Indira IVF Hospital Private Limited, a leading fertility clinic chain in India, has decided to withdraw its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO). The company had confidentially filed its DRHP with the Securities and Exchange Board of India (SEBI) on February 13, 2025, but as per SEBI’s update, the documents were withdrawn on March 19, 2025. However, no official reason has been disclosed for the decision.
Estimated IPO size and investor backing
Backed by global investment firm EQT, Indira IVF was planning an IPO valued at approximately ₹3,500 crores. The public issue was exclusively an Offer for Sale (OFS), meaning that no fresh shares were being issued. This would have allowed existing investors and stakeholders to dilute their holdings rather than raise new capital.
With increasing interest from investors looking to apply for an IPO online, Indira IVF’s withdrawal has left market participants speculating about the company’s next move. Given the growing trend of IPOs in the healthcare sector, many expected a strong response had the public issue proceeded as planned.
The rise of confidential IPO filings
Indira IVF Hospital is not the only company to have chosen the confidential filing route. Last week, edtech unicorn PhysicsWallah Private Limited also submitted its IPO documents confidentially. In 2024, supermarket giant Vishal Mega Mart Limited and food delivery leader Swiggy Limited opted for a similar approach.
Previously, hospitality firm OYO Private Limited had filed a DRHP confidentially in 2023 but later abandoned its IPO plans. Tata Play Limited (formerly Tata Sky Limited) was the first Indian company to follow this method in December 2022. Although Tata Play received SEBI's observation letter in April 2023, it ultimately decided against going public.
This trend of confidential filings allows companies to test market conditions before committing to an IPO. Unlike regular IPO filings, where details are publicly disclosed, the confidential filing process provides flexibility without pressure from investors and competitors.
Impact on investors looking to apply for an IPO online
With the growing number of IPOs in India, investors are keen to explore new opportunities and apply for an IPO online. The healthcare sector, particularly fertility services, has seen rapid growth, making Indira IVF’s public offering an anticipated event. The withdrawal of its IPO plans may have disappointed retail and institutional investors who were looking to participate in the offering.
SEBI returns Agriwarehousing DRHP
In a separate development, SEBI returned the draft IPO papers of Agriwarehousing and Collateral Management Limited on March 19, 2025. The proposed IPO included a fresh issue of up to ₹450 crores and an OFS of 2.69 crores of shares.
Among the major stakeholders, Claymore Investments (Mauritius) Pte Limited, an indirect subsidiary of Temasek Holdings Limited, had planned to offload 19 crores of equity shares, while promoters aimed to divest 1.5 crores of shares. The reasons for SEBI returning the DRHP remain undisclosed.
Future prospects for Indira IVF and market impact
While Indira IVF’s IPO plans have been put on hold, it remains to be seen whether the company will reconsider a public listing in the future. The healthcare sector continues to attract significant investor interest, and the company’s decision to withdraw does not rule out a return to the market later.
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