Indira IVF Hospital Ltd, one of many nation’s largest chains of fertility clinics, has withdrawn the draft purple herring prospectus (DRHP) for its deliberate Rs 3,500 crore preliminary public providing (IPO) within the wake of objections raised by the Securities and Change Board of India (SEBI) over a Bollywood film, Tumko Meri Kasam, which was allegedly selling the corporate.
The markets regulator’s expressed its reservation over the timing of the film’s launch which coincides with when the corporate — backed by personal fairness agency BPEA EQT — is within the strategy of elevating cash by IPO, service provider banker sources stated.
Based in Udaipur in 2011, Indira IVF withdrew the draft provide doc on March 19, based on an replace by SEBI. The corporate had filed the draft paper final month.
A mail despatched to SEBI and Indira IVF looking for clarification on the withdrawal of the IPO didn’t elicit any response.
The film, directed by Vikram Bhatt, is predicated on the lifetime of Dr Ajay Murdia, the founding father of Indira IVF, who’s credited with constructing one of many main fertility clinics chains. Anupam Kher, Adah Sharma, Ishwak Singh and Esha Deol are the lead actors of the film. Kher performed the position of Dr Ajay Murdia.
The opposite founders of the corporate are Kshitiz Murdia and Nitiz Murdia. The corporate, which began operations in 1998, has a community of over 150 centres throughout the nation, and gives fertility consultations and remedy.
In FY24, Indira IVF reported a web revenue of Rs 183 crore, in comparison with Rs 266 crore within the earlier monetary 12 months.
In July 2023, BPEA EQT acquired a controlling stake in Indira IVF from TA Associates. BPEA EQT combines the personal fairness groups from Baring Personal Fairness Asia (BPEA) and EQT Asia.
In the meantime, SEBI in its replace on March 25 stated that the issuance of observations on the draft IPO doc of WeWork India Administration has been saved in abeyance. Embassy Group-promoted premium versatile workspace operator WeWork India had filed a DRHP with the capital markets regulator on January 31 to boost funds by way of IPO route.
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