New Delhi-based Gaudium IVF and Women Health, the first pure-play fertility services provider in India, is set to launch its ₹165 crore via initial public offering (IPO) today. Ahead of opening of the IPO, the company has raised ₹49.5 crore from four anchor investors on February 19.

The fertility services provider has allocated 62.65 lakh shares to anchor investors at the upper end of the price band of ₹79 per share, as per the exchange data.

The data showed that Meru Investment Fund emerged as the largest investor, committing nearly ₹17 crore for 21.51 lakh shares, followed by Sanshi Fund, which picked up 15.8 lakh shares worth ₹12.5 crore. While Hornbill Orchid India Fund and Carnelian India Multi-Strategy Fund each invested ₹10 crore, acquiring 12.6 lakh shares apiece.

The ₹165 crore IPO of Gaudium IVF comprises a fresh issue of 1.14 crore equity shares aggregating to ₹90 crore and an offer for sale (OFS) of 94.93 lakh shares worth ₹75 crore by promoter and founder Dr Manika Khanna.

The price band for the offer, which will close on February 24, 2026, has been fixed at ₹75-79 per share. The lot size for retail investors is 189 shares, translating into a minimum investment of ₹14,931 at the upper price band. The allotment is expected to be finalised on February 25, with listing scheduled on the BSE and NSE on February 27.

Ahead of the issue opening, shares of Gaudium IVF were commanding a grey market premium (GMP) of ₹8.5 in the unlisted market. At the upper price band of ₹79, the shares are expected to make debut at around ₹87.5, implying a potential gain of about 10.76% per share.

As per the DRHP filed with the Sebi, the company plans to utilise ₹50 crore from the fresh issue proceeds towards establishing 19 new IVF centres, ₹20 crore for repayment or pre-payment of certain outstanding loans, and the remaining funds for general corporate purposes.

Established in 2015, Gaudium IVF operates under a hub-and-spoke model with seven hubs located in Delhi, Mumbai, Punjab, Jammu & Kashmir, Bihar and Bengaluru, along with 28 spoke centres formed through strategic alliances with infertility experts to expand awareness and access to assisted reproductive technology (ART) and IVF treatments. The planned expansion is aimed at strengthening its footprint in India’s growing fertility services market.

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