Fibe Aims for ₹1,500 Crore IPO, Eyes Billion-Dollar Valuation by 2026...
08 Aug, 2025
India’s leading fertility clinic network, Indira IVF IPO, is aiming to raise up to ₹3,500 crore ($408 million) through its initial public offering (IPO) in 2025. The offering is expected to position the company as one of the largest and leading companies in the fertility and reproductive healthcare space. Attracting strong interest from investors seeking exposure in the fast-paced and growing market of assisted reproduction in India.
The IPO will entirely be an offer for sale (OFS), with no fresh equity capital being raised for the company. Kotak Mahindra Capital, IIFL Capital, JPMorgan Chase and UBS Group are the appointed leading managers of Indira IVF IPO. Exact valuation and timeline of the IPO to be expected after regulatory approvals and roadshows.
Private equity firm EQT AB will lead existing shareholders in offloading their stakes and is set to sell as much as ₹2,900 crore in shares. Members of the founding Murdia family, Ajay, Kshitiz and Nitiz, are each planning to liquidate shares worth about ₹200 crore. The company is expected to file the DRHP(draft red herring prospectus) later in July 2025. Originally, the DRHP was filed in February but was then withdrawn due to regulatory concerns related to the timing of the founder’s biopic and its impact on the public’s perception.
Started in 2011, Indira IVF is a company with a great presence in the fertility treatments and in vitro fertilization (IVF) services market. With over 155 centres across the country and a team of 315 IVF specialists as of September 2024, the company is well established. Indira IVF has played a pivotal role in assisted reproductive technology, offering comprehensive services ranging from fertility diagnostics to in-house genetic labs, embryology and advanced reproductive procedures. The company has been credited for transforming the affordability and accessibility of reproductive healthcare in India, particularly in tier 2 and tier 3 cities.
The company has not yet disclosed its detailed financials, but its scale and market position suggest strong revenue generation and robust growth. Expansion of the company is aided by rising demand for assisted reproductive treatments and growing health awareness in India. The brand is built on innovation, accessibility and focus on patient-centric success.
The company is one of the leaders in the global IVF devices and consumables market, which is expected to grow substantially and reach $13.5 billion by 2034 due to technological advancements and AI inclusion.
By offering EQT AB and the original Murdia family a partial exit and liquidity, the IPO solidifies the value that has been built through their leadership and investments. The high-growth fertility care and IVF industry, which benefits from robust demographics and rising medical demand, presents an opportunity for potential investors to get involved. It is anticipated that the IPO will increase institutional interest in reproductive health and establish a benchmark valuation for Indian healthcare services. The IPO’s successful launch will result in faster investments in new infrastructure, technology and improved service quality for staff and patients.
The IPO of Indira IVF is seen as a landmark event for India’s healthcare sector, reflecting a growing appetite for scaled, branded providers of specialized medical services. As demand for fertility solutions rises and assisted reproduction gains attention, Indira IVF is strategically positioned at the intersection of care, technology and market expansion. With substantial liquidity for private equity and founding stakeholders on the line alongside a mature business model, this IPO will be closely watched by both the investors and the medical community.
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