Three companies, Amagi Media Labs, Sahajanand Medical Technologies, and Fractal Analytics have received approval from the Securities and Exchange Board of India (SEBI), moving a step closer to launching their initial public offerings (IPO).
SEBI issued observations on the draft papers of Fractal Analytics and Amagi Media Labs on November 18, and on Sahajanand Medical Technologies on November 17. With this approval, each company can now file its Red Herring Prospectus (RHP), which will include details such as issue size, price band, lot structure, reservation breakdown, allotment dates, and listing timelines. SEBI’s approval remains valid for 12 months.
Fractal Analytics
Fractal Analytics, founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, is preparing to raise funds through a combination of fresh issue and OFS.
Its IPO will include a fresh issue of ₹1,279.3 crore and an OFS of ₹3,620.7 crore by shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte Ltd, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust.
The company plans to use the funds for repayment of borrowings by its US subsidiary, laptop purchases, a new office in India, R&D, sales and marketing under Fractal Alpha, acquisitions, and general corporate needs.
Fractal reported revenue of ₹2,765 crore in FY25, up 25.9% from ₹2,196 crore in FY24. Profit after tax turned positive at ₹22 crore compared to a loss of ₹5.47 crore in FY24.
Amagi Media Labs
Amagi Media Labs, a Bengaluru-based SaaS company that works with media organisations to distribute content across digital devices, plans to raise funds through a mix of fresh issue and offer for sale.
The IPO includes a fresh issue of equity shares worth up to ₹1,020 crore and an Offer for Sale of up to 3.41 crore shares by existing investors such as PI Opportunities Funds, Norwest Venture Partners, and Accel India VI.
Amagi intends to allocate ₹667 crore from the fresh issue for technology and cloud infrastructure investments. The rest will be directed towards acquisitions and general corporate purposes.
The company reported revenue of ₹1,162 crore in FY25, growing at a CAGR of 30.7% from FY23 to FY25.
Sahajanand Medical Technologies
Sahajanand Medical Technologies, founded in 2001 by Dhirajlal Kotadia, focuses on medical devices in vascular and structural heart interventions.
The company’s IPO will be a pure Offer for Sale of up to 2.76 crore shares, with promoters Shree Hari Trust and Dhirajkumar Savjibhai Vasoya selling their stake through the issue.
From FY23 to FY25, the company’s revenue increased from ₹795.49 crore to ₹1,024.88 crore. Vascular intervention devices remained the primary contributor, though their share in revenue declined from 72% to 66%. Structural heart devices grew from ₹75.42 crore to ₹157.32 crore during the same period.
These approvals mark the first major step for all three companies toward entering the public market. Each will now move forward with finalising issue details in their upcoming RHPs.
