Fertile Ground for Investors: Indira IVF’s IPO Gestates Behind Closed Doors

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India's biggest fertility hospital chain, Indira IVF Hospital, has filed draft papers for a ₹3,500 crore initial public offering privately, a strategic move towards capital markets from clinical excellence. The IPO will be an offer-for-sale in full, where current shareholders will dispose of shares without issuing new ones.

Key Highlights
- Private equity firm EQT AB will probably offer shares worth ₹2,900 crore, while founders Ajay, Kshitiz, and Nitiz Murdia will offer ₹200 crore equity stakes each
- The IPO filing follows a earlier withdrawn draft in March 2025, which coincided with the launch of a Bollywood biopic on the founder, causing regulatory concerns
- Indira IVF has more than 155 fertility clinics in India and has more than 315 IVF specialists up to September 2024
- Kotak Mahindra Capital, IIFL Capital Services, JPMorgan Chase, and UBS have advised the deal
- Confidential filing procedure enables firms to file IPO documents without the need for public disclosure, providing the flexibility of timing and structure
- The action puts Indira IVF in a rising list of companies—such as Swiggy, PhysicsWallah, and Vishal Mega Mart—choosing to file low-key under SEBI's pre-filing mechanism
- IPO would place Indira IVF at approximately $2.5 billion, signaling investor optimism in India's burgeoning fertility services market.

Prospects
Indira IVF's low-profile IPO is a reflection of a changing healthcare industry where high-tech services converge with advanced financial planning. A successful float can redefine investor focus on fertility-centric healthcare initiatives.

Sources: MSN, NewsBytes, NDTV Profit, Angel One, Business Standard, Livemint, Upstox.