EQT-backed Indira IVF Re-Files DRHP via Confidential Route, Aims for Rs 3,500 Cr IPO

EQT-backed Indira IVF has refiled its draft red herring prospectus (DRHP) for a Rs 3,500 crore IPO through Sebi's confidential route. The company initially withdrew its DRHP in February due to concerns over a Bollywood biopic about its founder. Indira IVF is the market leader in assisted reproductive technology services in India and completes around 40,000 IVF cycles annually. The decision to pursue the confidential filing route comes amid growing investor interest in the Indian ART sector.

India's leading fertility services provider, Indira IVF Hospital, has refiled its draft red herring prospectus (DRHP) for an initial public offering (IPO) through the Securities and Exchange Board of India's (SEBI) confidential pre-filing route. The company aims to raise Rs 3,500 crore ($408 million) through the IPO, which is expected to be a significant milestone for the healthcare sector.

Indira IVF, founded by Ajay Murdia, specializes in assisted reproductive technology (ART) services and operates over 155 fertility centers across India. The company completes around 40,000 IVF cycles annually and is backed by the Sweden-based investment company EQT AB. The confidential filing route allows the company to withhold sensitive information from the public domain until it is ready to proceed with its IPO, avoiding unwarranted public scrutiny and opportunistic litigation.

The decision to pursue the confidential filing route comes amidst growing investor interest in the Indian ART sector, driven by increasing awareness, expanding market size, and favorable demographics. The ART market in India is expected to grow at a compound annual growth rate (CAGR) of around 15% over the next decade, supported by rising awareness about infertility treatments, a growing middle class, declining fertility rates, and increasing marriage age.

Indira IVF's initial IPO plans were withdrawn in March 2025 due to concerns raised by SEBI regarding the timing of the IPO in conjunction with the release of a Bollywood biopic about the company's founder. However, the company has now revived its IPO plans, with Kotak Mahindra Capital Co., IIFL Capital Services Ltd., JPMorgan Chase & Co., and UBS Group AG advising on the IPO.

The IPO will primarily involve the sale of existing shares, with EQT expected to offload shares worth around Rs 29 billion. Three members of the founding family—Ajay Murdia, Kshitiz Murdia, and Nitiz Murdia—will each sell shares valued at approximately Rs 2 billion. The company aims to file a fresh draft prospectus later this month, which could raise up to Rs 35 billion.

The revival of Indira IVF's IPO plans comes as the company continues to expand its footprint and meet growing demand for fertility treatments across India. The IPO is expected to provide liquidity for existing shareholders and potentially attract new investors to the healthcare sector.

References:
[1] https://www.ainvest.com/news/indira-ivf-hospital-public-confidential-ipo-route-2507/
[2] https://www.business-standard.com/markets/ipo/eqt-backed-indira-ivf-refiles-drhp-via-confidential-route-125071600958_1.html
[3] https://www.business-standard.com/markets/ipo/indira-ivf-refiles-draft-ipo-via-confidential-route-gaudium-to-follow-125071600610_1.html