EQT-backed Indira IVF is said to weigh $400 million Mumbai IPO

A share sale could value the IVF clinic operator at about $2.5 billion

EQT AB is considering an initial public offering for Indira IVF that could raise about $400 million, according to people familiar with the matter.

The Stockholm-based investment firm is working with arrangers to help prepare for an IPO in Mumbai as soon as next year, the people said, asking not to be identified because the matter is private. A share sale could value the IVF clinic operator at about $2.5 billion, they said.

Considerations are preliminary and no final decisions have been made, the people said. Details such as size, value and timing may change, they said.

A representative for EQT declined to comment, while Indira IVF didn’t immediately respond to a request seeking comment.

Indira IVF runs more than 150 fertility centers across India with over 290 IVF specialists, according to its website. EQT acquired a controlling stake in Indira IVF last year from TA Associates and the company’s founders, who retained a minority stake and continued leading the business.

Founded in 1988 by Ajay Murdia, Indira IVF says it is India’s biggest provider of fertility services, completing about 40,000 IVF cycles annually. India is one of the world’s fastest-growing markets for assisted reproductive technology services and significantly under-served compared with more developed markets. Infertility rates in India are about 15% and expected to rise, EQT said in a statement when it acquired its stake in Indira IVF in 2023.