How 'Tumko Meri Kasam' Came In The Way Of Indira IVF's Rs 3,500 Cr IPO?

Indira IVF Hospital Ltd is a prominent name in India's fertility treatment sector. They filed an IPO of Rs 3500 crore with Sebi. Recently, the company came into the lime light for withdrawing its DRHP on March 19, 2025, after SEBI raised objections over a bollywood movie which was perceived to be promoting the company.

The movie "Tumko Meri Kasam" was centred around the life of Indira IVF's founder, Dr Ajay Murdia. The release timing of the movie raised regulatory concerns over potentially influencing investor sentiment through the movie.

Let's delve into the IPO plans of Indira IVF, the movie controversy, the withdrawal and its broader implications. 

Indira IVF Background And IPO Plans 

Indira IVF was established in 2011 by Dr Ajay Murdia in 2011. From a single clinic in Udaipur, the company expanded to over more than 150 centres nationwide. Indira IVF has shown strong revenue growth in FY 24. The company recorded a net profit of Rs 183 Crore, which was down from Rs 266 crore from the previous year. The dip reflects the increased spending on expansion and technological upgrades.

Indira IVF aimed to raise Rs 3500 Cr through its IPO. The structure of the IPO included a mix of primary shares to fund expansion and some secondary shares to allow exits for investors who were previously invested. The DRHP was filed with SEBI in February 2025 with expectations of a launch in April. However, SEBI's concerns about the movie and the investor sentiment halted the process.

The filing of the IPO occurred amid a downtrend in the Indian IPO market. Despite these conditions, Indira IVF's strong brand and growth potential were anticipated to draw interest among investors.

Let's understand the Tumko Meri Kasam controversy and the withdrawal of the IPO.

“Tumko Meri Kasam” Controversy And IPO Withdrawl

At the heart of the IPO withdrawal of Indira IVF IPO lies "Tumko meri Kasam", a Bollywood biopic directed by Vikram Bhatt. The film is made around Dr Ajay Murdia's journey from a small-town doctor to a healthcare pioneer. Actors like Anupam Kher, Adah Sharma, Ishwank Singh and Esha Deol acted in this movie. The movie was produced by Indira Entertainment, which was headed by Dr Murdia's sons.

SEBI suspected that the film was being used as promotional material by Indira IVF. Regulators were concerned that it could influence investor sentiment by violating disclosure standards and fair market practice. Companies undergoing IPOs are required to adhere to strict guidelines in order to avoid actions that could unduly affect investors. SEBI intervened because the overlap between the film's release and the IPO raised red flags.

This situation highlights the risks associated with indirect promotional activities in conjunction with IPOs. Biopics are a great way to showcase a company's history, but their timing and intention must be clear in order to avoid regulatory scrutiny.

SEBI's update on March 19, 2025, confirmed Indira IVF withdrawing its DRHP. Sources point out that the company did not reveal the exact reasons for the withdrawal, but SEBI's objections to Tumko Meri Kasam were the catalyst. SEBI and Indira VF did not respond to requests for clarification, so the decision is shrouded by speculation.

The withdrawal has caused Indira IVF's Initial Public Offering plans to stop indefinitely because of there is a lack of any refiling timeline. SEBI requires the company to resolve its issues while maintaining proper standards for future disclosures in filings. The withdrawal has created delays that prevent new financial capital flow and potential investor withdrawal.

Conclusion

The withdrawal of Indira IVF's IPO illustrates the complex relationship between commercial aspirations and both strict regulatory requirements and powerful media organisational forces operating in Indian capital markets. Tumko Meri Kasam controversy functions as a warning about inadequate openness and regulatory compliance in the IPO pathway. Indira IVF plans to restart its public offering, but the withdrawal setback pushed back its timeline and exposed the disadvantages of improper promotional practices.

Indira IVF requires core initiative plans to overcome SEBI concerns while simultaneously establishing trust with its stakeholders. The market needs to understand that organizational development through innovation includes responsible stewardship of market dynamics.

Source: Indian Express, NDTV Profit, Economic Times