for 128.56 lakh shares. This implies an overall subscription of 0.88X or 88% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Gaudium IVF and Women Health Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 30.00% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to February 24, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹151.07 Crore (including the anchor allocation portion too).