Bollywood film that earned just ₹65 lakh destroys ₹3,500 crore upcoming IPO; Here's how

On March 27, Indira IVF pulled back its ambitious IPO after the Securities and Exchange Board of India (SEBI) claimed that the movie ‘Tumko Meri Kasam’ was endorsing the firm, according to Economic Times news report.

The market regulator noted that the release timing of the film seemed questionable since the company was in the process of securing funds for its IPO. The movie was produced by Indira Entertainment, with Murdia's sons, Nitiz and Kshitiz, listed as producers.

Indira IVF rejected the allegations, stating through a company representative to the Indian Express that it chose to retract the previously submitted DRHP after assessing multiple factors and commercial aspects. It remains uncertain whether the company intends to pursue the offering again in the near future.

According to a report from hindustantimes.com, Tumko Meri Kasam, directed by Vikram Bhatt, premiered in theaters on March 21. The film features Anupam Kher, Adah Sharma, Esha Deol, and Ishwak Singh, and tells the story of Dr. Ajay Murdia, the founder of Indira IVF. It follows Dr. Murdia's struggles to normalize IVF, including a prolonged legal battle he faced.

Upon its release, the movie received a mix of negative and moderate reviews, although Anupam Kher's portrayal of Dr. Murdia was praised. At the box office, Tumko Meri Kasam underperformed significantly, closing shortly after the first weekend with earnings of only ₹65 lakh.

Though it was never explicitly stated, insiders suggested that the film was intended as a promotional strategy to enhance Dr. Murdia and the company’s reputation, coinciding with their ambitious ₹3,500 crore IPO to take the company public.

IPO market

The IPO market is beginning the new financial year (FY26) on a sluggish note, as there have been no new public offerings in the first week. Nevertheless, there are four SME IPOs that are scheduled to launch on the stock exchanges soon. While the initial momentum is weak, it is anticipated that activity will increase later in the year, as various large companies are gearing up to go public.

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