BPEA EQT, an Asia-focused private equity fund, will acquire approximately 60% of Indira IVF, India's largest provider of fertility services and one of the top five in the world in terms of annual IVF cycles. According to a company release, Indira IVF has facilitated 125,000 successful pregnancies to date.
According to sources close to the transaction, the chain was valued at $1.1 billion (Rs 9000 crore).
Global investors such as Baring PE Asia EQT and Blackstone have made non-binding bids to acquire a majority stake in Indira IVF, India's largest fertility clinic chain, valuing the chain at $1-1.2 billion, according to ET, which first reported on June 6. The new investor is expected to own approximately 60% of the company, with existing investor TA Associates selling its 47% stake and the promoters diluting additional stakes.
TA Associates purchased approximately 35% of the company in 2019 for Rs 1,100 crore, and an additional 12% later. It is expected to seek a four-fold return on investment.
Indira IVF posted revenue of Rs 1,250 crore in FY23 at an ebitda of Rs 375-410 crore, said people aware of the matter. The Indian IVF industry is a potential $12-billion market expanding at 20% CAGR, according to industry estimates.