Bollywood Meets Business: The Unexpected Impact on Indira IVF’s IPO
In 2025, the intersection of Bollywood and business took an unforeseen turn when a movie reportedly disrupted Indira IVF’s highly anticipated Rs 3,500 crores initial public offering (IPO). The EQT-backed fertility clinic chain, a leader in India’s expanding IVF sector, encountered regulatory challenges from the Securities and Exchange Board of India (SEBI) related to the release of Tumko Meri Kasam. This Bollywood biopic, focused on Indira IVF founder Ajay Murdia, has ignited discussions about the influence of media on financial markets, according to a report by Economic Times. Here’s a closer look at how this unexpected twist unfolded and what it means 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 become one of India’s foremost fertility clinic chains. With over 150 centers and 330 specialists across the country, the company has tapped into the growing demand for in-vitro fertilization (IVF) treatments. Backed by private equity powerhouse 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 support further expansion. The IPO was anticipated to be one of the largest healthcare listings of 2025—until an unexpected obstacle arose.
Tumko Meri Kasam: A Bollywood Biopic with Major Implications
Directed by Vikram Bhatt and featuring Anupam Kher and Esha Deol, Tumko Meri Kasam premiered just days before the IPO filing. This nearly three-hour film, produced on a modest Rs 12 crores budget, chronicles Ajay Murdia’s journey and the rise of Indira IVF. With dramatic courtroom scenes, special effects, and a soundtrack featuring songs like ‘Ishqaa Ishqaa’ and ‘Zara Paas Aana,’ the film aimed to entertain, but its box office performance was underwhelming. This led to the withdrawal of Indira IVF’s draft red herring prospectus (DRHP), putting a halt to what could have been a landmark listing.
SEBI’s Role: Safeguarding Investors or Hindering Innovation?
SEBI’s objection underscores its rigorous oversight of companies preparing for IPOs. The regulator’s rules are designed to ensure transparency and prevent companies from manipulating public perception prior to going public. In this case, the timing of the movie’s release—shortly after Indira IVF filed its DRHP through the confidential pre-filing route—raised alarms. Speculation suggests that SEBI was concerned the biopic might artificially boost interest in the IPO, prompting the company to temporarily retract its plans.
