EQT Backed Indira IVF Files for ₹3,500 Crore IPO via Confidential Route
EQT Backed Indira IVF: Indira IVF, one of India’s largest fertility treatment chains, has taken a significant step toward going public. Nearly 18 months after Swedish private equity giant EQT acquired a controlling stake from TA Associates and the company’s founders, Indira IVF has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to sources familiar with the matter.
IPO Details and Structure
The IPO is expected to be a ₹3,500 crore issue and will be entirely an Offer for Sale (OFS). This means no new shares will be issued, and all proceeds will go to existing shareholders selling their stakes.
- EQT’s Share Sale: ₹2,900 crore
- Founders’/Promoters’ Share Sale: ₹600 crore
Investment banking heavyweights Kotak Mahindra Capital, Nomura, IIFL Capital, JP Morgan, and UBS are advising on the issue.
This move makes Indira IVF the sixth major Indian firm to opt for the confidential pre-filing route, following Tata Play, Oyo, Swiggy, Vishal Mega Mart, and HDFC Credila Financial Services.
What is Confidential Filing?
Introduced by SEBI in November 2022, the confidential pre-filing route allows companies to file their draft red herring prospectus (DRHP) privately before making financial details public. This approach helps firms protect sensitive information from competitors and gives them the flexibility to withdraw or modify the IPO plan based on market conditions.
In contrast, the traditional IPO filing requires the DRHP to be public immediately after submission.
EQT’s Expanding India Playbook
Indira IVF is not the only company in EQT’s India portfolio eyeing an IPO. HDFC Credila Financial Services, a leading education loan provider, also plans to go public in 2025. The company has already filed draft papers for a ₹5,000 crore IPO via the pre-filing route.
EQT has been aggressively investing in India, with a total investment of over $6 billion in the last 18 months. The firm has emphasized its commitment to pricing its IPOs attractively to create value for investors.
A Look at Indira IVF’s Journey and Business Strengths
Indira IVF was founded in 1988 by Dr. Ajay Murdia as a standalone clinic in Udaipur, Rajasthan. The company was officially incorporated in FY15 and has since grown into a pan-India fertility treatment chain.
Key Highlights of Indira IVF:
- Over 150 centers across India
- More than 330 IVF specialists
- 1,60,000+ successful IVF pregnancies
- Market dominance in North & West India
Indira IVF offers a range of fertility treatments, including:
- In-Vitro Fertilization (IVF)
- Intra-Uterine Insemination (IUI)
- Intracytoplasmic Sperm Injection (ICSI)
- Blastocyst Culture & Transfer
- Laser-Assisted Hatching
- Cryopreservation
- Laparoscopy & Hysteroscopy Procedures
Financial Performance and Ratios
Indira IVF has witnessed strong financial growth, driven by its expanding footprint and increasing demand for fertility treatments.
Key Financials (FY24, Provisional)
| Metric | Amount (₹ Crore) |
|---|---|
| Revenue | 1,476.4 |
| Profit After Tax (PAT) | 266.2 |
| Operating Margin | ~18% |
| Return on Equity (ROE) | ~24% |
| Debt-to-Equity Ratio | 0.2 |
| Earnings Per Share (EPS) | NA (confidential filing) |
According to ICRA, Indira IVF benefits from its strong brand presence, experienced leadership, and technological advancements in fertility treatments. The company is expected to continue expanding by opening new centers and entering the hospital segment, which could further boost revenue growth.
Future Prospects and IPO Outlook
Indira IVF’s IPO comes at a time when India’s fertility market is witnessing rapid growth. Factors such as delayed parenthood, increased awareness, and rising infertility rates are driving demand for assisted reproductive technology.
With its market leadership, robust financials, and backing from EQT, Indira IVF is well-positioned for a successful IPO. The confidential filing gives the company time to evaluate market conditions before making a final decision on the listing.
If the IPO is well-priced, it could generate significant interest from institutional and retail investors, solidifying Indira IVF’s position as a publicly listed healthcare giant in the fertility sector.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.