Fractal Analytics Raises ₹1,248 Cr From Anchor Investors

Fractal Analytics, a major SaaS company, raised ₹1,248.3 crore from anchor investors today. This happened before its IPO opens for public subscription on Monday, February 9.

The company gave 1.39 crore shares to anchor investors at ₹900 per share. This is the highest price set for its IPO, which is between ₹857 and ₹900 per share.

Out of this, 11 Indian mutual funds, including SBI, Motilal Oswal, UTI, and Trust Mutual Fund, bought 52.78 lakh shares. This made up 38% of the shares offered to anchor investors.

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Five life insurance companies also took part in the anchor investment round. These included LIC, SBI Life Insurance, HDFC Life Insurance, Bharti Axa, and Edelweiss Life Insurance. Together, they bought 27.88 lakh shares, which is 20.1% of the total shares in the anchor round.

Other investors, such as Morgan Stanley, Kuwait Investment Authority, Goldman Sachs, Amundi Funds, and Societe Generale, also took part in the investment round.

The company’s IPO will open for public subscription on February 9 and close on February 11. Fractal’s shares are expected to be listed on the stock exchanges on February 16.

This comes after the SaaS unicorn filed its red herring prospectus (RHP) with SEBI earlier this month for an IPO worth ₹2,833.9 crore. The IPO will include new shares worth up to ₹1,023.54 crore and an offer-for-sale (OFS) of shares worth up to ₹1,810.4 crore.

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The startup plans to use the new funds from the IPO to support research and development, and sales and marketing for its AI incubator, Fractal Alpha. Some of the funds will also be used to repay loans of its subsidiary, Fractal USA, set up a new office in India, and for other business needs.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawala, Fractal is a company that provides AI and data analytics services to help businesses make better decisions using data science, machine learning, and generative AI.

Its clients include companies like Citi Bank, Costco, Franklin Templeton, Mars, Mondelez, and Nestle. Since it started, the company has raised more than $800 million from investors such as Khazanah Nasional, Apax Partners, TPG Capital Asia, and Gaja Capital.

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