Gaudium IVF IPO – Chanakya Review
Business: IVF, ART & Women Healthcare Services
IPO Size: Rs. 156.65 Cr – Rs. 165.00 Cr
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Friday, 20 Feb 2026 |
| IPO Closing Date | Tuesday, 24 Feb 2026 |
| Listing Date (Tentative) | Friday, 27 Feb 2026 |
| Face Value | Rs. 5 per share |
| Price Band | Rs. 75 – Rs. 79 |
| Lot Size | 189 Shares |
| Issue Type | Book Building IPO |
| Total Issue Size | 2,08,86,200 Equity Shares |
| Total Issue Amount | Rs. 156.65 crore – Rs. 165.00 crore |
| Fresh Issue | 1,13,92,500 Equity Shares |
| Offer for Sale | 94,93,700 Equity Shares |
| Listing At | BSE, NSE |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Fri, Feb 20, 2026 |
| IPO Closes | Tue, Feb 24, 2026 |
| Allotment | Wed, Feb 25, 2026 |
| Refunds | Wed, Feb 25, 2026 |
| Credit of Shares | Thu, Feb 26, 2026 |
| Listing | Fri, Feb 27, 2026 |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50.00% of Net Issue |
| NII | Not less than 15.00% of Net Issue |
| Retail | Not less than 35.00% of Net Issue |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 189 | 14,931 |
| Retail (Max) | 13 | 2,457 | 1,94,103 |
| S-HNI (Min) | 14 | 2,646 | 2,09,034 |
| B-HNI (Min) | 67 | 12,663 | 10,00,377 |
Financials (Rs. crore – Consolidated)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 106.62 | 88.51 | 51.01 | 36.63 |
| Total Income | 49.75 | 70.96 | 48.15 | 44.26 |
| EBITDA | 18.95 | 28.63 | 19.27 | 20.07 |
| PAT | 12.51 | 19.13 | 10.32 | 13.53 |
| Net Worth | 58.85 | 46.30 | 26.99 | 22.73 |
| Reserves & Surplus | 28.16 | 15.60 | 26.00 | 21.74 |
| Total Borrowings | 22.51 | 18.93 | 15.73 | 9.78 |
Important Business Crux
Gaudium IVF operates in the specialised assisted reproductive technology (ART) and fertility healthcare segment, a structurally expanding niche driven by lifestyle changes, delayed parenthood and rising infertility awareness. The company follows a hub-and-spoke clinic model, enabling asset-light expansion and scalable margins while leveraging centralised lab infrastructure. Increasing demand from urban India and medical tourism adds long-term growth visibility.
Plus Points & Competitive Strength
• High-margin specialised healthcare segment with strong demand visibility.
• Hub-and-spoke clinic expansion supports capital efficiency.
• EBITDA margins above 35% indicate premium positioning.
• Advanced IVF technologies and specialised clinical expertise.
• Growing fertility awareness and demographic tailwinds.
• Strong urban network with scope for expansion into Tier-2 cities.
Negative Points / Risk Factors
• Healthcare execution risk while scaling new centres.
• Increasing competition from fertility chains and hospitals.
• Revenue concentration around specialised doctors and urban markets.
• OFS component indicates partial promoter monetisation.
• Regulatory sensitivity in ART treatments.
• Valuation may appear stretched if growth slows.
Final Summary – Long Term Investment View
Gaudium IVF is positioned in a niche healthcare growth space with favourable demographic drivers and strong operating margins. The business model offers scalability, but execution consistency and competition remain key monitorables. Suitable for investors seeking exposure to specialised healthcare themes with a medium-to-long-term horizon rather than purely short-term listing momentum.
Chanakya View: Neutral to Positive – selective long-term participation may be considered.
Listing Gain View – GMP Rs. 10 vs Offer Price Rs. 70
A GMP near Rs. 10 indicates moderate positive sentiment but not aggressive premium expectations. Listing gains may remain steady rather than sharp unless subscription demand surprises positively.
Listing Gain Strategy: Apply selectively; avoid aggressive leverage purely for GMP.
Quicklinks
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Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.
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