Gaudium IVF and Women Health Limited has launched its Rs 165 crore initial public offering today, February 20, 2026. This move marks a significant milestone as the company becomes the first pure-play fertility services provider to enter the Indian public markets. The IPO is structured with a price band of Rs 75 to Rs 79 per share. It consists of a fresh issue of Rs 90 crore and an offer-for-sale of 94.93 lakh shares valued at Rs 75 crore. Investors can participate with a minimum lot size of 189 shares, requiring a retail investment of Rs 14,931 at the upper price limit. Ahead of the opening, the company successfully raised Rs 49.5 crore from anchor investors, including Meru Investment Fund and Sanshi Fund. Market sentiment remains cautiously optimistic, with grey market premiums indicating a potential listing gain of approximately 15%, pointing toward an estimated debut price near Rs 91 per share. The capital raised will be strategically deployed to fuel aggressive expansion. Gaudium plans to allocate Rs 50 crore to establish 19 new IVF centers across India, targeting a mix of metro and Tier-2/3 cities. Additionally, Rs 20 crore is earmarked for debt repayment to strengthen the balance sheet. Financial performance has shown robust momentum leading up to the listing. Revenue from operations climbed from Rs 44.24 crore in FY23 to Rs 70.72 crore in FY25. Profitability followed a similar trajectory, with profit after tax reaching Rs 19.13 crore in FY25, supported by strong EBITDA margins of 40.48%. The broader Indian IVF market is currently valued at approximately $2.54 billion and is projected to double to $5.03 billion by 2034. Growth is being driven by rising infertility rates—now affecting an estimated 10–15% of couples—alongside increasing social acceptance and advancements in reproductive technology. Gaudium operates a capital-efficient hub-and-spoke model, currently managing over 30 locations including seven major hubs in cities like Delhi, Mumbai, and Bengaluru. This network handled over 3,400 IVF cycles in the last fiscal year, maintaining a success rate of nearly 59%. While the sector offers high growth potential, investors are monitoring risks such as high employee attrition and heavy reliance on specialized medical talent. However, with the Indian healthcare IPO pipeline expected to hit Rs 20,000 crore this year, Gaudium stands as a frontrunner in an increasingly organized and institutionalized specialty care market. Subscription for the issue will remain open until February 24, with the final allotment expected on February 25. The shares are scheduled to debut on the BSE and NSE on February 27, 2026.