New Delhi, February 17 Gaudium IVF and Women Health Ltd, a provider of fertility services, announced on Tuesday a price band of ₹75-₹79 per share for its initial public offering (IPO) worth ₹165 crore.
At the higher end, the company's valuation is estimated at ₹575 crore.
The company's maiden public offering will open for subscription on February 20 and conclude on February 24. Bidding for anchor investors will take place on February 18, according to its public announcement.
This will make it the first company in the fertility care sector to tap into the public markets.
The proposed offering includes a fresh issue of 1.14 crore equity shares and an offer for sale (OFS) of nearly 95 lakh equity shares by promoter Manika Khanna.
The proceeds from the fresh issue will be used for capital expenditure of ₹50 crore to establish 19 new IVF centers across India, as well as for the repayment or pre-payment of certain borrowings of ₹20 crore, and for general corporate purposes.
Founded by Khanna, Gaudium IVF has established itself as a pioneer in assisted reproductive technologies in India. The company operates through a hub-and-spoke model, with seven hubs and 28 spokes across multiple states, enabling it to reach a wide patient base.
Earlier, the company had filed draft papers in January proposing a fresh issue of 1.83 crore equity shares and an OFS of 25.31 lakh shares by the promoter. The current structure reflects a higher promoter stake being offered to investors.
According to the draft papers, Gaudium IVF plans to expand into underserved regions by providing affordable IVF services, building on the brand recognition associated with its founder.
Financially, the company reported revenue from operations of ₹70.72 crore and a profit after tax (PAT) of ₹19.13 crore for the financial year ending March 31, 2025. In FY24, revenue was ₹47.89 crore, with a PAT of ₹10.31 crore.
In July, Indira IVF Hospital Ltd confidentially filed draft papers with Sebi to raise funds through an IPO.
These filings come amidst growing investor interest in the Indian assisted reproductive technology (ART) sector, buoyed by increasing awareness, expanding market size, and favorable demographics.
According to an Infomerics Research report, the broader Indian IVF market is projected to grow at a CAGR of 13 per cent, expanding from USD 1.32 billion in 2024 to USD 4.54 billion by 2034, presenting significant growth potential for players like Gaudium IVF.
Gaudium IVF will make its debut on the stock exchanges on February 27.
Half of the issue size is reserved for qualified institutional investors, 35 per cent for institutional investors, and the remaining 15 per cent for non-institutional investors.
Sarthi Capital Advisors has been appointed as the sole book running lead manager for the issue, while Bigshare Services will serve as the registrar.
