Investment firm EQT Corporation's subsidiary, Indira IVF, seeks a public offering by utilizing a private process.
Indira IVF Hospital, a leading provider of fertility services in India, has rekindled its plans for an Initial Public Offering (IPO) after withdrawing the draft papers in March, primarily due to concerns raised by the Securities and Exchange Board of India (SEBI) regarding the timing of the IPO coinciding with the release of a Bollywood biopic based on the company’s founder, Dr. Ajay Murdia.
The biopic, which reportedly raised apprehensions about potential indirect promotion or publicity for the company ahead of the IPO, was a significant factor in the withdrawal, according to industry reports and sources. However, the company officially stated the withdrawal was for "commercial considerations."
In a move to address these concerns and push forward with the IPO, Indira IVF has confidentially re-filed its Draft Red Herring Prospectus (DRHP) with SEBI in July. The company is expected to submit preliminary documents for the listing later this month, targeting a total offer size of approximately ₹3,500 crore ($408 million).
Unlike the initial filing, the upcoming IPO will involve only an offer for sale by existing shareholders, including majority owner EQT and members of the founding Murdia family. No new shares will be issued.
The IPO, if successful, will mark a significant milestone for Indira IVF as it seeks capital for expansion in India’s growing fertility services market. The company did not respond to a request for comment from Reuters.
It is worth noting that Indira IVF was previously backed by Hong Kong-based investment firm BPEA EQT. The confidential route was used for the IPO, allowing the company to submit draft papers to SEBI for feedback without public disclosure.
Sources: - The Economic Times - Reuters - Bloomberg News
Timeline: - Initial DRHP filing: February 2025 - DRHP withdrawal: March 2025 - DRHP re-filing: July 2025
Key Points: - Withdrawal in March 2025: Triggered by SEBI concerns over the timing of a Bollywood biopic about the founder, leading to fears of indirect promotional effects on the IPO. - Refiling in July 2025: The company has confidentially re-filed its IPO documents, with plans to proceed on an offer-for-sale basis, targeting a $408 million listing, and expects to submit preliminary documents imminently. - No fresh equity: The IPO will only involve sales by existing shareholders, primarily EQT and the Murdia family.
The re-filed Initial Public Offering (IPO) by Indira IVF Hospital is expected to focus solely on an offer for sale by existing shareholders, as stated in the Draft Red Herring Prospectus (DRHP) submitted to the Securities and Exchange Board of India (SEBI) in July. The successful IPO, anticipating a total offer size of approximately ₹3,500 crore ($408 million), is aimed at capitalizing for the expansion of the company in India's growing fertility services market.
