Shardul Amarchand Mangaldas & Co and Latham & Watkins are advising AI-driven analytics company Fractal Analytics on its proposed initial public offering worth INR 4,900 crores, aiming to become the country’s first pure-play AI firm to list on stock exchanges.
Khaitan & Co is advising the book running lead managers to the deal, comprising Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs (India) Securities.
The IPO includes a fresh equity issuance of INR 1,279 crore and an offer-for-sale worth INR 3,621 crore by existing shareholders, including private equity firms TPG and Apax Partners, who have backed Fractal in its rise as India’s first AI unicorn. The move will unlock liquidity for early investors while raising fresh capital to accelerate product development and market expansion.
Co-founders Srikanth Velamakanni and Pranay Agrawal, who collectively hold roughly 20 percent of equity, are not participating in the share sale, signaling confidence in Fractal’s independent growth prospects.
Market analysts view Fractal’s IPO as a watershed moment for India’s capital markets and technology sector, spotlighting artificial intelligence as an emerging investment frontier. The company’s use of proprietary AI platforms such as Flyfish for generative AI-driven sales acceleration and Senseforth for conversational AI positions it at the forefront of enterprise digital transformation.
The SAM team comprised partners Nikhil Naredi and Priya Awasthi, principal associate Chinmay Sethia and senior associate Rakshita Poddar.
The Khaitan team was led by partners Abhimanyu Bhattacharya, Gautham Srinivas, Sathvik Ponnappa, and included Pulkit Singh Rahangdale, Shweta Sivaram, Vanshika Chaudhry, Anubhav Jaiswal, Sarvesh Sharma and Vidushi Tanya.
