Indira IVF Files Confidentially Draft Papers With SEBI For IPO

Indira IVF Hospital Ltd., backed by private equity firm EQT, has confidentially submitted its draft papers for an initial public offering (IPO) through the regulator’s pre-filing route. This move places the company alongside others such as Swiggy Ltd., Credila Financial Services Ltd., and Vishal Mega Mart Ltd., which have also opted for confidential filings. However, Indira IVF has stated that this filing does not necessarily indicate that the IPO will proceed.

EQT’s Investment and Indira IVF’s Market Position

EQT, a Stockholm-based investment firm, acquired a controlling stake in Indira IVF in 2023 from Boston-based TA Associates and the company’s founders. Following the deal, TA Associates exited, while the Murdia family retained a minority stake and continued leading the business. Bloomberg News had earlier reported that EQT was targeting a $400 million IPO for Indira IVF, potentially valuing the company at approximately $2.5 billion. The fertility chain operates over 150 centres across India, with more than 330 IVF specialists. Given India’s infertility rate of around 15%, EQT recognised the industry’s growth potential when it made its investment.

Confidential IPO Filing and Regulatory Framework

A confidential IPO filing allows a company to submit its draft red herring prospectus (DRHP) without making the details public immediately. Introduced by SEBI in December 2022, this mechanism was first used by Tata Play Ltd. Companies opting for this route can keep sensitive business information undisclosed until they officially decide to proceed with the IPO. However, this process can take longer than the traditional IPO route and often involves higher legal and advisory costs, as noted by ICICI Direct.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.