A movie may have derailed Indira IVF IPO plans; dropped after ‘evaluation’ of factors: Company

Founded in Udaipur in 2011, Indira IVF Hospital Ltd withdrew the draft offer document on March 19, according to an update by SEBI. The company had filed the draft paper last month.

When contacted, Indira IVF Hospital’s spokesperson said, “The company had decided to withdraw the pre filed DRHP pursuant to evaluation of various factors and commercial considerations.”

Media reports that suggest any direction from SEBI in this regard are incorrect, the spokesperson said in a statement.

A mail sent to SEBI seeking clarification on the withdrawal of the company’s IPO did not elicit any response.

The movie, directed by Vikram Bhatt, is based on the life of Dr Ajay Murdia, the founder of Indira IVF, who is credited with building one of the leading chains of fertility clinics. Anupam Kher, Adah Sharma, Ishwak Singh and Esha Deol are the lead actors of the movie. Kher played the role of Dr Ajay Murdia.

The other founders of the company are Kshitiz Murdia and Nitiz Murdia. The company, which started operations in 1998, has a network of over 150 centres across the country, and offers fertility consultations and treatment.

In FY2024, Indira IVF reported a net profit of Rs 183 crore, compared to Rs 266 crore in the previous financial year.

In July 2023, BPEA EQT acquired a controlling stake in Indira IVF from TA Associates. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia.

Meanwhile, SEBI in its latest update on March 25 said that the issuance of observations on the draft IPO document of WeWork India Management has been kept in abeyance. Embassy Group-promoted premium flexible workspace operator WeWork India had filed a draft red herring prospectus with the capital markets regulator on January 31, to raise funds via initial public offering.