The intersection of Bollywood and business took an unexpected turn in 2025 when a movie reportedly disrupted Indira IVF’s much-anticipated Rs 3,500 crores initial public offering (IPO). The EQT-backed fertility clinic chain, a leader in India’s growing IVF sector, faced regulatory hurdles from the Securities and Exchange Board of India (SEBI) over the release of Tumko Meri Kasam. This Bollywood biopic, centred on Indira IVF founder Ajay Murdia, has sparked debates about the influence of media on financial markets, as per a report by Economic Times. Here’s a deep dive into how this unforeseen twist unfolded and its implications for Indira IVF’s IPO plans.
The Rise of Indira IVF: A Leader in Fertility Treatments Founded in 2011 by Ajay Murdia in Udaipur, Indira IVF has grown into one of India’s most prominent fertility clinic chains. With over 150 centres and 330 specialists nationwide, the company has capitalized on the increasing demand for in-vitro fertilization (IVF) treatments. Backed by private equity giant EQT, which acquired a controlling stake in 2023 from TA Associates and the Murdia family, Indira IVF aimed to raise Rs 3,500 crores through its IPO to fuel further expansion. The IPO was poised to be one of the largest healthcare listings of 2025—until an unexpected roadblock emerged. Tumko Meri Kasam: A Bollywood Biopic with Big Implications Directed by Vikram Bhatt and starring Anupam Kher and Esha Deol, Tumko Meri Kasam hit theatres just days before the IPO filing. The nearly three-hour film, made on a modest Rs 12 crores budget, portrays the journey of Ajay Murdia and the rise of Indira IVF. Featuring dramatic courtroom scenes, special effects, and a soundtrack with songs like ‘Ishqaa Ishqaa’ and ‘Zara Paas Aana,’ the movie aimed to entertain. However, its box office performance was lacklustre.
While critics panned the film, SEBI’s concerns were far more serious. The regulator flagged the movie’s release as a potential violation of disclosure norms and fair market practices. SEBI suspected that Tumko Meri Kasam could serve as indirect promotional material, influencing investor sentiment ahead of the IPO. This led to the withdrawal of Indira IVF’s draft red herring prospectus (DRHP), halting what could have been a landmark listing. SEBI’s Role: Protecting Investors or Stifling Innovation? SEBI’s objection highlights its stringent oversight of IPO-bound companies. The regulator’s rules aim to ensure transparency and prevent companies from manipulating public perception before going public. In this case, the timing of the movie’s release—just weeks after Indira IVF filed its DRHP via the confidential pre-filing route—raised red flags. It is speculated that SEBI feared the biopic could artificially inflate interest in the IPO, prompting the company to pull back its plans temporarily.
While SEBI and Indira IVF did not officially comment, insiders claim the withdrawal was also influenced by unfavourable market conditions. The company intends to refile its IPO papers once the primary market stabilizes. What’s Next for Indira IVF’s IPO? With its IPO shelved for now, Indira IVF faces a critical juncture. The company could refile with SEBI once market conditions improve and regulatory concerns are addressed. Alternatively, it might explore private funding options to sustain growth. The Rs 3,500 crores IPO was meant to solidify Indira IVF’s position in India’s booming healthcare sector.
Also Read: Esha Deol on her theatrical comeback with Tumko Meri Kasam, “I would say it’s homecoming”
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