Indira IVF IPO: EQT-backed fertility clinic chain refiles draft papers with Sebi via confidential route

Indira IVF, a fertility clinic chain backed by EQT, has refiled its Draft Red Herring Prospectus through the confidential filing route, aiming to raise Rs 3,500 crore ($408 million). The company had initially submitted the draft prospectus in February but withdrew it in March. Kotak Mahindra Capital, IIFL Capital, JPMorgan Chase, and UBS Group AG are advising on the IPO. The move comes amidst growing investor interest in India's assisted reproductive technology sector, buoyed by increasing awareness and favorable demographics.

Title: Indira IVF Revives India IPO Plans with Confidential Filing

Indira IVF, a leading fertility clinic chain backed by private equity firm EQT, has refiled its Draft Red Herring Prospectus (DRHP) through the confidential filing route, aiming to raise Rs 3,500 crore ($408 million). The company initially submitted the draft prospectus in February but withdrew it in March due to regulatory concerns and the release of a Bollywood biopic based on its founder. The renewed effort comes amidst growing investor interest in India's assisted reproductive technology (ART) sector, buoyed by increasing awareness and favorable demographics.

The IPO will be a fully secondary share sale, with no new shares issued. EQT is set to offload shares worth approximately Rs 29 billion, while three members of the founding Murdia family—Ajay, Kshitiz, and Nitiz Murdia—will each sell around Rs 2 billion worth of shares. Kotak Mahindra Capital, IIFL Capital Services, JPMorgan, and UBS are advising on the offering.

The global IVF devices and consumables market is expected to reach USD 13.51 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 16.84% from 2025 to 2034. Technological advancements, such as AI-integrated embryo selection systems and cryopreservation techniques, are driving market growth. Indira IVF's IPO could provide investors with an opportunity to gain exposure to this growing market in India [1].

The company's focus on technological advancements and personalized treatment plans aligns with the growing demand for IVF treatments globally. The global vitrification market, a critical component of IVF, is expected to reach USD 31.15 billion by 2032, growing at a CAGR of 16.3% from 2025 to 2032. This growth is driven by advancements in cryoprotectant solutions and rising awareness of fertility preservation [2].

Indira IVF's IPO could provide investors with an opportunity to gain exposure to the growing IVF market in India. However, potential investors should conduct thorough due diligence and consider the risks associated with the IPO process and the healthcare sector.

References:
[1] https://www.globenewswire.com/news-release/2025/07/14/3114519/0/en/IVF-Devices-and-Consumables-Market-Size-Worth-USD-13-51-Billion-by-2034.html
[2] https://www.globenewswire.com/news-release/2025/07/15/3115755/0/en/Vitrification-Market-Size-to-Hit-USD-31-15-Billion-by-2032-Growth-Driven-by-Rising-Assisted-Reproductive-Technologies-ART-Adoption-Coherent-Market-Insights.html