Fractal Analytics and Amagi receive SEBI approval for IPO

Enterprise AI company Fractal Analytics has secured approval from the Securities and Exchange Board of India for its proposed IPO. Cloud led media SaaS platform Amagi has also received SEBI approval for its IPO, adding to the growing pipeline of technology driven companies preparing for public markets.

Fractal’s IPO will include a fresh issue of up to Rs 1,279.3 crore and an offer for sale of up to Rs 3,620.7 crore by existing shareholders including Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust. 

The company plans to use the proceeds for repayment of borrowings through its subsidiary Fractal USA, new office development in India, laptop purchases, investments in research and development, sales and marketing under Fractal Alpha, funding acquisitions and other strategic initiatives, along with general corporate purposes.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports global enterprises across consumer goods and retail, technology, media and telecom, healthcare and life sciences and BFSI. The company continues to expand its AI and Gen AI product portfolio and as of March 2025 served several major global clients including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.

Fractal reported a strong financial rebound in FY25. Its revenue from operations rose 25.9% to Rs 2,765 crore from Rs 2,196 crore in FY24. The company posted a profit after tax of Rs 22 crore compared to a loss of Rs 5.47 crore in FY24. EBITDA margin improved to 17.4%, while PAT margin turned positive to 12.6%.

Kotak Mahindra Capital, Morgan Stanley India, Axis Capital and Goldman Sachs India are the book running lead managers.

Amagi, which recently crossed Rs 1,100 crore revenue in FY25 while significantly reducing losses, has also received SEBI approval for an IPO that includes a fresh issue along with an offer for sale by investors such as Accel, Norwest and Premji Invest.

The Bengaluru-based company plans to raise Rs 1,020 crore through a fresh issue of equity shares, while existing investors will offload up to 3.4 crore shares via an OFS.