Enterprise artificial intelligence (AI) firm Fractal Analytics has secured approval from the Securities and Exchange Board of India (Sebi) for its planned initial public offering.
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.
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.