Cinema as a marketing tool is not new. Leni Riefenstahl was famous for making propaganda films for Adolf Hitler's Nazi Party in the 1930s, and everyone from MS Dhoni to Sachin Tendulkar has been accused of using biopics to increase their market value. Recently, a company on the verge of a massive IPO attempted to use a film based on the life of its founder, allegedly for the same purpose. The outcome was a double whammy. The film tanked, taking the mega IPO with it.

Film that killed an IPO

Tumko Meri Kasam, directed by Vikram Bhatt, opens in theaters on March 21. The film, starring Anupam Kher, Adah Sharma, Esha Deol, and Ishwak Singh, tells the story of Indira IVF founder Dr. Ajay Murdia. The film follows Dr Murdia's battles to mainstream IVF, including a lengthy court battle. The film received mixed to negative reviews upon release, despite praise for Anupam Kher's portrayal of Dr Murdia. Tumko Meri Kasam was a box office disappointment, earning only ₹65 lakh after just one weekend of release.

Insiders speculated that the movie was intended to boost Dr. Murdia's and the company's image ahead of their ₹3500 crore IPO.

How SEBI stepped in

Indira IVF canceled its ambitious initial public offering (IPO) on March 27 after the Securities and Exchange Board of India (SEBI) accused Tumko Meri Kasam of promoting the company, according to reports. The market regulator noted that the timing of the film's release was suspicious, as the company was raising funds for its IPO. Indira Entertainment produced the film, and Murdia's sons Nitiz and Kshitiz were credited as producers.

Indira IVF denied the allegations, with a company spokesperson telling Indian Express that "the company had decided to withdraw the pre-filed DRHP pursuant to evaluation of various factors and commercial considerations." It is unclear whether the company intends to resubmit the offer anytime soon.