Indira IVF re-submits its Draft Red Herring Prospectus, three months following its withdrawal of the initial offer document
The assisted reproductive technologies (ART) sector is experiencing growing investor interest, with Indira IVF Hospital leading the charge. Kshitiz Murdia, Co-founder and CEO of Indira IVF, has stated that fertility issues are on the rise in India due to changing lifestyles and priorities.
Indira IVF Hospital, which has recently refiled its Draft Red Herring Prospectus (DRHP) through confidential filings, is targeting to raise approximately Rs 3,500 crore through an initial public offering (IPO). This ambitious fundraising goal has been consistently mentioned in various reports from July 2025.
Key details about the planned IPO include EQT, the majority stakeholder, potentially offloading shares worth Rs 29 billion, and members of the founding Murdia family selling shares worth Rs 2 billion each. However, it is important to note that the actual capital raise is still pending, as the public listing process is ongoing.
Indira IVF's previous attempt at listing was called off after the company withdrew its draft offer document. The reason for the withdrawal was due to an evaluation of factors and commercial considerations, as stated by Indira IVF.
In an effort to expand its footprint, Indira IVF Hospital has made two significant acquisitions in the past month. The company acquired a stake in Banker Healthcare Private Ltd, an Ahmedabad-based facility, and in Creation Science IVF Private Ltd, which operates Srishti Hospital in Puducherry. The exact sums for these acquisitions were not disclosed.
Despite the growing number of people dealing with fertility issues in India, with an estimated 34 million affected, few opt for treatment. Fewer than 3.5 lakh people undergo the IVF cycle in India.
Regarding regulatory concerns, a report denied any issues on a Hindi film modelled on the founder of this fertility network, regarding the withdrawal of the DRHP in the past.
The ART sector's growth is attributed to expanding market and demographics, according to a person close to the development. This increased investor interest in the ART sector is evident in the growing number of companies, like Indira IVF, seeking to capitalise on this trend.
However, it is important to note that the filing of the pre-filed DRHP does not guarantee that Indira IVF will undertake the initial public offering. The actual public listing or successful fund raise has not yet occurred; the processes are still underway with the confidential filings.
As the IPO processes continue, Indira IVF Hospital is poised to make a significant impact in the ART sector, potentially raising Rs 3,500 crore to further expand its services and reach.
- Indira IVF Hospital, a prominent player in the Assisted Reproductive Technologies (ART) sector, aims to raise approximately Rs 3,500 crore through an initial public offering (IPO), as stated in various reports since July 2025.
- The banking sector stands to gain potential partnerships, as Indira IVF Hospital has recently acquired a stake in Banker Healthcare Private Ltd, an Ahmedabad-based facility.
- The finance industry is eagerly watching Indira IVF's business growth, with the hospital targeting a premium market position in health-and-wellness, specifically focusing on fertility treatments.
- Following its previous attempt at listing, Indira IVF Hospital has refiled its Draft Red Herring Prospectus (DRHP) through confidential filings and plans to strategically allocate funds raised from the IPO across various sectors, including markets and science.
- The ART sector's investments, such as those made by Indira IVF, are driven by increasing investor interest spurred by expanding market and demographic opportunities, according to industry experts.
