SEBI, IPO, And A Movie: The Story Behind Indira IVF’s Listing Withdrawal Of Rs 3500 Cr Issue
Indira IVF Hospital Ltd withdrew its Rs 3,500 crore IPO draft after SEBI raised objections related to the Bollywood movie "Tumko Meri Kasam." The company cited various factors for the withdrawal.
Indira IVF Hospital Ltd, one of India’s largest fertility clinic chains, has withdrawn its draft red herring prospectus for a planned Rs 3,500 crore initial public offering (IPO), as per SEBI update. It is reported that the withdraw of listing comes after the Securities and Exchange Board of India (SEBI) raised objections related to a Bollywood movie, “Tumko Meri Kasam," which was allegedly promoting the company.
Although Indira IVF’s spokesperson denied the media reports, citing various factors and commercial considerations. “The company had decided to withdraw the pre filed DRHP pursuant to evaluation of various factors and commercial considerations," the Indira IVF’s spokesperson said to Indian Express.
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Indira IVF Hospital Ltd, founded in Udaipur in 2011, withdrew its draft offer document on March 19, as per a SEBI update. The draft paper had been filed the previous month.
Private equity firm BPEA EQT, which is backing Indira IVF, is aiming to raise money through IPO.
Earlier, it is reported that the market regulator’s concerns centered around the timing of the movie’s release, coinciding with the company’s efforts to raise funds through the IPO, as per Indian Express report.
What’s The Movie Connection Of Indira IVF
The movie, directed by Vikram Bhatt, is based on the life of Dr. Ajay Murdia, the founder of Indira IVF, who established one of the leading fertility clinic chains. The film stars Anupam Kher, Adah Sharma, Ishwak Singh, and Esha Deol, with Kher portraying Dr. Ajay Murdia.
About Indira IVF
Indira IVF, started in 1998 by Dr. Ajay Murdia, along with Kshitiz Murdia and Nitiz Murdia, has grown to over 150 centers across India, offering fertility consultations and treatments. In FY2024, the company reported a net profit of Rs 183 crore, down from Rs 266 crore in the previous year.
In July 2023, private equity firm BPEA EQT acquired a controlling stake in Indira IVF from TA Associates, marking a significant development for the company.
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