Fractal Analytics and Amagi Secure SEBI Approval for IPO Plans

Enterprise AI company Fractal Analytics has received approval from the Securities and Exchange Board of India (SEBI) for its planned initial public offering (IPO). Cloud based media software as a service platform Amagi has also secured SEBI approval for its own public offer.

Fractal's public issue will feature a fresh issue of up to INR 1,279.3 crore along with an offer for sale of up to INR 3,620.7 crore by current shareholders. The selling shareholders include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust.

The company intends to use the funds raised for repayment of borrowings through its subsidiary Fractal USA. It will also allocate capital towards setting up a new office in India, purchasing laptops, expanding research and development work, strengthening sales and marketing activities under Fractal Alpha, supporting acquisitions and other strategic plans. A part of the proceeds will go toward general corporate purposes.

Fractal was founded in 2000 by Srikanth Velamakanni and Pranay Agrawal. The company works with global enterprises across sectors such as consumer goods, retail, technology, media, telecom, healthcare, life sciences and banking and financial services. It continues to build its AI and Gen AI product range and as of March 2025 served several well known international clients including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.

The book running lead managers for the public issue are Kotak Mahindra Capital, Morgan Stanley India, Axis Capital and Goldman Sachs India. Amagi has also received SEBI approval for a public offer after reporting revenue of more than INR 1,100 crore in fiscal year 2025 along with a notable reduction in losses.

The company plans to raise INR 1,020 crore through a fresh issue of equity shares. Existing investors are expected to sell up to 3.4 crore shares through an offer for sale. The investors participating in the offer for sale include PI Opportunities Fund, Norwest Venture Partners, Accel, Trudy Holdings and AVP along with individual shareholders Prem Gupta, Rahul Garg, Rajesh Ramaiah, Rajat Garg and Kollengode Ramanathan Lakshminarayana. Amagi may also raise up to INR 204 crore in a pre IPO round.

Founded in 2006 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi has grown into a leading media technology company that supports cloud based playout and channel creation for broadcasters across the world. Its clients include Discovery, Sony, A plus E Networks and Vice. The company entered the unicorn club in March 2022 and has expanded its presence across the US, Europe and the Asia Pacific region.