Market Brief: Gaudium IVF Strategic Expansion Gaudium IVF and Women Health Limited has secured **₹49.5 crore** from anchor investors, finalizing allocations at the upper price band of **₹79 per share**. Key participants in this round include Meru Investment Fund, Sanshi Fund I, and Carnelian India Multi Strategy Fund. This placement serves as a precursor to the company's **₹165 crore** Initial Public Offering, which officially opens for public subscription on **February 20, 2026**. The issue is priced between **₹75 and ₹79 per share**, valuing the fertility provider at a post-issue market capitalization of approximately **₹575 crore**. IPO Structure and Utilization The offering consists of a **₹90 crore** fresh equity issue and an Offer for Sale (OFS) of **9.49 million shares** worth **₹75 crore**. Management has earmarked **₹50 crore** from the fresh proceeds for aggressive capital expenditure. This will fund the establishment of **19 new IVF centers** across India through 2029, targeting underserved Tier 2 and Tier 3 markets. Additionally, **₹20 crore** is allocated for the repayment or prepayment of outstanding borrowings. The remaining funds are designated for general corporate purposes to support the company’s hub-and-spoke operational model. Financial Performance The company has demonstrated robust growth leading into the listing. For the fiscal year ending March 2025, Gaudium reported a total income of **₹70.96 crore**, a significant climb from **₹48.15 crore** in the previous year. Profit After Tax reached **₹19.13 crore** for FY25, supported by an EBITDA margin of **38.29%**. Operational efficiency is further evidenced by a Return on Equity (ROE) of **21.25%** and a Return on Capital Employed (ROCE) of **21.03%**. Sector Trends and Outlook Gaudium’s entry marks the first-ever mainboard listing for a specialized fertility services provider in India. This move coincides with a broader structural shift in the healthcare economy, where the domestic IVF market is projected to reach **$4.54 billion** by 2034. Current market dynamics are driven by rising infertility rates—now affecting roughly **13%** of Indian couples—and a growing preference for organized, technology-led clinical platforms. The Nifty Healthcare Index currently reflects a Price-to-Earnings (P/E) ratio of approximately **35.99**, while Gaudium enters the market at a P/E of **25.36** based on its upper price band. Key Dates for Investors * **Subscription Period:** February 20 – February 24, 2026 * **Allotment Finalization:** February 25, 2026 * **Listing Date:** February 27, 2026 (BSE and NSE) * **Minimum Lot Size:** 189 shares (**₹14,931** at the upper band)