Indira IVF Hospital scraps IPO plan, withdraws draft papers with Sebi

Fertility clinic chain Indira IVF Hospital has withdrawn its draft IPO papers, which were filed through the confidential route, an update with markets regulator Sebi showed on Tuesday.

The confidential pre-filing route allows the company to withhold public disclosure of details under the draft red herring prospectus (DRHP). Further, pre-filing DRHP does not guarantee the company will go ahead with the initial public offering (IPO).

The preliminary IPO papers were received by the Securities and Exchange Board of India (Sebi) on February 13, however, "draft offer document (was) withdrawn on March 19, 2025" by the company without disclosing any reasons.

Last week, PhysicsWallah joined the league of a handful of companies that took confidential filing routes for its IPO.

In 2024, food delivery giant Swiggy and supermart major Vishal Mega Mart successfully floated their respective initial share sales after making confidential filings.

Before this, online hotel aggregator OYO took the confidential filing route in 2023 but did not proceed with the initial share sale. Tata Play, formerly known as Tata Sky, was the first company in India to use the confidential pre-filing of draft papers for an IPO in December 2022 and obtained the regulator's observation letter in April 2023. However, the company did not proceed with the public issue.

Under the pre-filing route, there is no pressure on the company to go for an IPO, experts said.

Moreover, unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi's final comments. This route also provides flexibility to change the primary issue size by 50 per cent till the Updated Draft Red Herring Prospectus (UDRHP) stage, they added.

On the other hand, Sebi returned the draft IPO papers of Agriwarehousing and Collateral Management Ltd, a tech-driven agricultural services firm, on March 19.

The company's proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 450 crore and an Offer-For-Sale (OFS) component of 2.69 crore equity shares by promoters and an investor, according to the draft papers filed in December.

As part of the OFS, Claymore Investments (Mauritius) Pte, an indirect subsidiary of Temasek Holdings, proposed to offer 19 crore equity shares through the OFS and the remaining 1.5 crore shares to be offloaded by promoters.