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EQT-backed Indira IVF refiles DRHP through Sebi's confidential route

Udaipur-headquartered fertility firm Indira IVF, owned by global investment company EQT, has refiled its draft red herring prospectus (DRHP) through market regulator Securities and Exchange Board of India (Sebi)'s confidential pre-filing route. 'The filing of the pre-filed DRHP shall not necessarily mean that the company will undertake the initial public offering (IPO),' the company said in a public announcement. According to people in the know, the company will be looking to repeat its Rs 3,500 crore IPO. The company had initially submitted a draft prospectus in February but withdrew it later, as the IPO plans coincided with the release of a Bollywood biopic based on the company's founder, drawing concerns from Sebi. This development comes amid growing investor interest in the Indian assisted reproductive technology (ART) sector, buoyed by increasing awareness, expanding market size, and favourable demographics. Founded by Ajay Murdia in 1988, Indira IVF is the market leader in assisted reproductive technology services in India and completes roughly 40,000 IVF cycles annually. It also ranks among the top five players globally. Indira IVF's decision to pursue the confidential filing route comes at a time when the method is increasingly popular among startups. The confidential filing route, introduced in 2022, enables companies to withhold sensitive information from the public domain until they are ready to proceed with their IPO. This approach helps issuers avoid unwarranted public scrutiny and opportunistic litigation. In April 2024, food delivery giant Swiggy also opted for the pre-filing route for its IPO. To date, only Swiggy and Vishal Mega Mart have successfully gone public after making confidential filings. Meesho, for instance, filed for a Rs 4,250 crore IPO via the confidential route earlier this month. Tata Play was the first company to utilise this route, though it eventually scrapped its IPO plans. According to 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. India completes around 300,000 IVF cycles annually, with the number of cycles expected to grow around 15 per cent at a compound annual growth rate (CAGR) over the next decade. This trend is supported by rising awareness about infertility treatments, a growing middle class, declining fertility rates, and increasing marriage age.