EQT-Backed Indira IVF Revives IPO Plans, Seeks $408mln in Fresh Listing

Indira IVF, a fertility clinic chain backed by EQT, plans to revive its IPO plans in India. The company is expected to file a fresh draft prospectus in July and raise up to 35 billion rupees ($408 million). EQT will offload shares worth 29 billion rupees, while three members of the founding family will sell shares valued at 2 billion rupees each. The IPO had previously been withdrawn in March due to concerns from India's financial regulator.

Indira IVF Hospital, a prominent fertility clinic chain backed by private equity firm EQT AB, is set to revive its initial public offering (IPO) plans in India. The company aims to file a fresh draft prospectus later this month, which could raise up to 35 billion rupees ($408 million), according to sources familiar with the matter [1].

The IPO will primarily involve the sale of existing shares, with EQT expected to offload shares worth around 29 billion rupees. Three members of the founding family—Ajay Murdia, Kshitiz Murdia, and Nitiz Murdia—will each sell shares valued at approximately 2 billion rupees [1]. Kotak Mahindra Capital Co., IIFL Capital Services Ltd., JPMorgan Chase & Co., and UBS Group AG are advising on the IPO [1].

Indira IVF had initially submitted a draft prospectus in February but withdrew it in March due to concerns raised by the Securities and Exchange Board of India (SEBI) regarding the timing of the IPO in conjunction with the release of a Bollywood biopic about the company's founder [1, 2].

Founded in 2011, Indira IVF operates over 155 fertility centers and collaborates with 315 IVF specialists across India as of September 2024 [1]. The company's latest expansion includes the inauguration of a new fertility clinic in Palanpur, Gujarat, further enhancing its network of services [3].

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.bloomberg.com/news/articles/2025-07-15/indira-ivf-said-to-revive-india-ipo-that-may-raise-408-million
[2] https://www.marketscreener.com/quote/stock/EQT-AB-66480635/news/Indira-IVF-Backed-by-EQT-Revives-IPO-Plans-in-India-Bloomberg-News-50509519/
[3] https://rashtratimes.in/2025/07/indira-ivf-expands-presence-in-gujarat-with-new-fertility-clinic-in-palanpur/