EQT AB, the Stockholm-based investment firm, is contemplating an initial public offering (IPO) for Indira IVF that could raise around $400 million, according to sources familiar with the matter. The offering, which could value the fertility clinic operator at approximately $2.5 billion, may take place in Mumbai as soon as next year, the sources revealed, speaking anonymously due to the private nature of the discussions.
While the IPO plans are still in the preliminary stages, no final decisions have been made, and key details such as the offering size, valuation, and timing could change.
Indira IVF, India’s largest fertility services provider, operates more than 150 fertility centers across the country and has over 290 IVF specialists, according to its website. The company was founded in 1988 by Ajay Murdia and is known for completing around 40,000 IVF cycles annually. The firm’s role in India’s fast-growing assisted reproductive technology (ART) market is vital, as the country has an infertility rate of about 15%, a figure expected to rise.
EQT acquired a controlling stake in Indira IVF in 2023 from TA Associates and the company’s founders, who retained a minority stake and continue to lead the business.
A representative for EQT declined to comment, and Indira IVF did not immediately respond to requests for comment.
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