Mumbai: The release of Vikram Bhatt’s film “Tumko Meri Kasam”, based on Indira IVF founder Ajay Murdia, has led to regulatory issues, forcing the deferral of Indira IVF Hospital’s ₹3,500-crore IPO. The Securities and Exchange Board of India (Sebi) objected to the film’s timing and potential promotional influence on investors.
Indira IVF’s IPO Halted Amid Sebi’s Concerns Over Promotional Biopic
The biopic, produced by Murdia’s sons, portrays the rise of Indira IVF, India’s leading fertility clinic chain. Following Sebi’s objections, Indira IVF had to withdraw its draft red herring prospectus (DRHP), halting one of the year’s largest healthcare IPOs. Sources suggest the company plans to refile once market conditions improve. Neither Sebi nor Indira IVF responded to queries.
Indira IVF, which filed draft papers last month through the confidential pre-filing route, faced scrutiny over potential violations of disclosure norms and fair market practices. Regulators fear the film could act as indirect promotional content, swaying investor sentiment before the IPO.
Indira IVF’s IPO Uncertainty: Fundraising Plans Disrupted by Sebi’s ‘Cut’
EQT, which acquired a controlling stake in Indira IVF from TA Associates and the Murdia family last year, had hoped to capitalize on India’s growing fertility treatment market. Founded in 2011, Indira IVF operates over 150 centers with 330 specialists nationwide. With the IPO on hold, the company must reassess its fundraising strategy, either refiling later or seeking alternative funding.
Made on a ₹12-crore budget, “Tumko Meri Kasam” collected ₹54 lakhs in five days. Featuring dramatic elements like special effects and a court battle, its soundtrack includes seven songs. While Bhatt set the stage with “lights, camera, action,” Sebi has seemingly called “cut.”
Summary:
Sebi’s concerns over Vikram Bhatt’s film Tumko Meri Kasam, based on Indira IVF’s founder, led to the deferral of the company’s ₹3,500-crore IPO. The regulator feared the film could influence investors. Indira IVF now faces fundraising uncertainties, with plans to refile or explore alternative funding options.
