Upcoming IPOs: Fractal Analytics, Sahajanand Medical Tech, Amagi Media Labs get SEBI's approval to launch public offers

Upcoming IPOs: Three companies – artificial intelligence solutions provider Fractal Analytics, cardiac stent maker Sahajanand Medical Technologies and SaaS firm Amagi Media Labs – have received market regulator Securities and Exchange Board of India's approval to raise funds via initial public offerings.

The three firms received SEBI's observation during November 17-18, according to an update on the market watchdog's website on Monday. In SEBI's terminology, receiving observations is equivalent to its nod to proceed with a public issue.

Fractal Analytics IPO

Fractal is seeking to raise ₹4,900 crore through its maiden initial share sale by a fresh issuance of equity shares worth up to ₹1,279.3 crore and an offer for sale aggregating to ₹3,620.7 crore, according to the draft red herring prospectus (DRHP).

Under the OFS, Quinag Bidco Ltd, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust are offloading their stake.

The fresh issue proceeds will be used to invest in its subsidiary Fractal USA for prepayment or repayment of its borrowings; buy laptops; establish new offices in India; invest in research and development; support sales and marketing under Fractal Alpha; fund acquisitions and other strategic initiatives; and for corporate general purposes.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports large global enterprises across multiple industry verticals and business functions with data-driven insights and assists in decision-making through end-to-end AI solutions. Backed by marquee investors like TPG, Apax, and Gaja, Fractal is a leading pure-play data and artificial intelligence company.

Amagi Media Labs

Amagi's proposed IPO is a combination of a fresh issue of shares valued at ₹1,020 crore and an OFS of up to 3.41 crore equity shares by the selling shareholders, as per the preliminary papers.

The Bengaluru-headquartered company proposes to utilise ₹667 crore from the fresh issue towards investment in technology and cloud infrastructure, and the remaining amount towards funding inorganic growth through unidentified acquisitions and general corporate purposes.

Founded in 2008, Amagi Media Labs is a software-as-a-service company that connects media companies to their audiences through

cloud-native technology. Its platform helps content providers and distributors upload and deliver video over the internet through smart televisions, smartphones and applications, instead of traditional cable or set-top box services.

Sahajanand Medical Technologies IPO

Sahajanand Medical Technologies' IPO is exclusively an OFS of 2.76 crore equity shares by promoters and investors, according to its draft papers.

Those selling shares in the public issue are Shree Hari Trust, Kotak Pre-IPO Opportunities Fund, Samara Capital Markets Holding and NHPEA Sparkle Holding BV.

Founded in 2001, Sahajanand Medical Technologies develops medical devices, with an emphasis on vascular intervention and structural heart. It has two R&D centres, one in India and another in Thailand.