IPO story went wrong

IPO story went wrong

Written by: Admin | 01 Jan, 1970

Indira IVF was all set for a massive IPO. But SEBI stepped in and shut it down because just before the IPO, a movie—Tumko Meri Kasam—based on their founder’s life was released.

The film is a Bollywood-style biopic on Ajay Murdia, who founded Indira IVF in Udaipur and built it up into a chain of fertility clinics. Murdia's sons are credited as the film's producers. Bhatt is also the writer of the film. 
Following Sebi's objections, Indira IVF was forced to withdraw its draft red herring prospectus (DRHP)

The regulator is said to have raised concerns over potential violations of disclosure norms and fair market practices, fearing the film's release could act as indirect promotional material influencing investor sentiment ahead of the IPO. 
Last year, EQT acquired a controlling stake in Indira IVF from TA Associates and the company's founders, Ajay Murdia and his sons Kshitiz and Nitiz.

Made on a budget of ₹12 crore, the film has collected ₹54 lakh in five days. The nearly three-hour film is styled as an entertainer, with special effects and a court battle thrown into the mix to heighten the dramatic tension.