Gaudium IVF
about 7 days ago
IPO Size: Rs. 165 cr
- Fresh Issue of Rs. 90 cr for (i) capex for 19 new hub centers - Rs. 50 cr (ii) repay Rs. 20 cr of Rs. 22.5 cr debt
- Offer for Sale (OFS) of Rs. 75 cr by promoter (100% to shrink to 71%)
Price band: Rs. 75-79 per share
M cap: Rs. 575 cr, implying 29% dilution
IPO Date: Fri 20th Feb to Thu 24th Feb 2026, Listing Fri 27th Feb 2026
Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.
10 year old Delhi based IVF Clinic Chain
Gaudium IVF and Women Health, promoted by Dr. Kanika and Dr. Peeyush Khanna, provides IVF (in vitro fertilization) treatment through 35 clinics in India - 7 hubs and 28 spokes.
Full of Risks
- Number of cycles performed has remained stagnant in past 3 years, with IVF segment revenue growing only due to higher realization. This is despite number of OPDs (out-patient department) rising. Thus, core business is not witnessing growth.
- Also, pharmacy segment accounted for 29% of Rs. 49 cr revenue in H1FY26, as against 4% in FY24, on then revenue of Rs. 48 cr.
- Debtors have swelled from Rs. 13.6 cr as of 31.3.24 to Rs. 51 cr as of 30.9.26. For this line of business, debtors outstanding must be less than half month, as against over 6 months. Something’s definitely fishy!
- As a result, EBITDA margins have been compressing continuously, down from 45% in FY23 to 38% in H1FY26.
- Contingent liability of Rs. 45 cr, not provided for, related to income tax matters. This is quiet material given Rs. 59 cr networth as of 30.9.25.
- Company’s attrition rate is 50-60%, on an employee strength of 125. This is threatening for business continuity, forget growth.
21st Feb 2026 at 09:50 am