Upcoming IPOs: Amagi Media Labs, Fractal Analytics, Sahajanand Medical get SEBI nod to launch public offers

India’s capital markets regulator, SEBI, has approved Amagi Media Labs, Sahajanand Medical Technologies, and Fractal Analytics, clearing the way for these companies to raise funds through public offerings, which is expected to further expand the size of the Indian stock market.

SEBI issued observations on the draft documents of Fractal Analytics and Amagi Media Labs on November 18, and on Sahajanand Medical Technologies on November 17.

Following this initial step of receiving SEBI approval, the companies will release their RHPs, which contain full details about the issue size, issue price, lot details, reservation quota, allotment date, and listing date. The SEBI approval is valid for 12 months.

Amagi Media Labs IPO overview

About company: Amagi Media Labs, a Bengaluru-based SaaS company, connects media companies to their audiences via cloud-native technology, enabling content upload and streaming across smart TVs, smartphones, and applications.

IPO Size and Structure: The IPO comprises a fresh issue of equity shares worth up to ₹1,020 crore and an Offer for Sale (OFS) of up to 3.41 crore shares by selling shareholders such as PI Opportunities Funds, Norwest Venture Partners, Accel India VI, and others.

Use of Proceeds: Amagi plans to use ₹667 crore from the fresh issue for technology and cloud infrastructure investments, with the remaining towards inorganic growth through acquisitions and general corporate purposes.

Financial Snapshot: The company reported revenue of ₹1,162 crore in FY25, achieving a 30.7% CAGR from FY23 to FY25, driven by new customer acquisition and increased platform usage, according to draft red herring prospectus submitted to SEBI.

Book Running Lead Managers (BRLMs): Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services, and Avendus Capital are managing the issue.

Fractal Analytics IPO Overview

About Company: Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics is a global enterprise AI company providing end-to-end AI solutions across multiple industries. The company serves marquee clients such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla, and is backed by investors like TPG, Apax, and Gaja.

IPO Size and Structure: The IPO includes a fresh issue of ₹1,279.3 crore and an Offer for Sale worth ₹3,620.7 crore by selling shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte Ltd, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust.

Use of Proceeds: Fractal plans to use funds for prepayment or scheduled repayment of borrowings by its US subsidiary, purchase of laptops, new office setup in India, R&D, sales and marketing under Fractal Alpha, inorganic growth through acquisitions, and general corporate purposes.

Financial Snapshot: Revenue from operations rose 25.9% to ₹2,765 crore in FY25, compared to ₹2,196 crore in FY24. Profit after tax turned positive at ₹22 crore from a loss of ₹5.47 crore, with PAT and EBITDA margins improving to 12.6% and 17.4%, respectively, as per draft red herring prospectus submitted to SEBI.

Book Running Lead Managers (BRLMs): Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs (India) Securities are managing the IPO.

Sahajanand Medical Technologies IPO overview

About Company: Founded in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Ltd. is a medical device company specializing in Class III and Class C/D devices, primarily in the fields of vascular and structural heart interventions. The company was the first globally to receive CE certification for a drug-eluting stent (DES) with a biodegradable polymer—Infinnium.

IPO Size and Structure: The company’s public offer will comprise only an offer for sale of up to 2.76 crore shares, with promoters Shree Hari Trust and Dhirajkumar Savjibhai Vasoya offloading their shares through the offer.

Financial Snapshot: From FY23 to FY25, the company’s total revenue grew steadily from ₹795.49 crore to ₹1,024.88 crore. VI devices remained the largest revenue contributor, though their share declined from 72% to 66%, while SH devices showed strong growth, rising from ₹75.42 crore to ₹157.32 crore, according to draft red herring prospectus submitted to SEBI.

Book Running Lead Managers (BRLMs): Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and Nuvama Wealth Management Limited.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.