Amagi’s proposed IPO is a mix of a fresh issue worth ₹1,020 crore and an offer for sale of up to 3.41 crore equity shares by the selling shareholder
Besides, IPOs of SaaS firm Amagi Media Labs and cardiac stent maker Sahajanand Medical Technologies have also received regulator’s approval.
In September, Fractal Analytics was one of those chosen by the government to build India’s first large reasoning model.
The IPO will comprise a fresh issue of equity shares worth up to ₹1,279.3 crore and an offer for sale (OFS) of shares aggregating up to ₹36,20.7 crore.
Key investors participating in the OFS include Quinag Bidco Ltd (₹14,62. 6 crore), TPG Fett Holdings Pte (₹19,99.6 crore), Satya Kumari Remala and Rao Venkateswara Remala (₹29.5 crore) and the GLM Family Trust (₹1,29 crore).
Proceeds utilisation
According to the draft prospectus, the company intends to deploy the proceeds towards multiple strategic initiatives. These include funding its subsidiary Fractal USA for debt prepayment, investing in research and development, expanding office infrastructure in India, purchasing laptops, scaling sales and marketing under Fractal Alpha and supporting inorganic growth through acquisitions and other corporate purposes.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal has evolved into one of India’s leading pure-play data and artificial intelligence companies. Backed by marquee investors such as TPG, Apax Partners and Gaja Capital, the firm delivers AI-driven decision support solutions to global enterprises across sectors including consumer goods, retail, technology, media, telecom, healthcare, life sciences and financial services.
The company’s industry report notes that Fractal is uniquely positioned due to its deep investments in AI and GenAI platforms and a strong R&D pipeline. As of March 31, 2025, Fractal’s client roster included several of the world’s largest technology companies such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.
In FY25 revenue from operations rose 25.9 per cent to ₹2,765 crore, up from ₹2,196 crore in FY24. The company also posted a positive turnaround in profitability, recording a net profit of ₹22 crore versus a loss of ₹5.47 crore in the previous fiscal. PAT margins improved to 12.6 per cent from –0.2 per cent, while EBITDA margins strengthened to 17.4 per cent from 10.6 per cent.
Kotak Mahindra Capital Company, Morgan Stanley India Ltd, Axis Capital and Goldman Sachs (India) are the book running lead managers for the offering.
Amagi’s proposed IPO is a mix of a fresh issue worth ₹1,020 crore and an offer for sale (OFS) of up to 3.41 crore equity shares by the selling shareholders, according to the draft red herring prospectus filed by the company.
On the other hand, the IPO of Sahajanand Medical Technologies is entirely an OFS of 2.76 crore shares by promoters and investors, according to its draft papers.
Published on November 24, 2025
