Indira IVF Hospital files for IPO via confidential route, newspaper ad shows
Indian fertility services
provider
Indira IVF Hospital
has filed draft papers confidentially with the country's markets regulator for an
initial public offering
, a newspaper advertisement showed on Wednesday.
The offering could be worth around 35 billion rupees ($407.2 million), Bloomberg News reported on Tuesday, citing people familiar with the matter.
The deal will not include the issuance of new shares as existing shareholders will offload their stakes, the report said.
The company, backed by Hong Kong-based investment firm
BPEA EQT
, had filed for the
IPO
in February.
However, it later withdrew its draft documents in March after the release of a Bollywood biopic about the company's founder raised concerns with the
Securities and Exchange Board of India
, the markets regulator, according to The Economic Times, a business daily.
The confidential route allows companies to submit draft IPO papers to SEBI for feedback without making the details public, giving them greater flexibility on timing and disclosure.
Indira IVF Hospital did not immediately respond to a Reuters request for comment.
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India's economic growth between the 1960s and 1980s has been termed by the late economist Raj Krishna as the 'Hindu rate of growth', referring to the low economic growth that averaged around 4 per cent. During the 1960s, the growth rate of agriculture was around 1 per cent annually, which increased slightly to 2.2 per cent between 1968-69 and 1975-76. The Green Revolution of the early 1970s helped the country achieve food sufficiency in foodgrains like rice and wheat. However, the impact of this revolution was uneven, evident in: — Rising regional disparities — Neglect of rainfed areas — Neglect of nutritional crops, like millets, and non-food grains, and — Exclusion of resource-poor farmers Moreover, it also raised concerns about issues of ecological degradation and long-term environmental sustainability. Another debate around the Green Revolution in India has been around its role in the emergence of the rural non-farm sector. The mainstream view holds that Green Revolution technologies, by boosting agricultural productivity and farmers' income, create consumption linkages that generate demand for goods and services produced by small-scale, labour-intensive rural entities. This, in turn, creates backward linkages and spurs demand for agro-processing goods. Studies indicate that states like Punjab, Haryana, and West Bengal have benefitted from such growth patterns. However, there's a flipside to it – a contrasting perspective suggests that because of rising input costs and uneven distribution of the benefits of the Green Revolution, many rural households were pushed to opt for alternative non-farm sources of income. Hence, it has been argued that rural non-farm employment was often driven by distress. In fact, the nature of the emergence of the rural non-farm economy is contentious. There is, however, evidence that a large number of farmers are increasingly relying on borrowing to manage their agricultural activities as a result of rising costs of cultivation, including the cost of labour, fertilizers, and machinery. The larger question on the current rural distress indicates that despite growth in the agricultural sector, rural workers struggle to find adequate employment. While supply side policies like easing credit access, reducing direct taxes (like corporate taxes), and promoting the ease of doing business are important, they fall short of addressing the basic concerns of job creation and the quality of employment available to rural workers. MGNREGS, for instance, was implemented on the basis of a legal right to employment. But the spending cap neglects the demand-driven nature of the scheme. Moreover, public investment in agriculture needs to be scaled up, particularly in areas like irrigation, storage, and climate-resilient farming practices. Both MGNREGA and agriculture acted as 'fallback' options during the pandemic-induced lockdown, a fact that cannot be overlooked in future policy decisions. Examine the impact of the recent cap 60 per cent on MGNREGS spending on rural employment and livelihoods. What do you think could be the possible implications of spending cap on the scheme? Despite growth in agriculture, rural workers continue to face employment challenges. Discuss the structural issues underlying this paradox. MGNREGS functioned as a safety net during times of crisis, such as the COVID-19 lockdown. Comment. Discuss the role of MGNREGS and agriculture as 'fallback' options in the rural labour market. What does this indicate about the state of rural employment in India? (Ritwika Patgiri is a doctoral candidate at the Faculty of Economics, South Asian University.) Share your thoughts and ideas on UPSC Special articles with Subscribe to our UPSC newsletter and stay updated with the news cues from the past week. 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