Fractal Analytics to Raise $555 Million for Upcoming IPO in India Next Month

Mumbai, October 28, 2025: India’s best artificial intelligence and data analytics company, Fractal Analytics, will roll out its initial public offering (IPO) in November, hoping to raise about ₹4,900 crore (or about $555 million). The issue will peg the company’s valuation at nearly $3 billion. This is one of the most highly anticipated tech listings this year in the booming Indian IPO market.

IPO Composition and Investor Exit

Fractal Analytics will include a new share issue of ₹1,280 crore and an offer for sale (OFS) of around ₹3,620 crore by existing shareholders, including private equity investors TPG Inc. and Apax Partners LLP. The fresh issue proceeds would be used for business growth, product building, and potential acquisitions, while the OFS portion would enable early investors to partially exit their stake.

Company History and Leadership

Established by five graduates of the Indian Institute of Management Ahmedabad in 2000, Fractal Analytics has developed into an artificial intelligence, machine learning, and high-level analytics solutions provider worldwide. In 2022, the company became India’s first AI-centric unicorn. Group CEO Srikanth Velamakanni and CEO Pranay Agrawal, holding approximately 10% equity each, will continue in their leadership roles and are not selling any shares in the IPO.

Market Environment and Listing Pace

Fractal’s planned IPO follows a strong year for India’s leading markets, with two recent issues crossing the $1 billion mark. Indian firms together raised almost $16 billion via IPOs in the first half of 2025, positioning the market to potentially surpass the record $21 billion raised in 2024.

Lead Managers for The Issue

Axis Bank, Goldman Sachs, Kotak Mahindra Capital, and Morgan Stanley were appointed as joint lead managers for the issue. The IPO should also reinforce India’s position as a major hub for technology-driven capital market business.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations