1. The Business Model: Scaling "Science-Driven Hope"
Founded in 2009 by renowned expert Dr. Manika Khanna, Gaudium IVF has evolved from a single clinic into a nationwide network. They specialize in high-complexity cases where previous IVF cycles have failed.
The Strategic Edge:
Hub-and-Spoke Model: Operates 7 Hubs (comprehensive centers in metros like Delhi, Mumbai, and Bangalore) and 28 Spokes (outreach centers) to capture demand from Tier-2 and Tier-3 cities.
Global Footprint: A significant portion of revenue comes from Medical Tourism, with patients traveling from the UK, USA, Canada, and Africa for affordable, high-success treatments.
Advanced Tech: One of the few chains using the INTEGRA Ti system for precise embryo micromanipulation.
2. IPO Snapshot & Timelines (Live Updates)
The anchor investor bidding is happening today, providing a vital signal for retail and HNI investors.
| Event / Detail | Status / Date |
|---|---|
| Anchor Bidding | Wednesday, Feb 18, 2026 (Today) |
| Public Bidding Period | Friday, Feb 20 – Tuesday, Feb 24, 2026 |
| Price Band | ₹75 to ₹79 per share |
| Minimum Lot Size | 189 Shares |
| Min. Retail Investment | ₹14,931 (1 Lot) |
| Total Issue Size | ₹165 Crore (Fresh: ₹90 Cr |
| Listing Date | Friday, February 27, 2026 |
| Exchange | BSE & NSE (Mainboard) |
3. Financial Performance: Robust Margins
Fertility services are known for being high-margin businesses, and Gaudium's balance sheet reflects this:
Revenue Growth: Total income surged from ₹47.9 Cr (FY24) to ₹70.72 Cr (FY25), a 47% YoY jump.
Profitability: Net profit nearly doubled in one year, reaching ₹19.13 Cr (FY25) compared to ₹10.32 Cr (FY24).
Return on Equity (ROE): Stood at a very healthy 41.31% (FY25).
Valuation: At the upper price band of ₹79, the P/E ratio is approximately 25.3x, which is slightly below the broader healthcare industry average (~26.5x), leaving room for potential upside.
4. Grey Market Premium (GMP) & Market Sentiment
As of February 18, 2026:
GMP Status: ₹0 - ₹2 (Muted).
Trend Analysis: Since this is the first IPO in its sector, the grey market is taking a "wait-and-watch" stance. Sentiment is expected to turn positive once the anchor book results are announced later tonight.
5. Strategic "Use of Proceeds"
The company is not just raising capital for existing operations but for a massive geographic push:
Expansion (₹50 Cr): Funding 19 new IVF centers across India through FY29.
De-leveraging (₹20 Cr): Repayment of high-interest borrowings to further boost net margins.
New Verticals: Plans to launch mother-and-child wellness and nutraceutical products via their subsidiary, EKK Global.
6. Investment Analysis: Pros & Cons
Strengths:
Sector Leadership: "First-mover advantage" as the only listed IVF specialist.
Scalable Asset-Light Model: The hub-and-spoke system allows for rapid expansion without massive upfront real estate costs.
Social Tailwinds: Rising infertility rates and late parenthood are driving long-term demand for ART (Assisted Reproductive Technology).
Risks:
Key Person Dependency: The brand and clinical success are heavily tied to the founder, Dr. Manika Khanna.
Regulatory Landscape: Healthcare norms for IVF and surrogacy in India are evolving and could impact operations.
Competition: Organized chains like Indira IVF (also planning an IPO) present strong competition.
7. Conclusion: A Healthy Long-Term Play
Gaudium IVF is a niche healthcare play that offers exposure to a rapidly formalizing sector. While the GMP is currently flat, the company’s superior ROE and profitable growth make it a compelling story for long-term investors rather than short-term listing gain hunters.