Gaudium IVF IPO: India’s first women’s health clinic issue opens today, Check price band, lot size and other key details

The initial public offering (IPO) of Gaudium IVF and Women Health opened for subscription on Thursday, February 20, as the fertility services provider seeks to raise Rs 165 crore through a mix of fresh issue and offer for sale.

The IPO comprises a fresh issue of 11.4 million equity shares worth Rs 90 crore and an offer for sale of 9.5 million shares worth Rs 75 crore. Promoter Manika Khanna will offload part of her stake through the OFS component. The issue will close on February 24, with allotment expected on February 25 and listing likely on the NSE and BSE on February 27.

Anchor investors invest Rs 49.5 crore

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Ahead of the IPO, 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 was the largest anchor investor, investing nearly Rs 17 crore for 2.15 million shares. Sanshi Fund invested Rs 12.5 crore for 1.58 million shares. Hornbill Orchid India Fund and Carnelian India Multi-Strategy Fund invested Rs 10 crore each, acquiring 1.26 million shares apiece.

Anchor participation reflects institutional confidence in the company ahead of its public listing.

Price band, lot size and minimum investment

The IPO price band has been fixed at Rs 75 to Rs 79 per share. The lot size is 189 shares.

At the upper price band, retail investors need to invest a minimum of Rs 14,931 for one lot. Investors can apply in multiples of the lot size.

Bigshare Services is the registrar to the issue, while Sarthi Capital Advisors is the sole book-running lead manager.

IPO proceeds to fund expansion and reduce debt

According to its red herring prospectus, the company plans to use Rs 50 crore from the fresh issue proceeds to set up new IVF centres. This expansion is aimed at increasing its geographic reach and treatment capacity.

It will also use Rs 20 crore to repay or prepay certain borrowings. The remaining funds will be used for general corporate purposes.

The company reported a clinical success rate of 58 per cent and uses its proprietary GAAT module to support treatment outcomes and operational efficiency.

At the upper price band of Rs 79, the IPO is valued at 22.98 times its FY26 annualised earnings per share of Rs 3.4. Based on its growth outlook and sector opportunity, analysts have recommended a subscribe rating for the issue.