Mumbai, March 27 (IANS). The fertility clinic chain Indira IVF has withdrawn the draft papers of the Initious Public Offering (IPO), which was filed through a confidential pre-filing route.
The company explained the reason behind its decision to evaluate and other factors.
Indira IVF withdrew the IPO at a time when a biopic film has been released on the company’s founder Ajay Murdia.
Anupam Kher and Isha Deol’s film “Tumko Meri Kasam” was premiered on March 21, while the company handed over its draft documents to the Securities and Exchange Board of India (SEBI) on 13 February.
The timing of the film created a novel concerns about the company’s indirect self-promotion.
According to the latest SEBI update, the IPO draft documents were withdrawn on 19 March.
The report stated that SEBI had expressed concerns about the release and IPO filing of the biopic. However, Indira IVF has denied any regulatory participation.
In a statement, the company spokesperson clarified that the decision to withdraw the IPO was completely based on the inner commercial evaluation.
Along with this, the spokesperson of the company has rejected all the reports that claimed that SEBI has asked the company to withdraw the IPO.
Indira IVF is one of the many companies that have selected the confidential pre-filing route for the IPO.
This option allows firms to keep the IPO details private and adjust the issue size up to 50 percent to updated draft Red Herring Prospectus (UDRHP) phase.
This gives companies 18 months to launch an IPO after receiving SEBI’s final comments, while the traditional process has a limit of 12 months.
Indira IVF had a plan to raise Rs 3,500 crore through an IPO. This entire issue was to be released as Offer for Sale (OFS).
-IANS
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