• Controlling stake deal to value Indira IVF at more than USD 1bn 
• Binding bids expected by end of this month 

Indira IVF, an India-based chain of infertility treatment clinics, has seen BPEA EQT and CVC Capital Partners emerge as frontrunners in the auction to acquire a controlling stake, according to two sources familiar with the situation.  

At least two other suitors also submitted non-binding bids, including Blackstone and General Atlantic, while binding bids are expected by the end of this month, the sources noted.  

As it stands, there is a “60:40 chance” of BPEA EQT bagging the asset, according to the first source.

BPEA EQT and Blackstone declined to comment. CVC Capital Partners, Indira IVF and General Atlantic did not respond to requests seeking comments.

The sale will see Indira IVF’s private equity backer TA Associates exit its entire stake of around 42%, while the Murdia family, which founded the business and holds nearly 52%, will part with around 18%, the first source noted.   

TA Associates bought the significant minority stake in the company for an undisclosed amount in 2019, per its website. 

The controlling stake sale will value Indira at more than USD 1bn in a process managed by JP Morgan and Goldman Sachs as sell-side advisors, as reported by this news service in February this year.  

The company clocked a revenue of INR 12.2bn (USD 148.7m) and a profit after tax (PAT) of INR 1.8bn in the fiscal year ended March 2023, as compared with a topline of INR 9.3bn and PAT of INR 1.7bn in the previous fiscal year, as per a report by ratings agency ICRA in June this year.  

Incorporated in 2015 by Dr. Ajay Murdia, Dr. Kshitiz Murdia, and Nitiz Murdia, Indira IVF runs a network of more than 115 in-vitro fertilization (IVF) centres and more than 250 IVF experts across the country, per its website. Its services include IVF treatments, IUI treatment, laser hatching, infertility workup, donor programme, sonography, and laparoscopy treatments.  

Among Indira IVF’s peers in India, TPG-backed Nova IVF Fertility acquired Ahmedabad-based Wings IVF in June this year, reportedly at around INR 1.4bn, to expand its presence within the country. Other peers include Hyderabad-based Oasis Fertility and Bengaluru-based Apollo Fertility.