India’s largest fertility chain, Indira IVF, is preparing for one of the most significant healthcare listings in the country’s history. Founded in Udaipur by Dr. Ajay Murdia in 2011, the company has redefined access to fertility treatment across India through affordability, technology, and scale.
With a strong operational presence in over 120 centers across 20+ states, Indira IVF has become synonymous with assisted reproduction and fertility innovation — and now, its proposed INR 2,000–2,500 crore IPO positions it as the first large-scale fertility brand aiming for a public listing in India.
Indira IVF IPO Update
Indira IVF is reportedly in the final stages of preparing for its IPO, expected to launch in mid–2026. The offer is set to include both fresh issue of shares and an offer-for-sale (OFS) from private equity investors.
The company’s expected valuation is in the range of INR 15,000–18,000 crore, placing it among the top-tier healthcare listings of the decade — alongside Medanta, KIMS, and Rainbow Hospitals.
Proceeds from the IPO will be used for capacity expansion, technology investments, new clinic openings, and digital health infrastructure to enhance its national footprint.
Indira IVF IPO Details
| Detail | Description |
|---|---|
| Company | Indira IVF |
| Industry | Healthcare / Fertility & IVF Services |
| Founded | 2011 |
| Founder | Dr. Ajay Murdia |
| Headquarters | Udaipur, Rajasthan |
| Indira IVF IPO Size (Expected) | INR 2,000–2,500 crore |
| Expected Valuation | INR 15,000–18,000 crore |
| IPO Type | Fresh Issue + OFS |
| Indira IVF IPO Date | Expected in Mid–2026 |
| Lead Bookrunners | Kotak Mahindra Capital, Axis Capital, ICICI Securities |
| Use of Proceeds | Expansion, digitalization, R&D, and new fertility centers |
Latest Indira IVF IPO News
Indira IVF IPO News (July 2025) – Confidential Filing
Indira IVF refiled its confidential DRHP on 15 July 2025, after withdrawing the initial February filing in March due to a biopic controversy. The INR 3,500 crore IPO is entirely an OFS, with EQT selling ~INR 2,900 crore and founders ~INR 600 crore. Valuation targets INR 20,000–25,000 crore. Bankers include Kotak, IIFL, JPMorgan, and UBS. Listing is eyed for late 2025, pending SEBI approval, marking India’s first major standalone IVF chain public debut.
First IPO Filing (Feb 2025)
Indira IVF filed its first confidential DRHP on 13 February 2025, for a INR 3,500 crore all-OFS IPO, involving EQT (~INR 2,900 crore) and founders’ stake sales, targeting INR 20,000+ crore valuation. Bankers like Kotak and others were appointed. However, it withdrew on 19 March 2025, citing commercial reasons amid SEBI concerns over a founder biopic’s promotional timing violating pre-IPO norms. This delayed the process, leading to a refiling in July 2025.
November 2024 — Indira IVF IPO Plans in Final Stage
Indira IVF began formal discussions with investment bankers for its INR 2,000–2,500 crore IPO. The transaction will involve a fresh equity issue along with a partial exit by its private equity backer TA Associates, which holds a significant minority stake. Reports suggest the valuation discussions are centered around INR 17,000 crore, and the company has already completed internal restructuring to align with SEBI’s listing norms.
This IPO could make Indira IVF the first standalone fertility chain to go public in India.
Indira IVF IPO News (2024) — Expansion & Record Performance
Indira IVF expanded aggressively into Tier-II and Tier-III cities, opening new clinics in Nashik, Coimbatore, Indore, Raipur, and Patna, taking its total to 120+ centers. The company treated over 40,000 IVF cycles annually, commanding nearly 30% of India’s IVF market share. Revenue crossed INR 1,700 crore, supported by strong demand recovery post-pandemic and higher awareness about reproductive health.
Its digital consultation platform, launched in 2023, scaled rapidly — accounting for over 15% of new patient leads.
2023 — Profit Surge & Consolidation
Indira IVF reported revenues of approximately INR 1,450 crore with PAT of INR 350 crore, up 22% year-on-year. Operating margins held steady at 24–25%, making it one of India’s most profitable healthcare chains.
Analysts attributed the profitability to an asset-light franchise model, high treatment margins, and efficient operations. The company’s operational efficiency and brand equity positioned it as a frontrunner for a future IPO.
2022 — Regional & Overseas Foray
Indira IVF entered Nepal and Bangladesh, marking its first international expansion. These centers, in partnership with local medical teams, cater to growing South Asian fertility markets. In India, it invested heavily in next-generation embryology labs, genetic screening, and robotic-assisted fertilization technologies, setting global benchmarks in success rates.
2019 — TA Associates Investment
Global private equity firm TA Associates acquired around 35% stake in Indira IVF, valuing the company at roughly INR 4,000 crore. This strategic investment accelerated Indira IVF’s national expansion and digital transformation, enabling the chain to nearly double its clinic network within three years.
The partnership also introduced professional governance, audit systems, and corporate board structures, preparing the firm for future public markets.
2015–2018 — Scaling Across India
During this period, Indira IVF expanded from a regional player into a national brand. It entered metro markets like Delhi, Mumbai, Bengaluru, and Hyderabad while maintaining its affordability edge in smaller cities. The company introduced advanced cryopreservation, donor programs, and genetic testing — differentiating itself from boutique fertility centers.
2011 — Founding & Early Growth
Indira IVF was founded by Dr. Ajay Murdia, a reproductive medicine pioneer, with a vision to make fertility treatment accessible beyond metros. The first clinic launched in Udaipur, using modern IVF techniques and transparent pricing. Its early success rates — reportedly 70–80% in specific treatment cycles — helped it gain trust and scale rapidly through referrals and strong patient outcomes.
🧩 Indira IVF IPO News: Key Investors & Shareholding (Pre-IPO)
| Investor | Stake | Notes |
|---|---|---|
| TA Associates | ~35% | PE investor since 2019 |
| Founders / Promoters (Dr. Murdia Family) | ~60% | Retains operational control |
| ESOP / Employees | ~5% | For clinical and operational leadership |
TA Associates is expected to partially divest its holding during the IPO while retaining long-term interest in the company.
🧬 Market & Competitive Landscape
India’s IVF industry is estimated at USD 1.2 billion (INR 10,000 crore) in 2025 and is projected to grow at 15–20% CAGR over the next five years.
Key growth drivers include:
- Rising infertility rates due to lifestyle changes and delayed pregnancies.
- Expanding middle-class affordability.
- Growing awareness about assisted reproduction.
- Insurance coverage for select fertility procedures.
Major competitors include Nova IVF Fertility, Oasis Fertility, Cloudnine, and Apollo Fertility, but Indira IVF leads the segment with its national presence, clinical success, and brand trust.
Final Words
Analysts view Indira IVF’s IPO as a category-defining healthcare listing, showcasing India’s emergence in specialized medical services. Its strong brand equity, standardized treatment model, and financial discipline make it one of the most attractive upcoming healthcare IPOs.
Challenges include regulatory scrutiny over IVF pricing, talent retention in Tier-II cities, and the need for ethical oversight in the fertility segment.
Still, with robust demand fundamentals and sectoral tailwinds, the company is expected to command premium valuations upon listing.
Road Ahead
From a single clinic in Udaipur to 120+ centers across India and abroad, Indira IVF’s story exemplifies how medical innovation and access can merge to transform healthcare delivery. Indira IVF IPO will mark a milestone — not just for the company but for India’s fertility care ecosystem, spotlighting how private healthcare can scale ethically and profitably.
As it readies for its public debut, Indira IVF stands at the forefront of a new era in India’s healthcare market — where compassion, innovation, and corporate discipline converge to create global healthcare champions.
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