A fertility chain backed by Swedish private equity investor EQT and a facade fabricator that is backed by Motilal Oswal Alternates have received regulatory approval to float their respective initial public offerings (IPOs).
The Securities and Exchange Board of India (SEBI) has issued its observations, which is equivalent to its approval, to the IPO proposals of Indira IVF Hospital Ltd, which operates a network of fertility clinics and hospitals; and Glass Wall Systems, a manufacturer and supplier of architectural glass facade systems.
Indira IVF
Mumbai-based Indira IVF Hospital had re-filed draft papers confidentially with the country's markets regulator for an IPO in July 2025.
The Udaipur, Rajasthan-based in-vitro fertilisation chain had previously filed its preliminary papers with the regulator in February. However, it later withdrew its draft documents in March after the release of a Bollywood biopic about the company’s founder raised concerns with the Securities and Exchange Board of India (SEBI), the markets regulator, according to The Economic Times, a business daily.
The offering could reportedly be worth around Rs 3,500 crore ($386 million).
Indira IVF was started in 1988 as a diagnostic clinic, but started offering IVF offerings in 2011 and has since become one of the largest IVF chains in the country. It has since expanded to 186 operational centres across India as of July 2025. By the end of FY26, the company plans to expand its presence to 200 centres.
The company is exploring further acquisitions and is in advanced discussions to takeover companies in the IVF space.
Glass Wall Systems
Glass Wall System, founded in 2002, is a premium façade solutions and fenestration provider in India and across markets in the United States and Australia.
The company filed its draft papers for IPO with SEBI in September 2025.
The IPO includes a fresh issue of shares worth Rs 60 crore (around $6.64 million), and an offer-for-sale portion in which shareholders and promoters will divest 40.23 million shares.
Glass Wall System set up by Jawahar Hemrajani and Kamlesh Chaudhari counts PE firm Motilal Oswal among its backers, which had invested Rs 75 crore ($12.5 million) for a significant minority stake in 2014. It had invested jointly from India Business Excellence Fund II and India Business Excellence Fund IIA.
Both the funds are offering shares for sale in the IPO.
