• Fractal Analytics and Amagi receive SEBI approval for IPOs
• Fractal plans a major fresh issue plus a large OFS by existing investors
• Amagi targets Rs 1,020 crore fresh raise as tech IPO pipeline strengthens

Fractal Analytics and Amagi have both secured approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings, marking another boost for India’s growing tech IPO pipeline.

Fractal Analytics, the enterprise AI company founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, plans to raise up to Rs 1,279.3 crore through a fresh issue. Existing shareholders including Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust will sell shares worth up to Rs 3,620.7 crore through an offer for sale.

The company aims to use the funds to repay loans via its US subsidiary, expand office infrastructure in India, buy laptops, boost R&D, strengthen sales and marketing under Fractal Alpha, support acquisitions and fuel long-term strategic plans.

Fractal posted a strong rebound in FY25. Operating revenue rose 25.9% to Rs 2,765 crore from Rs 2,196 crore in FY24. The company swung to a profit of Rs 22 crore after reporting a loss the previous year. EBITDA margin improved to 17.4%, while PAT margin turned positive at 12.6%. Its global client list includes Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla. Kotak Mahindra Capital, Morgan Stanley India, Axis Capital and Goldman Sachs India are the lead bankers.

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Cloud-led media SaaS platform, Amagi also received SEBI approval for its IPO. The Bengaluru-based company plans to raise Rs 1,020 crore through a fresh issue, while investors including Accel, Norwest and Premji Invest will sell up to 3.4 crore shares. Amagi recently crossed Rs 1,100 crore in FY25 revenue while narrowing losses significantly.