AI solutions Provider Fractal Analytics Trims IPO Size to ₹2,834 Cr; Issue to Open on Feb 9

Artificial intelligence (AI) solutions provider Fractal Analytics has trimmed the size of its Initial Public Offering (IPO) to Rs 2,834 crore from Rs 4,900 crore initially planned, before the launch of the maiden issue next week. The company's maiden public offering will open for subscription on February 9 and conclude on February 11. The bidding for anchor investors will take place on February 6, according to the red herring prospectus filed on Monday. The IPO now comprises a fresh issue of equity shares worth up to Rs 1,023.5 crore and an Offer for Sale (OFS) valued Rs 1,810.4 crore, this aggregates the total issue size to Rs 2,833.9 crore. In its draft papers filed in August, Fractal was aiming to raise Rs 4,900 crore through its IPO. Fractal plans to use the proceeds from fresh issue to invest in its subsidiary, Fractal USA, for pre-payment or repayment of its borrowings; buy laptops; set up new offices in India; invest in research and development; support sales and marketing under Fractal Alpha; fund acquisitions and other strategic initiatives; and for general corporate purposes. Fractal, which was co-founded by Srikanth Velamakanni and Pranay Agrawal in 2000, supports large global enterprises across multiple industry verticals and business functions with data-driven insights and assists in decision-making through end-to-end AI solutions. Backed by marquee investors like TPG, Apax, Gaja, Fractal is a leading pure play data and artificial intelligence company and has domain expertise spanning across consumer packaged goods & retail; technology, media and telecom; healthcare and life sciences and banking, financial services and insurance.