Indira IVF IPO: EQT-backed fertility clinic chain refiles draft papers with Sebi via confidential route
Indira IVF
has refiled its Draft Red Herring Prospectus (DRHP) through the confidential filing route, reviving its public listing plans, according to sources.
The move comes amidst growing investor interest in the Indian assisted reproductive technology (ART) sector, buoyed by increasing awareness, expanding market size, and favorable demographics.
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Citing people familiar with the matter, Bloomberg on Tuesday had reported that Indira IVF Hospital will soon submit preliminary documents for a listing that may fetch Rs 3,500 crore ($408 million).
The company is backed by private equity firm EQT AB. The deal won't involve the issue of new stock as existing shareholders will be selling their holdings, the report said, quoting the sources.
EQT will probably offload 29 billion rupees of shares in the offering, and three members of the founding family — Ajay Murdia, Kshitiz Murdia and Nitiz Murdia — will each sell shares worth 2 billion rupees, the people said.
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The company had initially submitted a draft prospectus in February but withdrew it in March. The withdrawal came as the IPO plans coincided with the release of a Bollywood biopic based on the company's founder, which drew concerns from the Securities and Exchange Board of India.
Both developments signal renewed IPO momentum in India's fertility and women's health segment, with investors closely watching how these companies position themselves in a competitive and rapidly evolving healthcare vertical.
Kotak Mahindra Capital Co.,
IIFL Capital Services Ltd.
, JPMorgan Chase & Co. and UBS Group AG are advising on the IPO.
Meanwhile, as per sources, Gaudium IVF and Women Health, another prominent player in the fertility care space, is also preparing to refile its DRHP in the immediate future, as part of its continued efforts to tap into capital markets and fuel its next phase of growth.
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