The intersection of Bollywood and enterprise took an sudden flip in 2025 when a film reportedly disrupted Indira IVF’s much-anticipated Rs 3,500 crores preliminary public providing (IPO). The EQT-backed fertility clinic chain, a frontrunner in India’s rising IVF sector, confronted regulatory hurdles from the Securities and Change Board of India (SEBI) over the discharge of Tumko Meri Kasam. This Bollywood biopic, centred on Indira IVF founder Ajay Murdia, has sparked debates in regards to the affect of media on monetary markets, as per a report by Financial Instances. Right here’s a deep dive into how this unexpected twist unfolded and its implications for Indira IVF’s IPO plans.
Indira IVF IPO: Did Tumko Meri Kasam derail the Rs 3,500 crores plan?
The Rise of Indira IVF: A Chief in Fertility Remedies
Based in 2011 by Ajay Murdia in Udaipur, Indira IVF has grown into one among India’s most distinguished fertility clinic chains. With over 150 centres and 330 specialists nationwide, the corporate has capitalized on the growing demand for in-vitro fertilization (IVF) remedies. Backed by non-public fairness big EQT, which acquired a controlling stake in 2023 from TA Associates and the Murdia household, Indira IVF aimed to lift Rs 3,500 crores by its IPO to gasoline additional growth. The IPO was poised to be one of many largest healthcare listings of 2025—till an sudden roadblock emerged.
Tumko Meri Kasam: A Bollywood Biopic with Huge Implications
Directed by Vikram Bhatt and starring Anupam Kher and Esha Deol, Tumko Meri Kasam hit theatres simply days earlier than the IPO submitting. The practically three-hour movie, made on a modest Rs 12 crores price range, portrays the journey of Ajay Murdia and the rise of Indira IVF. That includes dramatic courtroom scenes, particular results, and a soundtrack with songs like ‘Ishqaa Ishqaa’ and ‘Zara Paas Aana,’ the film aimed to entertain. Nonetheless, its field workplace efficiency was lacklustre.
Whereas critics panned the movie, SEBI’s considerations had been way more severe. The regulator flagged the film’s launch as a possible violation of disclosure norms and honest market practices. SEBI suspected that Tumko Meri Kasam might function oblique promotional materials, influencing investor sentiment forward of the IPO. This led to the withdrawal of Indira IVF’s draft purple herring prospectus (DRHP), halting what might have been a landmark itemizing.
SEBI’s Position: Defending Buyers or Stifling Innovation?
SEBI’s objection highlights its stringent oversight of IPO-bound firms. The regulator’s guidelines goal to make sure transparency and stop firms from manipulating public notion earlier than going public. On this case, the timing of the film’s launch—simply weeks after Indira IVF filed its DRHP by way of the confidential pre-filing route—raised purple flags. It’s speculated that SEBI feared the biopic might artificially inflate curiosity within the IPO, prompting the corporate to tug again its plans briefly.
Whereas SEBI and Indira IVF didn’t formally remark, insiders declare the withdrawal was additionally influenced by unfavourable market circumstances. The corporate intends to refile its IPO papers as soon as the first market stabilizes.
What’s Subsequent for Indira IVF’s IPO?
With its IPO shelved for now, Indira IVF faces a essential juncture. The corporate might refile with SEBI as soon as market circumstances enhance and regulatory considerations are addressed. Alternatively, it would discover non-public funding choices to maintain development. The Rs 3,500 crores IPO was meant to solidify Indira IVF’s place in India’s booming healthcare sector.
Additionally Learn: Esha Deol on her theatrical comeback with Tumko Meri Kasam, “I might say it’s homecoming”
Extra Pages: Tumko Meri Kasam Field Workplace Assortment , Tumko Meri Kasam Film Evaluate
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