AI-driven SaaS unicorn Fractal Analytics has officially filed its Draft Red Herring Prospectus (DRHP) with India’s market regulator, Securities and Exchange Board of India (SEBI), for a proposed initial public offering (IPO) worth INR 4,900 crore. This marks a major milestone for the Mumbai-headquartered AI powerhouse, as it sets the stage for one of the biggest tech IPOs in the Indian startup ecosystem in 2025.
IPO Breakdown: Fresh Issue + OFS
The public offering will comprise two components:
- A fresh issue of shares worth up to INR 1,279.3 crore, and
- An Offer-for-Sale (OFS) component of up to INR 3,620.7 crore.
The fresh capital raised will likely be used to fuel growth initiatives, enhance product offerings, invest in AI research, and support international expansion.
Major Stakeholders Set to Exit via OFS
As part of the OFS, several key investors and stakeholders will offload a portion of their equity holdings. Here’s how it breaks down:
- Apax Partners (through Quinag Bidco Ltd) will sell shares worth INR 1,462.6 crore.
- TPG (via TPG Fett Holdings Pte. Ltd.) plans to offload shares valued at INR 1,999.6 crore.
- GLM Family Trust will divest INR 129 crore worth of shares.
- Satya Kumari Remala and Rao Venkateswara Remala will sell a combined INR 29.5 crore in equity.
This OFS gives early backers and promoters a lucrative exit opportunity while allowing the company to broaden its shareholder base.
Valuation and Market Expectations
Earlier this week, Inc42 reported that Fractal Analytics was eyeing a $400 million to $500 million IPO, with a target valuation of approximately $3 billion. If achieved, this would place Fractal among the top-tier Indian tech unicorns to go public.
Founded in 2000, Fractal has grown into a global leader in AI and advanced analytics solutions for enterprises, serving Fortune 500 companies across sectors like healthcare, retail, financial services, and technology. Its core SaaS offerings, powered by artificial intelligence, machine learning, and data science, have made it a sought-after player in the AI space.
A Strong Signal for India’s AI and SaaS Ecosystem
Fractal’s IPO marks a significant event not only for the company but also for India’s SaaS and AI startup ecosystem. It reinforces investor confidence in data-driven platforms and the demand for enterprise AI solutions globally.
With more Indian tech unicorns preparing for IPOs, Fractal’s public debut could pave the way for other AI-driven startups to explore similar routes, especially as global capital markets show renewed interest in scalable, high-growth tech ventures.
Conclusion
Fractal Analytics’ IPO filing with SEBI signals a pivotal moment for India’s AI and SaaS landscape. With heavyweight investors like Apax and TPG set to partially exit, and a strong institutional interest expected, this ₹4,900 crore IPO could become one of the most closely watched listings of the year.
Stay tuned as Fractal takes the next steps toward going public.
