Gaudium IVF Secures ₹49.5 Crore from Anchor Investors as IPO Launches Today, February 2026

Breaking: Gaudium IVF Secures ₹49.5 Crore from Anchor Investors as IPO Launches Today, February 2026

Gaudium IVF and Women Health Limited, a prominent player in India's rapidly expanding assisted reproductive technology (ART) segment, has successfully secured ₹49.5 crore from anchor investors, signaling strong institutional confidence just hours before its Initial Public Offering (IPO) opens for public subscription today, February 20, 2026. This crucial pre-IPO funding comes as the New Delhi-based fertility services provider aims to raise a total of ₹165 crore through its mainboard IPO, leveraging the burgeoning demand for fertility treatments across the nation. The IPO, with a price band set between ₹75 to ₹79 per equity share, seeks to fuel Gaudium IVF's ambitious expansion plans, primarily focusing on establishing new IVF centers and repaying outstanding loans.

The Catalyst The successful anchor investor allocation, which saw prominent funds like MERU Investment Fund PCC-CELL, Sanshi Fund I, Hornbill Orchid India Fund, and Carnelian India Multi Strategy Fund subscribe to 6.26 million shares at ₹79 apiece, underscores the growing investor appetite for India's healthcare sector, particularly in specialized segments like In Vitro Fertilisation (IVF). This significant interest highlights the robust growth prospects of the fertility services market in India, which is experiencing strong tailwinds. Factors such as increasing infertility rates, evolving lifestyle patterns, delayed marriages, and greater awareness about fertility treatments are driving this demand.

Industry projections are highly optimistic, indicating that the Indian IVF market, valued at approximately USD 1.32 billion in 2024, is expected to grow at a Compound Annual Growth Rate (CAGR) of around 13.1% to reach about USD 4.54 billion by 2034. This robust growth trajectory, coupled with Gaudium IVF's established hub-and-spoke model and comprehensive service portfolio, strategically positions the company within this high-growth market. India's Total Fertility Rate (TFR) has dipped to 1.9 births per woman as of 2025, well below the replacement level of 2.1, further contributing to the increased demand for assisted reproductive technologies.

Financial Forensics Gaudium IVF has demonstrated a consistent and impressive increase in revenue from its operations over the past fiscal years. The company's revenue rose from ₹44.24 crore in FY23 to ₹47.89 crore in FY24, and further to ₹70.72 crore in FY25. For the period ending September 30, 2025 (six months into FY26), the revenue from operations stood at ₹49.49 crore. This strong growth is primarily attributed to the expansion of IVF cycles, a rapid increase in pharmacy contributions, higher average revenue per patient, and a rise in Outpatient Department (OPD) consultations.

The company operates with an asset-light hub-and-spoke model, a strategy that enables it to maintain healthy operating margins while expanding its geographical reach. Gaudium IVF reported an impressive EBITDA margin of 40.48%, reflecting strong clinical and operational efficiency. Furthermore, the Profit After Tax (PAT) margin reached 30.56%, and the Return on Equity (ROE) stood at an impressive 59.51% as of the most recent period. The company's debt-to-equity ratio is in a healthy range of 0.38 to 0.58, indicating prudent financial management and controlled leverage.

Gaudium IVF Financial Snapshot (₹ in Crores)

Metric	FY23	FY24	FY25	6M FY26 (Sept 30, 2025)
Revenue	44.24	47.89	70.72	49.49
EBITDA	N/A	N/A	28.62	N/A
PAT	N/A	N/A	19.13	N/A
EBITDA Margin	N/A	N/A	40.48%	N/A
PAT Margin	N/A	N/A	30.56%	N/A
Return on Equity	N/A	N/A	59.51%	N/A
*Note: FY25 figures for EBITDA and PAT are from various sources but provide an indication of performance.

Market Impact The Gaudium IVF IPO is part of a broader healthcare IPO boom anticipated in India for 2026, with public issues from hospital chains and specialized healthcare providers, including IVF clinics, collectively expected to raise approximately ₹20,000 crore. This surge in listings indicates a significant structural shift in the healthcare sector, moving beyond a defensive play to emerge as a robust structural growth story.

The listing of Gaudium IVF on the BSE and NSE, tentatively scheduled for February 27, 2026, will be a landmark event, as it is set to become India's first listed pure-play fertility services company. This offers investors a unique opportunity to gain direct exposure to this specialized and high-growth segment. While the Grey Market Premium (GMP) for Gaudium IVF IPO was reported at ₹4 as of February 17, 2026, suggesting a potential listing gain of around 5.06% at the upper price band of ₹79, FinScann emphasizes that market performance is ultimately driven by fundamental valuation discipline, sustained operational scale, consistent growth, and capital efficiency.

Key Takeaways for Investors

• Sectoral Tailwinds: India's IVF market is projected for robust growth, driven by increasing infertility rates (approximately 15-20% of Indian couples grapple with infertility) and greater awareness, making it an attractive long-term investment theme.
• Established Brand & Scalable Model: Gaudium IVF benefits from strong promoter-led clinical expertise, particularly from its founder Dr. Manika Khanna, and a pan-India presence with a scalable hub-and-spoke model comprising 7 hubs and 28 spokes. This model allows for efficient expansion into Tier II/III cities while maintaining service quality.
• Strong Financial Performance: The company has demonstrated consistent revenue growth, with revenues reaching ₹70.72 crore in FY25, and healthy profitability margins, including an EBITDA margin of 40.48% and a PAT margin of 30.56% in FY25.
• IPO Objectives for Growth: Proceeds from the fresh issue will primarily fund the establishment of 19 new IVF centers across India (₹50 crore) and the repayment of outstanding loans (₹20 crore), which could significantly enhance operational capacity and reduce debt servicing costs.
• First Mover Advantage: As India's first pure-play listed fertility services provider, Gaudium IVF offers a distinctive investment proposition in a niche segment with high barriers to entry due to specialized medical requirements and regulatory frameworks.

Moat Analysis & Investment Play Gaudium IVF's competitive "moat" primarily stems from its established brand reputation, the clinical expertise of its founder, Dr. Manika Khanna, and its highly scalable asset-light "hub-and-spoke" model. This operational structure enables the company to efficiently expand into underserved Tier II/III cities, providing accessibility to specialized care, while centralizing high-end procedures at its well-equipped hubs. The company's comprehensive service portfolio, which extends beyond basic IVF to include advanced sperm retrieval techniques, laparoscopic and hysteroscopic surgeries, and preimplantation genetic testing (PGT), further solidifies its position.

The investment play here is a compelling growth story driven by the accelerating demand for fertility services across India. Gaudium IVF is strategically positioned to capitalize on demographic shifts, increasing public awareness, and technological advancements in ART. The IPO provides crucial capital for accelerated expansion, allowing the company to further solidify its market footprint and tap into new geographies. However, investors should remain cognizant of the intense competition within the IVF sector, the ongoing need for medical regulatory approvals for new centers, and the challenges inherent in retaining highly specialized medical talent in a competitive market.

FinScann Verdict Gaudium IVF's IPO presents a compelling opportunity to invest in a fast-growing, specialized segment of the Indian healthcare market. The strong financial performance, combined with a clear expansion strategy fueled by the IPO proceeds, underscores its significant growth potential. While competitive pressures and operational execution risks are inherent, the company's established brand, experienced leadership, and scalable hub-and-spoke model position it favorably. FinScann believes this IPO offers an attractive proposition for investors seeking exposure to India's burgeoning fertility sector.

Q: What is the issue price band for the Gaudium IVF IPO? A: The issue price band for the Gaudium IVF IPO has been set at ₹75 to ₹79 per equity share, with a face value of ₹5 per share.

Q: When does the Gaudium IVF IPO open and close for subscription? A: The Gaudium IVF IPO opens for subscription today, Friday, February 20, 2026, and will close on Tuesday, February 24, 2026.

Q: What are the main objectives of the Gaudium IVF IPO? A: The primary objectives of the IPO are to fund capital expenditure for the establishment of 19 new IVF centers across India (₹50 crore) and to repay or pre-pay certain outstanding loans availed by the company (₹20 crore). The remaining amount will be used for general corporate purposes.

Q: What is Gaudium IVF's business model? A: Gaudium IVF operates on an asset-light hub-and-spoke business model. It has 7 main IVF centers (hubs) where advanced procedures are conducted, supported by 28 spoke centers that handle consultations and preliminary treatments across various cities in India.

Q: What is the estimated listing date for Gaudium IVF shares? A: The shares of Gaudium IVF are tentatively expected to be listed on the BSE and NSE on Friday, February 27, 2026.

Disclaimer: For information only; not investment advice. Stock market investments carry risks. Please consult a SEBI-registered advisor before investing. FinScann assumes no liability for decisions made based on this report.