Gaudium IVF seeks approval to replace six centre cities

Gaudium IVF and Women Health Limited proposes replacing six of the 19 cities in its IPO-funded IVF-centre plan while keeping the Rs 50 crore allocation unchanged and targeting completion of all centres by March 31, 2029. Gaudium IVF had used Rs 13.48 crore of that allocation by September 30, 2026, leaving Rs 36.52 crore unutilised.

What is Gaudium IVF asking shareholders to approve?

Gaudium IVF is seeking approval to change six locations and revise the schedule and manner of establishing 19 new IVF centres funded through its initial public offering. The proposed variation applies to the IPO object for capital expenditure on new IVF centres, for which the allocation remains Rs 50 crore.

The proposal does not change the number of centres or the overall funding for this object. As of September 30, 2026, Gaudium IVF had utilised Rs 13.48 crore and left Rs 36.52 crore unutilised from the Rs 50 crore allocation, while retaining a target to complete all 19 centres by Fiscal 2029.

Gaudium IVF's statement for the quarter ended September 30, 2026 reported no deviation in the use of IPO money for the new-centre object. The proposed variation concerns the cities and rollout method, rather than an increase or reduction in the Rs 50 crore earmarked for 19 IVF centres.

Which six IVF-centre cities would Gaudium IVF replace?

Gaudium IVF proposes to replace Vizag with Vijayawada, Ahmedabad with Nashik, Cochin with Bhubaneswar, Coimbatore with Dhanbad, Jaipur with Varanasi and Kanpur with Gorakhpur. These are the six substitutions in the company’s 19-city plan.

The remaining 13 cities are unchanged from the prospectus: Delhi, Noida, Gurgaon, Lucknow, Indore, Nagpur, Surat, Pune, Hyderabad, Chennai, Mumbai, Kolkata and Guwahati. The filing does not give separate budgets, launch dates, capacities or revenue expectations for any of the 19 proposed centres.

Gaudium IVF does not state why the six cities were changed, including whether site availability, demand, licensing, lease terms or operating considerations informed the proposal. It says only that the 19 centres may be established in a sequence and manner feasible to the company.

When does Gaudium IVF plan to complete 19 centres?

Gaudium IVF plans to establish all 19 new IVF centres by Fiscal 2029, defined in the filing as March 31, 2029. Its indicative plan is to establish 10 centres in FY27, eight in FY28 and one in FY29.

The stated annual split totals 19 centres, but Gaudium IVF says it need not follow the phase-wise sequence originally presented in its prospectus. The company may therefore open the 10, eight and one centres in a different city order where that is feasible.

The plan places 10 of the 19 proposed openings in FY27, compared with eight in FY28 and one in FY29. The filing does not disclose how many of the 19 centres had opened by September 30, 2026, so the announcement does not allow a measurement of progress against the FY27 indication.

How much IPO money had Gaudium IVF used by September 2026?

Gaudium IVF had utilised Rs 50.65 crore from gross fresh-issue proceeds of Rs 90 crore by September 30, 2026, leaving Rs 39.35 crore unutilised. After including Rs 53.15 lakh of net interest earned on fixed deposits after applicable tax, total unutilised proceeds stood at Rs 39.88 crore.

The Rs 39.88 crore balance was held in two HDFC Bank fixed deposits of Rs 12.50 crore and Rs 27 crore, an HDFC Bank current account holding Rs 29.40 lakh, and an Axis Bank IPO public-offer current account holding Rs 8.64 lakh. The two fixed deposits together represented Rs 39.50 crore of the total reported unutilised balance.

In the quarter ended September 30, 2026, other income included Rs 97.29 lakh of interest on fixed deposits. The company said the proceeds had been used for the purposes stated in the offer document, and its monitoring agency was Infomerics Valuation and Rating Limited.

What changed in Gaudium IVF’s other IPO allocations?

Gaudium IVF repaid Rs 18.07 crore of identified borrowings during the period ended June 30, 2026, against the original Rs 20 crore borrowing-repayment allocation. Because no such borrowings remained outstanding as of June 30, 2026, the audit committee and board approved a Rs 1.93 crore reallocation to general corporate purposes on August 13, 2026.

Following that decision, the general-corporate-purpose allocation increased from Rs 12.28 crore to Rs 14.21 crore. By September 30, 2026, Gaudium IVF had used Rs 11.37 crore for general corporate purposes, leaving Rs 2.83 crore, and said that allocation remained within the 25% limit of gross fresh-issue proceeds disclosed in its prospectus.

This reallocation differs from the proposed centre-city changes because it moved Rs 1.93 crore between IPO objects. The proposed revision to the 19-centre programme retains the Rs 50 crore allocation, while fresh-issue expenses of Rs 7.72 crore had been fully used by September 30, 2026.

Conclusion

Gaudium IVF is changing six of 19 planned IVF-centre locations and allowing a flexible opening sequence, but it is retaining the Rs 50 crore allocated to the expansion object. Its utilisation of Rs 13.48 crore by September 30, 2026 shows that Rs 36.52 crore remained available for the planned network rollout.

The next disclosed milestones are the indicative establishment of 10 centres in FY27, eight in FY28 and one in FY29, culminating by March 31, 2029. Investors can watch for shareholder approval, disclosures on the revised cities and openings, and subsequent updates on use of the remaining Rs 36.52 crore for new IVF centres.