Fertility clinic chain Indira IVF Hospital has abruptly withdrawn its draft IPO papers, submitted through the confidential pre-filing route, citing “evaluation of various factors and commercial considerations.”
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SEBI’s official records show the DRHP was withdrawn on March 19th. While initial reports suggested that SEBI may have raised concerns about the potential for indirect self-promotion through the film’s release coinciding with the IPO filing, Indira IVF has firmly denied any regulatory intervention.
“The company decided to withdraw the pre-filed DRHP pursuant to the evaluation of various factors and commercial considerations. Reports that suggest any direction from SEBI in this regard are incorrect,” stated an Indira IVF spokesperson.
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The confidential pre-filing route, which allows companies to keep IPO details private until a later stage, has gained traction among Indian firms. This method offers flexibility, including the ability to adjust the issue size significantly. PhysicsWallah recently opted for this route, following examples set by Swiggy and Vishal Mega Mart. However, not all companies proceed, as seen with OYO’s withdrawn pre-filing in 2023.
The pre-filing option grants companies 18 months to launch their IPO after SEBI’s final comments, compared to the traditional 12-month window.
Indira IVF, backed by Swedish investment firm EQT, had planned to raise Rs 3,500 crore through an offer-for-sale (OFS). EQT was expected to sell Rs 2,900 crore worth of shares, with the remaining Rs 600 crore coming from the founders and promoter group.
As a leading fertility service provider in India, Indira IVF’s IPO was anticipated to provide partial exits for investors and promoters while fueling the company’s expansion. The withdrawal of the IPO has now left industry watchers speculating about the company’s future plans and the precise “commercial considerations” that led to the decision.
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