Fractal Analytics, Amagi Media Labs, Sahajanand Medical Tech get Sebi's nod to float IPOs

New Delhi: Artificial intelligence solutions provider Fractal Analytics, SaaS firm Amagi Media Labs, and cardiac stent maker Sahajanand Medical Technologies have received Sebi's clearance to launch their initial public offerings, an update with the markets regulator showed on Monday.

Fractal is looking to raise Rs 4,900 crore through its maiden public offering, while Amagi aims to mobilise Rs 1,020 crore through a fresh issue. Besides, there would be an offer for sale (OFS) component, and Sahajanand Medical's proposed initial public offering (IPO) is entirely an OFS.

The three firms, which filed their preliminary IPO papers with Sebi between July and August, obtained Sebi's observations during November 17-18, the update showed.

In Sebi's parlance, receiving observations is equivalent to its go-ahead to proceed with a public issue.

As per the draft papers, Fractal's IPO comprises a fresh issue of equity shares worth up to Rs 1,279.3 crore and an OFS valued at Rs 3,620.7 crore.

The OFS includes Rs 1,462.6 crore worth of shares by Quinag Bidco Ltd, Rs 1,999.6 crore by TPG Fett Holdings, Rs 29.5 crore by Satya Kumari Remala and Rao Venkateswara Remala, and Rs 129.0 crore by GLM Family Trust.

Fractal plans to use the proceeds from the fresh issue to invest in its subsidiary Fractal USA, for pre-payment or repayment of its borrowings; buy laptops; set up new offices in India; invest in research and development; support sales and marketing under Fractal Alpha; fund acquisitions and other strategic initiatives; and for general corporate 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's proposed IPO is a mix of a fresh issue of equity shares aggregating up to Rs 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 (DRHP).

The Bengaluru-headquartered company proposes to utilise Rs 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.

Sahajanand Medical Technologies' IPO is entirely 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, Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding BV.

Founded in 2001, Sahajanand Medical Technologies is engaged in the development of medical devices, with an emphasis on Vascular Intervention and Structural Heart. It has two R&D centres, one in India and another in Thailand.

All three firms are proposed to be listed on the BSE and NSE.