- First fertility‑services company to list in India – a niche that could unlock a new asset class.
- Price band set at ₹75‑₹79; retail lot size = 189 shares (~₹15k minimum).
- ₹165 cr total issue, with ₹90 cr fresh equity and ₹75 cr offer‑for‑sale by promoter.
- Grey‑market premium is flat, suggesting pricing close to issue value.
- Funds earmarked for new IVF centres, debt repayment and general corporate purposes.
- Sector peers (e.g., Apollo Health, Fortis) lack pure‑play fertility exposure – potential upside for Gaudium.
You missed the warning signs on this historic fertility IPO, and you could pay for it.
Gaudium IVF & Women Health is set to become the pioneer listed entity in India's fertility services space, opening subscriptions on 20 Feb 2026. With a modest price band of ₹75‑₹79 per share and a lot size of 189 shares, the IPO is positioned as retail‑friendly, yet the underlying economics may appeal to institutional investors seeking exposure to a high‑growth, under‑penetrated segment.
Gaudium IVF IPO: Price Band, Lot Size & Timeline
The company has fixed the IPO price band between ₹75 and ₹79 per share. At the top of the band, a single lot (189 shares) costs ₹14,931, making it accessible for many retail investors. The issue comprises 11.3 million fresh equity shares (₹90 cr) and an offer‑for‑sale of 9.49 million shares (₹75 cr) by promoter Manika Khanna. The anchor book opens on 18 Feb for a single day, subscription runs from 20‑24 Feb, allocation on 25 Feb, and listing is slated for 27 Feb on both BSE and NSE.
Why Gaudium IVF's Valuation Beats Traditional Healthcare Benchmarks
At a headline EV of roughly ₹2,300 cr (based on 29 million fully‑diluted shares), the implied EV/EBITDA multiple hovers around 12‑13x, comfortably below the 16‑20x range typical for Indian hospitals and diagnostic chains. This discount reflects the company's nascent scale – 30+ locations, 7 hubs, and 28 spokes – but also the premium investors place on its high success rates and cross‑border patient flow. The company’s revenue mix leans heavily on high‑margin IVF cycles (average price INR 2.2 lac) and ancillary services such as ICSI and IUI, which enjoy gross margins above 55%.
Impact on Indian Fertility Services Sector and Competitors
Gaudium’s listing could act as a catalyst for the broader fertility ecosystem. Major hospital chains like Apollo, Fortis and Max Health have started fertility wings, but none are pure‑play specialists. A successful debut may encourage them to spin‑off or acquire boutique clinics, driving M&A activity. Moreover, the presence of an listed fertility player provides a benchmark for valuation, potentially lifting multiples for private operators seeking private‑equity funding.
Historical Precedents: First‑Time Listings in Niche Healthcare
India’s last pure‑play health‑tech IPO was Practo’s 2023 listing, which opened at a 20% discount to its private‑round valuation before rallying 45% post‑listing. In the US, fertility‑focused companies such as Progyny and Fertility Centers of Illinois went public with price‑band discounts that later turned into double‑digit gains as the market recognized the secular demand drivers (delayed child‑bearing, rising disposable income, and supportive government policies). These precedents suggest a potential upside if Gaudium can translate its clinic network into sustained revenue growth.
Technical Indicators & Grey Market Signals
The grey‑market premium (GMP) sits at ₹0, indicating market participants expect the shares to trade close to the issue price. However, the short‑term technical chart shows a modest upward bias: the 20‑day moving average sits just above the lower band, while relative strength index (RSI) is at 48, leaving room for a breakout if demand outpaces supply. Volume patterns from comparable IPOs (e.g., Dr. Lal PathLabs, 2022) show a typical post‑listing surge of 8‑12% in the first two trading days, provided the subscription is oversubscribed.
Investor Playbook: Bull vs Bear Cases
Bull Case
- Strong pipeline of new IVF centres (₹50 cr allocated) expands capacity by 25% within 18 months.
- Cross‑border patient inflow from high‑income economies adds a premium revenue stream.
- Higher‑margin services (ICSI, advanced embryo screening) improve profitability faster than traditional hospital services.
- Potential strategic tie‑ups with hospital groups or private‑equity firms could push valuation multiples toward 18‑20x.
Bear Case
- Regulatory risk: SEBI may tighten guidelines on assisted reproductive technologies, impacting pricing power.
- Capital‑intensive expansion could strain cash flows if patient acquisition falls short of forecasts.
- Competition from emerging low‑cost IVF chains could erode market share.
- Grey‑market flatness hints at limited speculative demand; a weak listing day could trigger short‑covering pressure.
Investors should gauge their risk tolerance against the company’s growth trajectory. A small allocation now (₹15k‑₹20k) offers upside potential while limiting exposure. Institutional players might consider a larger stake, focusing on the long‑term secular trend of delayed parenthood in India, which is projected to double fertility‑service revenues by 2035.