Indira IVF Hospital Ltd, one of India’s most prominent fertility clinic chains, recently made headlines by withdrawing its Draft Red Herring Prospectus (DRHP) for a planned ₹3,500 crore Initial Public Offering (IPO). This unexpected move followed objections raised by the Securities and Exchange Board of India (SEBI), which questioned the timing of a Bollywood movie allegedly promoting the company.
The issue has sparked conversations across the financial and regulatory communities, as it represents a rare case where promotional media triggered regulatory pushback during a company’s pre-IPO phase. Let’s explore the timeline, reasons, and implications of Indira IVF’s IPO withdrawal and what it means for companies preparing to go public.
What Happened with Indira IVF’s IPO?
Indira IVF, backed by private equity firm BPEA EQT, filed its DRHP with SEBI in February 2025, aiming to raise approximately ₹3,500 crore through its IPO. The company intended to use the capital to expand its national footprint, invest in technology, and possibly reduce some of its debt. The IPO generated significant interest, given Indira IVF’s leadership in the fertility space and the sector’s rapid growth in India.
However, things took a turn when SEBI raised concerns over a Bollywood film titled Tumko Meri Kasam. The film portrays the journey of Dr. Ajay Murdia, the founder of Indira IVF, and the company’s rise in India’s fertility treatment market. Directed by Vikram Bhatt and featuring actors like Anupam Kher and Esha Deol, the film released around the same time the company prepared for its IPO.
SEBI took note of the film’s release and flagged it as a potential indirect promotional tool that could influence investor sentiment. The regulator questioned whether the timing of the film violated fair disclosure norms or constituted a soft marketing strategy that could mislead investors before the offering.
Why SEBI Objected to the Film’s Timing
SEBI’s mandate ensures fair, transparent, and unbiased access to investment information. When a company files for an IPO, it enters a “quiet period” where it must avoid any marketing or public communications that can sway investor behavior unfairly. The regulator believes that any activity that creates hype or portrays the company or its founders in a favorable light must undergo scrutiny, especially if that activity occurs around the IPO launch.
SEBI did not accuse Indira IVF of directly funding or producing the film. However, the regulator took issue with how the movie functioned as a potential brand-building tool. Since the film shared the story of the company’s founding and included real-world references to its services, SEBI considered the timing problematic.
SEBI’s concerns appeared serious enough to prompt Indira IVF to reassess the situation. On March 19, 2025, the company formally withdrew its DRHP. This withdrawal happened just a few weeks after it submitted the offer document, marking a swift change in strategy.
What Indira IVF Said About the Withdrawal
In response to growing speculation, Indira IVF issued a statement. The company clarified that it withdrew the IPO voluntarily and not due to a formal direction from SEBI. It cited “internal commercial considerations” as the primary reason for the decision. The company emphasized that it continues to evaluate its options and may revisit fundraising plans in the future.
Company representatives maintained that the film, although inspired by the founder’s life, did not intend to serve as a marketing tool. They added that the movie’s release had been in the works for several months, independent of the IPO filing.
Still, the timing of the release made it difficult to separate public perception from regulatory scrutiny. Indira IVF chose to avoid any long-drawn battle with the regulator and decided to delay its listing plans.
Indira IVF: A Snapshot of Growth
Founded in Udaipur in 2011 by Dr. Ajay Murdia, Indira IVF started with a single fertility clinic. Over time, the organization expanded aggressively across India. Today, it operates over 115 fertility centers across the country, offering services such as in-vitro fertilization (IVF), intrauterine insemination (IUI), and advanced fertility diagnostics.
Indira IVF has helped more than 1.5 lakh couples overcome fertility challenges. The company blends affordability with cutting-edge medical technology, positioning itself as a leader in India’s fertility care sector. Its network spans across metro cities and tier-2 and tier-3 towns, addressing a wide demographic.
Private equity firm BPEA EQT acquired a controlling stake in Indira IVF in July 2023. The firm saw potential in the growing fertility treatment market in India and had planned to support the company’s next phase of expansion through the public offering.
Bollywood’s Involvement and Its Fallout
The movie Tumko Meri Kasam unintentionally became a flashpoint in this IPO saga. In recent years, biographical dramas and corporate-themed films have gained popularity in Indian cinema. However, this case highlighted the regulatory risks companies face when promotional content blurs the line between storytelling and brand marketing.
The film followed the life story of the founder and dramatized the journey of the company, presenting Indira IVF in a favorable light. Though the film did not serve as a traditional advertisement, it created buzz around the brand—potentially influencing public sentiment ahead of the IPO.
This development has now triggered deeper conversations within the regulatory and investment communities about the intersection of media and capital markets.
Lessons for Companies Planning IPOs
The Indira IVF episode provides critical takeaways for companies preparing to go public:
- Monitor External Content Carefully
Companies must stay vigilant about content—films, books, documentaries—that portray their brand or leadership. Even indirect or third-party content can raise regulatory red flags if it coincides with IPO activity. - Maintain a True Quiet Period
Public perception matters. Companies must exercise caution during the pre-IPO phase, ensuring no communication—direct or indirect—can be construed as promotional material. - Coordinate with Regulatory Authorities Early
If external projects are in the pipeline, companies should inform regulators early and provide necessary context. Proactive engagement helps prevent surprises or objections later. - Delay Non-Core Activities During IPO Process
Companies can delay the release of films, documentaries, or major campaigns until after the IPO concludes to avoid any conflict of interest or regulatory objections.
What’s Next for Indira IVF?
Despite the setback, Indira IVF remains a dominant player in India’s fertility space. The company continues to serve patients across the country and remains financially sound. It plans to continue expanding its services, invest in technology, and strengthen its market position.
The withdrawal of the IPO does not mark an end—it merely represents a delay. Market watchers expect the company to return with a revised offer once the noise around the movie dies down and regulatory clarity emerges.
Indira IVF’s leadership has reaffirmed its commitment to transparency, compliance, and long-term growth. The experience will likely make the company even more cautious and strategic about future public offerings.
Conclusion
Indira IVF’s IPO withdrawal serves as a unique case study in how media narratives can influence regulatory decisions. The controversy around the film Tumko Meri Kasam reminded market participants that SEBI remains vigilant about anything that might affect investor sentiment during critical fundraising periods.
While Indira IVF paused its IPO for now, the company’s fundamentals remain strong. As long as it continues to focus on expanding access to quality fertility care and adhering to regulatory best practices, it holds the potential to make a successful public debut in the future—on its own terms, without cinematic complications.
