Indira IVF Scraps IPO Plans, Withdraws Draft Papers From SEBI

Amid the broader market bearishness in 2025, Indira IVF Hospital has withdrawn its draft red herring prospectus for its initial public offering that was submitted confidentially to the Securities and Exchange Board of India. According to the SEBI update, the company withdrew its IPO documents on March 19, 2025, without providing an official reason to the regulator. This retreat from the company comes a little over a month after SEBI received the DRHP.

Backed by EQT, Indira IVF’s IPO was structured solely as an offer for sale or an OFS, with an expected issue size of ₹3,500 crore. The move to withdraw could potentially signal concerns regarding the issue structure or strategic reconsiderations by the company's investors.
Before them, hospitality company OYO submitted a private DRHP in 2023 but later abandoned its IPO plans. This is a trend that began back in December 2022, when Tata Play (formerly Tata Sky) became the first company in India to use the new confidential filing method outlined by SEBI. It finally chose not to proceed with the public issue, adding to the list of companies that are choosing to withdraw IPO issues. 

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Rising Trend of Confidential IPO Filings

Indira IVF’s decision to go down the confidential IPO route, comes amid a growing trend of private IPO filings in India. Last week, edtech unicorn PhysicsWallah also filed its draft IPO papers privately, joining an exclusive group of companies leveraging this option.
In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart also opted for confidential DRHP filings. Industry experts note that companies are under no obligation to go public after pre-filing their IPOs. This allows them to assess market conditions before committing to an offering, reducing the risk of a failed listing, which can be damaging for the business and the existing set of investors. 

SEBI Rejects Agri Warehousing IPO Proposal

In another significant development in the primary markets, Agriwarehousing and Collateral Management Ltd., a tech-driven agricultural services provider, had its preliminary IPO papers returned by SEBI on the same day, March 19, 2025.

The company’s proposed IPO included:

1. A fresh issue of up to ₹450 crore, aimed at raising new capital for the business.
2. An offer for sale (OFS) of 2.69 crore shares, providing an exit for investors and promoters and sell their stakes in the company.
3. The reasons behind SEBI’s rejection was not disclosed to the public, but such regulatory pushbacks highlight the scrutiny and challenges companies face during the IPO approval process in the current market scenario.

Market Implications and Future Outlook

The withdrawal of Indira IVF’s IPO and SEBI’s rejection of Agriwarehousing’s proposal underscore the regulatory hurdles and market uncertainties surrounding IPOs in India. These events, alongside past cases like OYO, reflect the growing caution among companies when approaching public listings.