Three Indian Companies Get SEBI Approval for IPOs
Artificial intelligence firm Fractal Analytics, SaaS provider Amagi Media Labs, and medical device maker Sahajanand Medical Technologies have received regulatory clearance from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings.
Key IPO Details
- Fractal Analytics: Total issue size of ₹4,900 crore
- Amagi Media Labs: Fresh issue of ₹1,020 crore
- Sahajanand Medical: Entirely an offer for sale (OFS) of 2.76 crore shares
The companies filed their draft papers with SEBI between July and August 2024 and received the regulator’s observations—equivalent to approval—during November 17-18.
Fractal Analytics IPO Breakdown
Fractal’s IPO comprises a fresh issue of ₹1,279.3 crore and an OFS of ₹3,620.7 crore. Major selling shareholders include Quinag Bidco Ltd (₹1,462.6 crore) and TPG Fett Holdings (₹1,999.6 crore).
The company plans to use fresh issue proceeds for multiple purposes:
- Investment in subsidiary Fractal USA
- Debt repayment and laptop purchases
- New office setup in India
- Research and development initiatives
- Strategic acquisitions and marketing
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal provides end-to-end AI solutions to global enterprises. The company counts TPG, Apax, and Gaja among its marquee investors.
Amagi Media Labs Public Offer
Amagi’s IPO combines a fresh issue of ₹1,020 crore with an OFS of up to 3.41 crore shares. The Bengaluru-based SaaS company plans to allocate ₹667 crore toward technology and cloud infrastructure enhancement, with the remainder earmarked for acquisitions and general corporate purposes.
Sahajanand Medical Technologies Offering
Sahajanand Medical’s IPO consists entirely of an offer for sale by promoters and investors including Shree Hari Trust, Samara Capital, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding BV.
Established in 2001, the company specializes in vascular intervention and structural heart medical devices, operating research and development centers in India and Thailand.
All three companies plan to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
