Indira IVF, backed by private equity firm EQT, is reviving its initial public offering plans in India, aiming to raise up to $408m (35bn rupees), according to people familiar with the matter. 

The company is expected to file a new draft red herring prospectus later this month.

The listing will be a fully secondary share sale, with no new shares issued. EQT is set to offload shares worth approximately 29bn rupees, while three members of the founding Murdia family — Ajay, Kshitiz, and Nitiz Murdia — will each sell around 2bn rupees worth of shares.

This renewed effort comes after Indira IVF withdrew its earlier draft prospectus in March. According to the Economic Times, the withdrawal followed regulatory concerns tied to the timing of the IPO and the release of a Bollywood biopic based on the company’s founder.

Founded in 2011, Indira IVF has grown into one of India’s largest fertility networks, with over 155 centres and a team of 315 IVF specialists across the country as of September 2024.

Kotak Mahindra Capital, IIFL Capital Services, JPMorgan, and UBS are advising on the offering.

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