Synopsis
Fractal Analytics raised Rs 1,249 crore from 52 anchor investors at Rs 900 per share ahead of its IPO opening on February 9. Strong domestic and global institutional demand demonstrates confidence in the AI analytics company and strong growth prospects globally.
ReutersFractal Analytics enjoys strong support ahead of its IPO, with participation from global mutual funds, insurers and investors, underscoring optimism around its AI-powered analytics business model. Fractal Analytics on Friday said it has raised Rs 1,249 crore of anchor investors ahead of its proposed initial public offer (IPO), having allotted 1,38,69,499 shares to 52 anchor investors at the upper end of the price band of Rs 900 per share.
The IPO will open for public subscription on Monday February 9 and close on Wednesday February 11. The price range has been fixed between Rs 857 and Rs 900 per share of face value Rs 1 each, with a minimum offer lot of 16 shares.
Out of the total benchmark allocation, 52,77,680 shares (38.05%) were allocated to 11 domestic mutual funds through a total of 22 schemes, indicating strong participation from domestic institutions.
The flagship book has seen demand from several leading mutual funds, including SBI Mutual fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, UTI Mutual Fund, Trust Mutual Fund, Bandhan Mutual Fund, Invesco Mutual Fund, Baroda BNP Paribas Mutual fund, and Sundaram Mutual fund, among others.
Insurance companies that participated in the anchor round included Life Insurance Company of India (PFR), HDFC Life Insurance, SBI Life InsuranceBharti AXA Life Insurance, and Edelweiss Life insurance.
The issuance also attracted strong interest from global investors, including major institutional and long-only names such as Morgan Stanley Investment Funds and Goldman Sachs Bank Europe, as well as Ashoka WhiteOak Emerging Markets Funds, Jupiter Global Fund, Société Générale – ODI, Flumen Investment Trust, Optimix Wholesale Global Emerging Markets Share Trust, Neo Prime Fund and Neo Secondaries Fund, among others.
Fractal Analytics describes itself as India’s leading artificial intelligence company and a global provider of AI-driven analytics and decision science solutions to Fortune 500 companies, enabling businesses to unlock business value through advanced data science, artificial intelligence and deep domain expertise.
The IPO comprises fresh issue of equity shares totaling up to Rs 1,023 crore and offer for sale (OFS) totaling up to Rs 1,810 crore. The OFS is being undertaken by existing shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte., Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust. The issue also includes an employee reservation portion of up to Rs 600 million.
Kotak Mahindra Joint Stock Company, Morgan Stanley India Company, Capital Axisand Goldman Sachs (India) Securities are the lead managers of the offering.
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