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Gaudium IVF and Women Health Ltd is launching its ₹165 crore IPO from February 20 to 24, with a price band of ₹75–79 per share. The company plans to use the proceeds for debt repayment and expansion of 19 new IVF centers across India. As the first fertility-care company to go public, the IPO is attracting strong investor interest amid rising demand for assisted reproductive services.
Gaudium IVF and Women Health Ltd is set to launch its ₹165 crore IPO between 20–24 February, with a price band of ₹75–79 per share. At the upper end, the company is valued at around ₹575 crore, while grey market signals suggest a possible 15% listing premium. The IPO proceeds will fund debt repayment and aggressive expansion into new IVF centers across India’s fast-growing fertility-care market.
India’s healthcare IPO pipeline is expanding beyond hospitals and diagnostics into niche segments like fertility treatment and reproductive health. The upcoming Gaudium IVF IPO is poised to become India’s first publicly listed fertility-care company, marking a significant shift in how investors view specialized healthcare businesses.
With infertility rates rising, urban lifestyle changes, and growing awareness of assisted reproductive technologies (ART), the fertility services market in India is experiencing strong demand growth. Gaudium IVF aims to capitalize on this trend through expansion and capital infusion from the public markets.
| Parameter | Details |
|---|---|
| IPO Size | ₹165 crore |
| Price Band | ₹75–79 per share |
| IPO Dates | 20–24 February |
| Implied Valuation | ~₹575 crore (upper band) |
| Fresh Issue | ~1.14 crore shares |
| Offer for Sale (OFS) | ~95 lakh shares |
| Promoter Selling | Manika Khanna |
| Listing Segment | SME/Mainboard (as per exchange filing) |
| Grey Market Premium (GMP) | ~₹12 (approx. 15% upside) |
The IPO consists of two components:
Gaudium IVF plans to deploy the funds for strategic expansion and financial strengthening.
| Purpose | Amount |
|---|---|
| Debt repayment | ₹20 crore |
| New IVF center expansion | ₹50 crore |
| Working capital & general corporate purposes | Balance amount |
The expansion plan includes 19 new IVF centers, significantly increasing the company’s geographic footprint.
(Figures are indicative based on available disclosures and industry estimates.)
| Metric | FY23 | FY24 (Est.) | Trend |
|---|---|---|---|
| Revenue | ₹80–90 crore | ₹100–115 crore | Rising |
| EBITDA | ₹15–18 crore | ₹20–25 crore | Expanding |
| Net Profit | ₹8–10 crore | ₹12–15 crore | Improving |
| EBITDA Margin | ~18–20% | ~20–22% | Improving |
| Net Margin | ~10–12% | ~12–14% | Expanding |
| Metric | Estimated Range |
|---|---|
| Market Cap (post-IPO) | ~₹575 crore |
| Price-to-Earnings (P/E) | ~35–45x |
| EBITDA Margin | 20–22% |
| Return on Equity (ROE) | 18–22% |
| Debt-to-Equity (post-IPO) | Significantly reduced |
The IPO proceeds aimed at debt reduction are expected to improve the company’s balance sheet strength and return ratios.
Gaudium IVF operates in the assisted reproductive technology (ART) segment, which typically enjoys:
The company plans to invest ₹50 crore in opening new centers across high-demand urban markets.
| Factor | Expected Outcome |
|---|---|
| Number of centers | Significant increase |
| Geographic reach | Pan-India presence |
| Patient capacity | Higher treatment volumes |
| Revenue growth | Strong multi-year CAGR |
| Operating leverage | Margin expansion |
This expansion could drive topline growth and EBITDA scaling over the next 3–5 years.
India’s fertility-care market is witnessing structural growth due to demographic and lifestyle changes.
| Metric | Value |
|---|---|
| IVF market size (India) | ₹4,500–5,000 crore |
| Expected CAGR | 12–15% |
| Number of IVF cycles annually | 2.5–3 lakh |
| Demand growth | Strong in Tier-1 and Tier-2 cities |
Gaudium IVF competes with:
The IPO is currently commanding a grey market premium (GMP) suggesting:
| Risk | Impact |
|---|---|
| Execution risk in expansion | Margin pressure |
| Regulatory changes | Compliance costs |
| Competition from hospital chains | Pricing pressure |
| Economic slowdown | Demand impact |
“Specialty healthcare segments like fertility treatment offer higher margins and strong demand visibility. Companies with scalable clinic models can generate significant alpha over the long term.”
| Company Type | Typical P/E Range |
|---|---|
| Diagnostic chains | 35–50x |
| Hospital operators | 40–70x |
| Specialty clinics | 30–45x |
Gaudium IVF’s valuation appears in line with specialty healthcare peers, depending on growth execution.
Investors can apply for the IPO or trade the stock via:
The Gaudium IVF IPO represents a unique opportunity for investors to participate in India’s growing fertility-care segment. With strong industry tailwinds, expansion plans, and improved financial metrics post-IPO, the company could position itself as a specialty healthcare growth story.
However, like most expansion-led IPOs, execution and demand visibility will be key factors determining long-term returns.
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