A movie may have derailed Indira IVF IPO plans; dropped after ‘evaluation’ of factors: Company
Indira IVF Hospital Ltd, one of the country’s largest chains of fertility clinics, has withdrawn its draft red herring prospectus for its planned Rs 3,500 crore initial public offering (IPO) in the wake of objections raised by the Securities and Exchange Board of India (SEBI) over a Bollywood movie — Tumko Meri Kasam – which was allegedly promoting the company.
The markets regulator’s reservation is over the timing of the release of the movie when the company, which is backed by private equity firm BPEA EQT, is in the process of raising money through IPO, merchant banker sources said.
Founded in Udaipur in 2011, Indira IVF Hospital Ltd withdrew the draft offer document on March 19, according to an update by SEBI. The company had filed the draft paper last month.
When contacted, Indira IVF Hospital’s spokesperson said, “The company had decided to withdraw the pre filed DRHP pursuant to evaluation of various factors and commercial considerations.”
Media reports that suggest any direction from SEBI in this regard are incorrect, the spokesperson said in a statement.
A mail sent to SEBI seeking clarification on the withdrawal of the company’s IPO did not elicit any response.
The movie, directed by Vikram Bhatt, is based on the life of Dr Ajay Murdia, the founder of Indira IVF, who is credited with building one of the leading chains of fertility clinics. Anupam Kher, Adah Sharma, Ishwak Singh and Esha Deol are the lead actors of the movie. Kher played the role of Dr Ajay Murdia.
