Gaudium IVF IPO opens on February 20, 2026 as India's first fertility services mainboard listing, comprising a fresh issue of 1.14 crore shares and OFS of 94.93 lakh shares by promoter Dr. Manika Khanna. The company operates 7 hub IVF centers and 28 spokes via hub-and-spoke model, planning ₹50 crore capex for 19 new centers targeting tier 2/3 cities.

Gaudium IVF Business Model

Founded in 2015 by Dr. Manika Khanna, Gaudium IVF & Women Health Ltd offers IVF, ICSI, IUI, genetic testing (PGT), male infertility treatments, high-risk pregnancy care and laparoscopy across 30+ locations. FY25 financials show revenue ₹70.72 crore and PAT ₹19.13 crore with 40.48% EBITDA margins, reflecting strong clinical outcomes and operational scale.

IPO Timeline and Structure

Event	Date
IPO Open	February 20, 2026
IPO Close	February 24, 2026
Allotment	February 25, 2026
Refunds/Demat	February 26, 2026
Listing	February 27, 2026 (BSE/NSE)

 

Structure: Fresh issue (1.13 Cr shares) + OFS (0.95 Cr shares) by Dr. Manika Khanna; promoter holding reduces from 99.32% to 70.73% post-IPO.​

Proceeds utilisation:

• ₹50 Cr: 19 new IVF centers (10 in FY27, 8 FY28, 1 FY29)​
• ₹20 Cr: Debt repayment/prepayment
• Balance: General corporate purposes

Lead manager: Sarthi Capital Advisors; Registrar: Bigshare Services.​

Financial Snapshot :-

Period Ended	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
Profit After Tax	12.51	19.13	10.32	13.53
EBITDA	18.95	28.63	19.27	20.07
NET Worth	58.85	46.30	26.99	22.73
Reserves and Surplus	28.16	15.60	26.00	21.74
Total Borrowing	22.51	18.93	15.73	9.78
Amount in ₹ Crore

KPI :- (Key Performance Indicator)

As of September 30, 2025, the company reported a Return on Equity (ROE) of 21.25%, compared to a significantly higher 41.31% as of March 31, 2025, indicating moderation in profitability levels. Similarly, Return on Capital Employed (ROCE) declined to 21.03% from 39.70%, reflecting comparatively lower efficiency in capital utilization during the period. The company’s Debt-to-Equity ratio improved marginally to 0.38 from 0.41, highlighting a slightly stronger balance sheet and reduced leverage. Return on Net Worth (RoNW) stood at 21.34% as of September 30, 2025, versus 41.71% at the end of March 2025. On the profitability front, PAT margin moderated to 25.14% from 26.96%, while EBITDA margin declined to 38.29% compared to 40.48%, suggesting some pressure on operating and net profitability during the period.

Objective of the IPO :-

• Funding capital expenditure towards establishment of New IVF Centers of the Company.

• Repayment/pre-payment, in full or in part, of certain outstanding loans availed by the Company.
• General Corporate Purpose

Strengths

• India's first listed fertility services platform.
• 40.48% EBITDA margins reflect clinical/operational excellence. ​
• Hub-spoke scales quality IVF to underserved tier 2/3 markets.
• ₹50 Cr creates 19 new centers for geographic dominance.
• Reputed founder Dr. Manika Khanna (99.32% pre-IPO stake).
• International patient revenue (Canada, UK, USA, Africa).
• Comprehensive services beyond IVF (male infertility, PGT).

Risks

• Intense IVF competition (Indira IVF, Cloudnine, Birla Fertility).​
• Medical regulatory approvals for new 19 centers.​
• High capex execution risk across multiple locations.​
• Promoter OFS (0.95 Cr shares) signals partial exit.​
• Specialist doctor retention in competitive talent market.
• Patient acquisition costs in saturated metro markets.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs  

Q1. What is Gaudium IVF's business model?
Hub-and-spoke with 7 main IVF hubs (Delhi, Mumbai, etc.) and 28 spokes delivering standardized fertility treatments across India.​

Q2. What are the IPO dates?
Opens February 20, closes February 24, 2026; lists February 27 on BSE/NSE.

Q3. What is the IPO structure?
Fresh issue (1.14 Cr shares) + OFS by Dr. Manika Khanna (0.95 Cr shares).​

Q4. How will proceeds be used?
₹50 Cr for 19 new IVF centers, ₹20 Cr debt repayment, balance general purposes.​

Q5. What are FY25 financials?
Revenue ₹70.72 Cr, PAT ₹19.13 Cr, EBITDA margin 40.48%.​

Q6. Who is the promoter selling shares?
Dr. Manika Khanna via OFS; post-IPO holding reduces to 70.73%.​

Q7. When was SEBI approval received?
January 15, 2026; refiled papers September 2025 after initial January filing.