New Delhi, February 13 Fertility services provider Gaudium IVF and Women Health Ltd is planning to raise funds amounting to Rs 150 crore to Rs 200 crore through its initial public offering (IPO), which is expected to open on February 20, according to people familiar with the development on Friday.
This would make it the first company in the 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, according to the draft red herring prospectus (DRHP).
The proceeds from the fresh issue are intended for capital expenditure of Rs 50 crore to establish 19 new IVF centres across India, along with the repayment or pre-payment of certain borrowings of Rs 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 Rs 70.72 crore and a profit after tax (PAT) of Rs 19.13 crore for the financial year ending March 31, 2025. In FY24, revenue was Rs 47.89 crore, with a PAT of Rs 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 favourable demographics.
According to 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 established players like Gaudium IVF.
Sarthi Capital Advisors has been appointed as the sole book running Lead manager for the issue, while Bigshare Services will serve as the registrar.
