Indira IVF, India’s largest fertility treatment provider, withdrew its planned IPO worth ₹3,500 crore on March 27, 2025, after SEBI raised concerns over the Bollywood film ‘Tumko Meri Kasam.’ The film, perceived as an indirect endorsement of the company, earned just ₹65 lakh at the box office, casting doubts on the IPO’s timing and credibility
Indira IVF, one of India’s largest fertility treatment providers, has withdrawn its planned initial public offering (IPO) worth ₹3,500 crore following an inquiry by the Securities and Exchange Board of India (SEBI). The market regulator raised concerns over the timing of the Bollywood film ‘Tumko Meri Kasam,’ which was perceived as an indirect promotion of the company.
Indira IVF, headquartered in Udaipur, Rajasthan, operates one of the largest networks of fertility clinics in India, providing in-vitro fertilization (IVF) and other assisted reproductive technologies. Founded by Dr. Ajay Murdia, the company has expanded significantly, with multiple centers across the country.
SEBI’s Concerns Over Film’s Release Timing
According to reports, SEBI flagged the release of ‘Tumko Meri Kasam,’ a film produced by Indira Entertainment, just as the company was preparing its IPO. The movie, which debuted in theaters on March 21, was seen as an attempt to influence public perception ahead of the listing.
The film, directed by Vikram Bhatt and starring Anupam Kher, Adah Sharma, Esha Deol, and Ishwak Singh, portrays Dr. Ajay Murdia’s journey in normalizing IVF treatments. However, it received mixed reviews and failed commercially, earning just ₹65 lakh at the box office before being pulled from theaters.
Market experts believe the film’s poor performance and SEBI’s scrutiny created uncertainty around the IPO, leading Indira IVF to withdraw its Draft Red Herring Prospectus (DRHP). The company, however, denied any promotional intent, stating that the decision was based on multiple commercial factors.
The Indian IPO market has seen a slow start in the new financial year (FY26), with no major public offerings in the first week. However, four SME IPOs are set to launch soon. Despite the initial slowdown, experts predict stronger activity in the coming months.
Indira IVF has not confirmed whether it will refile for an IPO in the future. Investors are now keenly watching how the company navigates regulatory challenges and market conditions before making another attempt.