Fractal Analytics Limited, a global provider of enterprise AI solutions to Fortune 500 companies, has filed for an initial public offering (IPO) aggregating to ₹4,900 crore. The issue comprises a fresh issue of equity shares aggregating to ₹1,279.3 crore and an offer for sale (OFS) of equity shares aggregating to ₹3,620.7 crore by existing selling shareholders.

Fractal’s IPO is among the most closely watched technology listings in 2025, given the company’s positioning in the high-growth artificial intelligence and analytics sector.

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The net proceeds from the fresh issue will support growth initiatives, including investment in technology infrastructure, global expansion, and working capital needs.

Parties Involved

• Issuer: Fractal Analytics Limited

• Selling Shareholders: Quinag Bidco Ltd. (Apax Partners-managed fund) and others

• Book Running Lead Managers: Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, and Goldman Sachs (India) Securities Private Limited

• Indian Legal Counsel to the Issuer: Shardul Amarchand Mangaldas & Co (SAM)

• International Legal Counsel to the Issuer: Latham & Watkins LLP

• Indian Legal Counsel to the BRLMs: Khaitan & Co

Legal Counsel & Deal Teams

Shardul Amarchand Mangaldas & Co (Issuer Counsel – Fractal Analytics Limited)

• Nikhil Naredi, Partner

• Priya Awasthi, Partner

• Chinmay Sethia, Principal Associate

• Rakshita Poddar, Senior Associate

Latham & Watkins LLP (International Legal Counsel – Fractal)

• Team led by Amit Singh, Partner

Khaitan & Co (Indian Counsel to BRLMs)

• Abhimanyu Bhattacharya, Partner

• Gautham Srinivas, Partner

• Sathvik Ponnappa, Partner

• Pulkit Singh Rahangdale, Principal Associate

• Shweta Sivaram, Senior Associate

• Vanshika Chaudhry, Senior Associate

• Anubhav Jaiswal, Associate

• Sarvesh Sharma, Associate

• Vidushi Tanya, Associate

About the Issuer

Founded by Pranay Agrawal and Srikanth Velamakanni, Fractal Analytics Limited (formerly GVK Biosciences) is a global enterprise AI and analytics leader, providing end-to-end solutions to Fortune 500 companies across sectors such as CPG, retail, technology, media, telecom, healthcare, and financial services.

Its service offerings span decision support, predictive analytics, machine learning, and data engineering. Fractal’s proprietary platforms include:

• Asper.ai — interconnected decision-making to accelerate revenue growth

• Analytics Vidhya — one of the world’s largest data science communities

Backed by Apax Partners (through Quinag Bidco Ltd.), Fractal has scaled into a global player with delivery centers across India, the US, the UK, Ukraine, and other key markets.

Key Transaction Highlights

• Deal Size: ₹4,900 crore, comprising fresh issue and OFS.

• Largest AI IPO in India: Fractal’s IPO positions it among the biggest technology-driven listings in India’s capital markets.

• Use of Proceeds: Growth capital for scaling R&D, expanding technology infrastructure, entering new markets, and meeting working capital requirements.

• Strong Investor Interest: Backing by global funds like Apax Partners boosts visibility and investor appetite.

Strategic Significance

Fractal’s IPO reflects the increasing appetite for AI-driven enterprises in India’s public markets. With demand for enterprise AI solutions expanding globally, Fractal is strategically positioned to capitalize on this trend through its established client base and proprietary platforms.

• For Fractal, the IPO provides long-term growth capital while enabling existing investors like Apax Partners to partially monetize holdings.

• For investors, it is an opportunity to participate in India’s growing technology and AI ecosystem, with applications spanning healthcare, financial services, and consumer goods.

• For India’s capital markets, the listing strengthens the pipeline of large, innovation-led technology IPOs.

Why It Matters

• AI Momentum: Fractal’s IPO is a bellwether for AI-focused companies entering public markets, signaling the sector’s maturity.

• Capital Market Depth: Large-ticket IPOs by tech firms demonstrate deepening institutional appetite in India’s equity markets.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.