Gaudium IVF IPO opens Feb 20: GMP at 15%; 5 key risks you should know

Gaudium IVF IPO: Gaudium IVF and Women Health, a New Delhi-based fertility services provider, is set to launch its initial public offering (IPO) on Friday, February 20, 2026. The ₹165 crore public issue comprises a fresh issue of 11.4 million equity shares worth up to ₹90 crore and an offer for sale (OFS) of 9.5 million shares worth up to ₹75 crore. 

 

Gaudium IVF IPO will be offered at a price band of ₹75 to ₹79 per share. The minimum application size has been set at 189 shares per lot. The issue will remain open for subscription till Tuesday, February 24. The company’s shares are tentatively scheduled to make their D-Street debut on Friday, February 27.

 

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

 

According to the Red Herring Prospectus (RHP), the company plans to utilise ₹50 crore from the net fresh issue proceeds for funding capital expenditure towards the establishment of New IVF Centres, and ₹20 crore will be used for repayment or prepayment of certain borrowings. The remaining funds will be used for general corporate purposes.  

Gaudium IVF IPO GMP

On Wednesday, February 18, the unlisted shares of Gaudium IVF were trading at ₹91 in the grey market, commanding a premium of ₹12 or 15 per cent from the upper end price of ₹79. 

Here are the key risks associated with investing in Gaudium IVF:

High contingent liabilities: According to the RHP, Gaudium IVF has contingent liabilities of ₹44.99 crore (including interest) as of September 30, 2025, compared with a net worth of ₹58.85 crore. These liabilities have not been provided for in the financial statements, and if they materialise, they could adversely impact the company’s financial condition.

 

Exposure to operational and medical risks: The company operates in the healthcare sector, providing fertility treatments such as IVF, IUI, ICSI, egg freezing and laser-assisted embryo implantation. The company is exposed to various operational, reputational, medical and legal risks inherent in healthcare services. Any inability to maintain quality standards and meet patient expectations could adversely affect its reputation, business prospects and financial performance.

 

High reliance on medical professionals: Gaudium IVF is highly dependent on doctors, nurses and other healthcare professionals, and its business could be significantly impacted if it fails to attract and retain such talent. The company reported employee attrition rates of 31 per cent for the period ended September 30, 2025, and 63 per cent, 51 per cent and 51 per cent for FY25, FY24 and FY23, respectively. Additionally, professional and consultation fees paid to doctors accounted for 6.08 per cent, 8.28 per cent, 12.23 per cent and 13.78 per cent of total expenses during the same periods, underscoring its reliance on medical professionals.

 

Limited embryologists may constrain growth: The company is dependent on a limited number of embryologists, and any loss of or inability to attract and retain such personnel could adversely affect its business. As of September 30, 2025, the company operated seven centres across India, with embryo transfer (ET) procedures conducted at all locations. Its operations rely on five embryologists, each capable of handling up to 120 cycles per month. While the company manages logistical challenges by scheduling cases in batches to optimise deployment across centres, the limited staffing strength may restrict its ability to rapidly adopt and implement advancements in embryology technologies and specialised procedures.

 

Brand and reputation risks: According to the RHP, Gaudium IVF’s business is significantly dependent on the strength of its brand and reputation. Any failure to maintain and enhance its brand value, or negative publicity and media allegations, whether substantiated or not, could adversely affect patient trust in its services.