Indira IVF withdraws IPO filing after release of biopic ‘Tumko Meri Kasam’ on founder Ajay Murdia

Mumbai: Fertility clinic chain Indira IVF Hospital has withdrawn its draft initial public offer (IPO) papers, which were filed through the confidential pre-filing route.

The company cited an evaluation of various factors and commercial considerations as the reason for its decision.

However, the move came shortly after the release of a Bollywood biopic on Indira IVF’s founder, Ajay Murdia.

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

This timing led to speculation about potential regulatory concerns over indirect self-promotion.

According to the SEBI’s latest update, the draft IPO document was officially withdrawn on March 19, 2025.

While reports suggested that the SEBI had raised concerns about the biopic’s release coinciding with the IPO filing, Indira IVF has denied any regulatory involvement.

In a statement, a company spokesperson clarified that the decision to withdraw the IPO was based purely on internal commercial evaluations.

They also dismissed reports suggesting that the SEBI had directed them to take this step.

"The company decided to withdraw the pre-filed DRHP pursuant to the evaluation of various factors and commercial considerations. Reports that suggest any direction from SEBI in this regard are incorrect," the company’s spokesperson said.

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

This option allows firms to keep offering details private and adjust the issue size by up to 50 per cent until the Updated Draft Red Herring Prospectus (UDRHP) stage.

It also gives companies 18 months to launch the IPO after receiving the SEBI’s final comments, compared to the 12-month limit in the traditional process.

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

Of this, Rs 2,900 crore was expected to come from EQT, while Rs 600 crore would have been offloaded by the founders and promoter group.