Indira IVF Hospital Ltd, one of India's largest fertility clinic chains, has withdrawn its ₹3,500 crore IPO after concerns raised by the Securities and Exchange Board of India (SEBI).
The issue? A Bollywood movie, "Tumko Meri Kasam", which SEBI believes could be indirectly promoting the company during its IPO process.
The film, directed by Vikram Bhatt, is based on the life of Dr. Ajay Murdia, the founder of Indira IVF. With actors Anupam Kher, Adah Sharma, Ishwak Singh, and Esha Deol, the movie's timing became a matter of concern for SEBI as the company was raising funds.
Indira IVF, founded in Udaipur in 2011, officially withdrew its draft IPO document on March 19, 2024. A company spokesperson clarified that the decision was based on commercial considerations, denying reports of SEBI's direct intervention.
Backed by private equity firm BPEA EQT, Indira IVF operates 150+ centers nationwide. In FY2024, it reported a net profit of ₹183 crore, down from ₹266 crore in FY2023.
Meanwhile, SEBI has also put WeWork India's IPO review on hold, adding to regulatory scrutiny in the market.
