The initial public offering of Gaudium IVF opened for subscription on February 20, as the company moves to raise Rs 165 crore through a mix of fresh issue and offer for sale.
The company will close the issue on February 24. It expects to finalise allotment on February 25 and plans to list on the National Stock Exchange of India and the Bombay Stock Exchange on February 27.
IPO Structure
The IPO comprises:
- Fresh issue: 11.4 million equity shares worth Rs 90 crore
- Offer for sale (OFS): 9.5 million shares worth Rs 75 crore
Meanwhile, promoter Manika Khanna will partially dilute her stake through the offer-for-sale (OFS) component.
Ahead of the public launch, Gaudium IVF raised Rs 49.5 crore from anchor investors on February 19. The company allotted 6.26 million shares at the upper price band of Rs 79 per share.
Meru Investment Fund emerged as the largest anchor investor with nearly Rs 17 crore, followed by Sanshi Fund at Rs 12.5 crore. Hornbill Orchid India Fund and Carnelian India Multi-Strategy Fund invested Rs 10 crore each.
Typically, strong anchor participation signals investor confidence ahead of listing.
Price Band and Investment Details
The price band has been fixed at Rs 75 to Rs 79 per share.
- Lot size: 189 shares
- Minimum investment (retail, at Rs 79): Rs 14,931
Investors can apply in multiples of 189 shares.
Bigshare Services is the registrar of the issue, and Sarthi Capital Advisors is acting as the sole book-running lead manager.
Use of Proceeds
According to the red herring prospectus, the company plans to allocate:
- Rs 50 crore to set up new IVF centers
- Rs 20 crore for repayment or prepayment of borrowings
- Remaining funds for general corporate purposes
The expansion aims to strengthen geographic presence and increase treatment capacity in India’s growing fertility services market.
Valuation and Financial Snapshot
Gaudium IVF reported a clinical success rate of 58% and operates its proprietary GAAT module, which it designed to improve treatment outcomes and boost operational efficiency.
At the upper price band of Rs 79, the IPO values the company at 22.98 times its FY26 annualised earnings per share of Rs 3.4.
Meanwhile, analysts tracking the issue have assigned a “subscribe” rating, citing strong growth potential in India’s underpenetrated fertility and women’s healthcare segment.
Ultimately, the listing will test investor appetite for specialised healthcare plays as India’s broader medical services sector continues to expand.
