Indira IVF Retracts IPO Submission Following Biopic Release on Founder Ajay Murdia

Synopsis

Indira IVF Hospital has decided to retract its IPO filing shortly after the release of a biopic about its founder, Ajay Murdia. The company cites internal evaluations as the reason for this decision, distancing itself from any regulatory concerns linked to SEBI.

Key Takeaways

Indira IVF retracted its IPO filing.
The decision followed the release of a biopic on Ajay Murdia.
The biopic premiered on March 21, shortly before the withdrawal.
SEBI raised concerns about the timing, but Indira IVF denied regulatory influence.
Indira IVF plans to raise Rs 3,500 crore.

Mumbai, March 27 (NationPress) The fertility clinic network Indira IVF Hospital has officially retracted its draft initial public offering (IPO) documents that were submitted using the confidential pre-filing approach.

The decision stemmed from an assessment of various factors and business considerations.

This withdrawal occurred shortly after the debut of a Bollywood biopic centered on Ajay Murdia, the founder of Indira IVF.

The film, titled "Tumko Meri Kasam", featuring Anupam Kher and Esha Deol, premiered on March 21, a little over a month after the company lodged its draft papers with the Securities and Exchange Board of India (SEBI) on February 13.

This sequence of events sparked speculations regarding possible regulatory issues related to indirect self-promotion.

As per the latest update from SEBI, the draft IPO filing was formally retracted on March 19, 2025.

While various reports indicated that SEBI expressed concerns about the timing of the biopic's release in relation to the IPO filing, Indira IVF has firmly denied any regulatory influence.

A spokesperson for the company clarified that the choice to withdraw the IPO was based solely on internal commercial evaluations.

They also refuted claims suggesting that SEBI mandated this action.

"The company made the decision to withdraw the pre-filed DRHP following an assessment of various factors and commercial considerations. Any reports implying that SEBI directed this action are inaccurate," stated the spokesperson.

Indira IVF is among several companies that have considered the confidential pre-filing option for IPOs.

This method allows businesses to maintain the confidentiality of offering details and modify the issue size by up to 50% until the Updated Draft Red Herring Prospectus (UDRHP) stage.

Additionally, it provides companies with a window of 18 months to launch the IPO after receiving SEBI's final comments, compared to the traditional timeframe of 12 months.

Supported by the Sweden-based investment firm EQT, Indira IVF aimed to raise Rs 3,500 crore through a pure offer-for-sale (OFS).

Of this amount, Rs 2,900 crore was anticipated to come from EQT, while Rs 600 crore was expected to be offloaded by the founders and promoter group.