Indira IVF IPO: EQT-Backed Fertility Clinics Chain Refiles For IPO

EQT-backed Indira IVF Hospital Ltd. has confidentially filed draft papers for its market debut for a second time via the regulator's pre-filing route.

"The filing of the pre-filed draft red herring prospectus shall not necessarily mean that the company will undertake the initial public offering," the company said.

The shares, proposed to be listed on the main boards of both NSE and BSE, will have a face value of Rs 5 each.

This comes nearly four months after the company was said to have temporarily withdrawn plans for its IPO over a Bollywood biopic on founder Ajay Murdia.

The fertility clinic chain, which was originally looking for a Rs 3,500-crore initial public offering, allegedly ran into trouble with the country's market regulator over the timing of the movie Tumko Meri Kasam's release, according to people aware of the matter.

The movie, which is a fictionalised version of Murdia's life and his chain of clinics, was released on March 21—just over a month after the company announced that it had confidentially filed for an IPO.

The regulator's lens on the biopic, and how close its release was to the IPO filing, is what is said to have pushed the company to withdraw the offer, the above-mentioned sources said.

"The company had decided to withdraw the pre-filed DRHP pursuant to evaluation of various factors and commercial considerations," Indira IVF had told NDTV Profit in an emailed statement the last time it withdrew its offer. It also added that SEBI did not direct it to withdraw the DRHP.

The Stockholm-based investment firm had acquired a controlling stake in Indira IVF from Boston-based TA Associates and the company's founders in 2023. While TA Associates exited the business through the deal, the Murdias retained a minority stake and continued leading the company.

Bloomberg News had reported in November 2024 that EQT was eyeing a $400 million IPO for Indira IVF, which would value the company at about $2.5 billion.

Indira IVF runs more than 150 fertility centres across India with over 330 IVF specialists, according to its website. Infertility rates in India are about 15% and expected to rise, EQT said in a statement when it acquired its stake in Indira IVF in 2023.