Indira IVF Hospital Ltd., one of India’s largest fertility service providers, has taken its first major step toward a stock market debut. On July 16, 2025, the company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) under the confidential route. This filing signals the beginning of the company’s initial public offering process and reveals its intent to list on Indian stock exchanges later this year.
This confidential filing allows Indira IVF to gain regulatory feedback discreetly, without exposing detailed financial or strategic information to the public prematurely. The company intends to raise around ₹3,500 crore, or approximately USD 408 million, through this offering. This move positions Indira IVF as one of the major healthcare companies aiming for a high-profile listing in India during 2025.
Understanding the Confidential Route
SEBI introduced the confidential IPO filing route in December 2022. This route permits companies to submit draft documents for review without making them publicly accessible during the initial stages. Companies using this route can test the regulatory waters and refine their documents before going public. Indira IVF previously attempted to file its DRHP in February 2025, coinciding with the release of a Bollywood biopic on the company’s founder. That move raised regulatory red flags due to concerns about promotional conflicts, and the company withdrew the application in March 2025.
Now, with a revised and legally compliant strategy, Indira IVF has re-entered the IPO race. This time, the company aims to navigate the regulatory framework carefully while maintaining control over the narrative surrounding its listing.
Offer for Sale Structure: No New Shares
The IPO will consist entirely of an Offer for Sale (OFS). Indira IVF will not issue any new shares. Instead, existing shareholders will offload a portion of their holdings to the public. This format allows early investors and founding members to monetize their equity without diluting the company’s current shareholding structure.
BPEA EQT, a global private equity firm that acquired a majority stake in Indira IVF in 2023, will lead the share sale. EQT plans to sell shares worth around ₹2,900 crore. In addition, three members of the founding Murdia family—Ajay Murdia, Kshitiz Murdia, and Nitiiz Murdia—will each sell shares valued at approximately ₹200 crore. This offer structure provides liquidity to both institutional and family shareholders while allowing new investors to enter the company.
No Capital Infusion: What This Means
Because the company will not issue new shares, it will not receive any proceeds from this IPO. All funds raised will go to the selling shareholders. This move indicates that Indira IVF currently does not require fresh capital for expansion or debt repayment. The company appears confident in its financial health and wants to use the listing to provide exits and strategic flexibility to its existing stakeholders.
Market Conditions Favor Healthcare Listings
Indira IVF’s IPO plan comes at a time when India’s equity markets are booming. Several companies have filed for or completed large IPOs in recent months, indicating strong investor appetite. The healthcare sector, in particular, has attracted attention due to rising demand for specialized services, robust margins, and long-term growth potential.
Indira IVF’s ₹3,500 crore issue will join other big-ticket offerings such as INOX Clean Energy’s ₹6,000 crore IPO and WeWork India’s planned ₹4,000 crore raise. The company will likely benefit from positive market momentum, especially in the healthcare and technology-aligned sectors.
Indira IVF’s Business Footprint
Founded in 2011, Indira IVF has grown into one of India’s most prominent fertility service providers. The company operates more than 155 clinics across the country and works with over 315 fertility specialists. It handles a high volume of in-vitro fertilization (IVF), intrauterine insemination (IUI), and related procedures. The company has achieved strong clinical outcomes and built a trusted brand, particularly in Tier II and Tier III cities.
India’s fertility sector continues to expand due to lifestyle changes, increasing infertility rates, and rising awareness about assisted reproductive technologies. Around 15% of Indian couples face fertility challenges, creating a large addressable market. Indira IVF has positioned itself to lead this market through scale, technology, and affordability.
Private Equity Backing and Ownership
In 2023, global private equity giant EQT acquired a controlling stake in Indira IVF through its Asia-focused fund, BPEA EQT. The deal reportedly valued the company at around USD 2.5 billion. EQT replaced TA Associates, an earlier investor, and joined the Murdia family in steering the company’s growth. With EQT’s backing, Indira IVF has focused on expanding its clinical footprint, improving operational efficiency, and preparing for public listing.
Now, EQT seeks partial exit through this OFS, along with the founding family. The IPO will help both parties realize gains from their investments and reposition the company for the next phase of institutional ownership.
Investment Bankers and Advisors
To manage the IPO, Indira IVF has assembled a team of top investment banks. These include:
- Kotak Mahindra Capital
- IIFL Capital Services
- JPMorgan Chase
- UBS Group
These advisors will guide the company through regulatory compliance, valuation analysis, book-building, and investor roadshows. Their involvement also signals strong institutional support and increases confidence among prospective investors.
Strategic Goals Behind the Listing
Several strategic reasons explain Indira IVF’s decision to pursue a public listing:
- Liquidity for Existing Investors: The IPO enables EQT and the Murdia family to monetize a part of their holdings without compromising the company’s operational stability.
- Market Visibility: Public listing enhances brand visibility, improves credibility with patients, and increases trust among referral partners and clinicians.
- Future Access to Capital: While the current offering raises no new capital, being listed will allow Indira IVF to tap public markets in the future for acquisitions, expansion, or innovation projects.
- Regulatory Compliance and Governance: Going public introduces tighter scrutiny, better disclosures, and improved corporate governance—all important for a healthcare service provider operating in a sensitive domain like fertility.
Risks and Considerations
Indira IVF faces a few risks in its public market journey:
- Market Volatility: A sudden dip in equity markets could affect IPO pricing, subscription rates, and post-listing performance.
- Reputational Sensitivities: As a provider of fertility services, the company operates in a domain that requires strict ethical and regulatory adherence. Past concerns over promotional materials and public perception could re-emerge if not managed carefully.
- Operational Pressures: While the company leads in scale, maintaining quality outcomes, customer satisfaction, and cost efficiencies across 150+ centers will remain a challenge.
What Comes Next?
With the DRHP submitted confidentially, Indira IVF will now receive comments and feedback from SEBI. Once the company incorporates changes and gains approval, it will file a final red herring prospectus for public release. This version will include pricing details, financial performance, risk factors, and business outlook.
If market conditions remain favorable, the company may launch the IPO by late 2025. Investor roadshows, anchor allotments, and public subscription will follow soon after. Analysts expect strong institutional interest due to the company’s sector leadership, proven performance, and private equity credibility.
Conclusion
Indira IVF’s confidential IPO filing marks a significant milestone for India’s healthcare and fertility ecosystem. The ₹3,500 crore offer for sale will provide partial exits to EQT and the Murdia family while inviting new institutional and retail investors into the fold. The company, with its expansive reach and clinical focus, has positioned itself to leverage rising fertility needs across India. As the IPO process unfolds, Indira IVF aims to set a benchmark in healthcare listings by combining scale, governance, and shareholder value creation.
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