Indira IVF refiles draft IPO via confidential route; Gaudium to follow

The development comes amidst growing investor interest in the Indian assisted reproductive technology sector, buoyed by increasing awareness, expanding market size

Fertility services provider Indira IVF Hospital Ltd has confidentially filed draft papers with markets regulator Sebi to raise funds through an initial public offering (IPO), according to a public announcement on Wednesday.

The development comes amidst growing investor interest in the Indian assisted reproductive technology (ART) sector, buoyed by increasing awareness, expanding market size, and favourable demographics.

In a public announcement, Indira IVF stated that it has submitted "the pre-filed draft red herring prospectus with Sebi and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges."  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).

Meanwhile, market sources said Gaudium IVF and Women Health, another prominent player in the fertility care space, is also preparing to refile its draft papers in the immediate future, as part of its efforts to tap into capital markets and fuel its next phase of growth.

Both developments signal renewed IPO momentum in India's fertility and women's health segment.

Indira IVF had earlier filed preliminary IPO papers through the confidential route in February. However, it withdrew the documents in March.

The withdrawal of documents for a market debut coincided with the release of a Bollywood biopic on the company's founder, Ajay Murdia. Reports had indicated that Sebi had taken notice of the situation and raised concerns about Indira IVF's potential indirect self-promotion at a time when details of the IPO were not yet disclosed to the public.

Indira IVF Hospital's spokesperson had stated, "The company had decided to withdraw the pre-filed DRHP pursuant to evaluation of various factors and commercial considerations. Reports that suggest any direction from Sebi in this regard are incorrect".

The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

In recent months, several companies, including INOX Clean Energy, logistics service provider Shadowfax Technologies, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, chose confidential filings.

In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.