Upcoming IPO: Indira IVF Hospital files for public offer via confidential route

Mumbai, July 16, 2025 — Indira IVF, India’s largest single-specialty fertility services provider, has filed for an Initial Public Offering (IPO) through the confidential route, signaling its intention to enter the capital markets. The move comes amid strong investor appetite for healthcare and diagnostic service providers, especially in the niche domain of fertility and assisted reproductive technology (ART).

This IPO filing positions Indira IVF alongside other major healthcare players seeking to leverage public market funding for expansion and innovation. The exact financial details of the offer, including issue size, pricing, and timelines, remain undisclosed due to the confidential filing approach, permitted under the Securities and Exchange Board of India’s (SEBI) new relaxed norms.

Understanding the Confidential Filing Route

SEBI introduced the confidential pre-filing route in December 2022, allowing companies to file their Draft Red Herring Prospectus (DRHP) confidentially. This approach lets issuers assess regulatory feedback and market conditions before publicly disclosing sensitive financial and strategic details.

"The confidential filing mechanism gives companies like Indira IVF greater flexibility and privacy as they navigate the IPO process," said Amit Tandon, founder of proxy advisory firm Institutional Investor Advisory Services (IiAS). "It reduces the risk of adverse market reactions during the early stages."

About Indira IVF: India’s Fertility Leader

Founded in 2011 by Dr. Ajay Murdia, Indira IVF has emerged as a pioneer in fertility treatment in India. With over 115 centers across Tier I to Tier IV cities, the company has catered to over 1.5 lakh couples, making it a household name in assisted reproductive services.

The company’s services include in-vitro fertilization (IVF), intrauterine insemination (IUI), intracytoplasmic sperm injection (ICSI), cryopreservation, and preimplantation genetic testing (PGT). It has a robust presence in both urban metros and semi-urban regions, offering affordable treatment options and standardized clinical protocols.

In recent years, Indira IVF has made substantial investments in AI-led diagnostics, embryology labs, and genetic testing services—further solidifying its edge in the rapidly growing ART market.

Healthcare IPO Momentum in India

Indira IVF’s IPO plans are part of a broader trend where specialized healthcare providers are tapping capital markets to scale operations. Recent listings such as Medi Assist, Narayana Hrudayalaya, and Rainbow Children’s Medicare have seen solid investor traction.

The Indian fertility market, estimated at over ₹7,000 crore in 2024, is projected to grow at a CAGR of over 15% through 2030, according to RedSeer Consulting. Increased awareness, delayed parenthood, and higher infertility rates are driving this surge.

"Investors are looking beyond traditional hospitals toward niche, high-margin healthcare segments," said Sonal Sharma, Healthcare Analyst at Anand Rathi Securities. "Fertility services, in particular, benefit from strong demand elasticity and low regulatory interference, making them highly attractive from a returns perspective."

What to Expect from the IPO

While the details remain under wraps, market speculation indicates the IPO could be a mix of fresh equity issuance and an offer-for-sale (OFS) by existing private equity investors. The proceeds are likely to be used for:

• Expanding clinic network across India and emerging markets

• Investing in AI, lab automation, and embryology R&D

• Working capital and general corporate purposes

• Potential inorganic acquisitions to consolidate market share

Indira IVF is currently backed by TA Associates, a global private equity firm, which invested in the business in 2019. Market watchers anticipate that the IPO may also serve as a partial exit route for the PE player.

Investor Outlook: Tailwinds and Caution

Fertility care providers enjoy a unique position in the healthcare sector, marked by high margins, predictable cash flows, and strong patient loyalty. For investors, the appeal lies in:

• Scalability: The asset-light model with franchise-led expansion enables rapid geographic growth.

• Brand Recognition: Indira IVF enjoys a pan-India presence and strong digital recall.

• Resilient Demand: Despite economic cycles, demand for IVF treatments tends to remain stable.

However, analysts also advise caution. Regulatory tightening in ART standards, rising competition from startups, and ethical concerns over advertising practices in fertility treatments could pose medium-term risks.

“Investors should look at how the company is navigating emerging regulations under the Assisted Reproductive Technology (Regulation) Act, 2021,” noted Kavita Mehta, a Mumbai-based legal advisor in healthcare compliance. “Transparency and patient safety are becoming central themes.”

The confidential filing of Indira IVF’s IPO marks a significant milestone in the evolution of India’s fertility care industry. As investors await further disclosures, the offering is expected to attract strong institutional and retail interest, buoyed by the company’s leadership position, sectoral tailwinds, and future growth prospects.

If successful, Indira IVF will not only join the ranks of listed healthcare giants but also set a precedent for other specialized service providers to explore the capital markets for expansion.