Indira IVF IPO Postponed, know why?

Indira IVF Hospital Ltd, a leading fertility clinic chain in India, has withdrawn its draft red herring prospectus (DRHP) for a proposed ₹3,500 crore initial public offering (IPO). The withdrawal, dated March 19, 2025, follows the recent release of “Tumko Meri Kasam,” a Bollywood biopic on the company’s founder, Dr. Ajay Murdia, featuring actors Anupam Kher and Esha Deol.   Reports suggest that the Securities and Exchange Board of India (SEBI) raised concerns that the film’s release could serve as indirect promotion, potentially influencing investor sentiment ahead of the IPO. However, Indira IVF maintains that the decision to withdraw was based on internal evaluations and commercial considerations, denying any directive from SEBI.   The company had filed the draft papers confidentially with SEBI on February 13, 2025. The confidential pre-filing route allows firms to withhold public disclosure of IPO details and provides flexibility in deciding whether to proceed with the public offering.  Indira IVF, founded in Udaipur in 2011, operates over 150 centers across India. In the financial year 2023-24, the company reported a net profit of ₹183 crore, down from ₹266 crore in the previous year. In July 2023, Sweden-based investment firm BPEA EQT acquired a controlling stake in Indira IVF from TA Associates and the Murdia family.