Indira IVF, one of India’s leading fertility treatment chains, is all set to revive its Initial Public Offering (IPO) plans in 2025 after an unexpected withdrawal earlier this year. Backed by private equity firm EQT AB, the company will soon file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise around ₹3,500 crore (approximately $408 million).
This upcoming IPO, which could mark one of the biggest healthcare listings in recent years, will be a complete offer for sale (OFS) — with no new equity issuance involved.
Why Indira IVF Withdrew Its Initial IPO Filing
Indira IVF had initially filed for an IPO in February 2025, creating excitement in the market. However, the company withdrew the filing in March 2025, raising questions from investors and stakeholders.
According to Economic Times, the decision to withdraw was influenced by regulatory concerns from SEBI. The timing of the IPO clashed with the release of a Bollywood biopic based on the company’s founder, which could be viewed as promotional content during a sensitive pre-IPO period. SEBI reportedly flagged this as a potential violation of IPO communication norms, which restrict companies from promoting their image close to listing.
Details of the Revived IPO Plan
As per sources familiar with the matter, Indira IVF is now ready to submit a fresh DRHP by the end of July 2025. This time, the IPO will proceed as a pure offer for sale (OFS), meaning that no fresh capital will be raised. Instead, existing shareholders will sell part of their stakes.
Key Offer Details:
- Total IPO size: ₹3,500 crore (~$408 million)
- EQT AB’s stake sale: ₹2,900 crore
- Founding family members’ sale: ₹600 crore collectively
- Ajay Murdia: ₹200 crore
- Kshitiz Murdia: ₹200 crore
- Nitiz Murdia: ₹200 crore
This structure indicates that EQT AB, which acquired a majority stake in Indira IVF in 2019, is looking to partially exit and monetize its investment. The founding Murdia family will also be reducing their shareholding, although they are expected to retain a significant interest in the company.
About Indira IVF: India’s Largest Fertility Network
Founded in 2011 by Dr. Ajay Murdia in Udaipur, Indira IVF has grown into India’s largest fertility treatment network. The company specializes in In-Vitro Fertilization (IVF) and offers a wide range of assisted reproductive technologies.
Company Highlights:
- 155+ fertility centers across India (as of September 2024)
- 315+ IVF specialists on board
- 60,000+ IVF cycles conducted annually
- Pan-India presence including metros and Tier 2 & 3 cities
Indira IVF is known for making fertility treatment affordable and accessible, especially in non-metro regions. The company’s growth has been driven by medical expertise, advanced labs, and a strong patient-centric approach.
Advisors to the IPO
The IPO is being managed by a team of top-tier global and Indian investment banks:
- Kotak Mahindra Capital Company
- IIFL Capital Services Ltd.
- JPMorgan Chase & Co.
- UBS Group AG
These firms will help with valuation, investor roadshows, book-building, and regulatory compliance.
Market Timing: Why Now?
The revival of the IPO comes amid renewed investor appetite for healthcare and fertility stocks, especially in India’s booming capital markets. Over the past two years, companies like Rainbow Children’s Medicare, Sah Polymers, and Medanta (Global Health Ltd.) have seen strong public listings.
With India’s fertility industry expected to grow at a CAGR of 20–25%, Indira IVF is seen as a market leader with a scalable and profitable model. Its early-mover advantage and widespread brand recall also strengthen its IPO appeal.
Risks & Considerations
Investors should also consider:
- High competition from private hospitals expanding into fertility
- Regulatory sensitivity in the healthcare and IVF sector
- Public perception risks due to biopic-related controversy
Nonetheless, the IPO is likely to draw strong interest from retail and institutional investors, given the company’s market dominance and robust performance.
What’s Next?
- Fresh DRHP filing expected: End of July 2025
- IPO launch expected: Likely in Q3 FY26 (October–December 2025)
- SEBI clearance awaited post new submission
Once listed, Indira IVF will join the ranks of India’s publicly traded healthcare giants, further validating fertility treatment as a major medical sub-sector.
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