SaaS major Fractal Analytics raised ₹1,248.3 Cr from anchor investors today before its IPO opens for subscription on Monday (February 9).
The company allotted 1.39 Cr shares to anchor investors at ₹900 apiece, the upper end of its IPO price band of ₹857-₹900.
Of this, 11 domestic mutual funds, including SBI, Motilal Oswal, UTI, Trust Mutual Fund, among others, lapped up 52.78 Lakh equity shares, translating to 38% of the anchor round.
Five life insurance companies also participated in the anchor round, including LIC, SBI Life Insurance, HDFC Life Insurance, Bharti Axa and Edelweiss Life Insurance. They bought 27.88 Lakh (20.1% of the round) shares.
Besides, investors like Morgan Stanley, Kuwait Investment Authority, Goldman Sachs, Amundi Funds, Societe Generale, among others, were also part of the round.
The company's IPO will now open for subscription on February 9 and close on February 11. Fractal's shares will likely list on the exchanges on February 16.
This follows the SaaS unicorn filing its red herring prospectus (RHP) with SEBI for an ₹2,833.9 Cr IPO earlier this month. The public issue will comprise a fresh issue of shares worth up to ₹
1,023.54 Cr and an offer-for-sale (OFS) component of up to ₹1,810.4 Cr.
Earlier this week, the AI and decision-intelligence company set a price band of ₹857 to ₹900 per share for the public issue. At the upper end of the spectrum, the IPO values the company at about ₹15,480 Cr (about $1.7 Bn).
The startup plans to utilise the fresh proceeds from the IPO to fuel research and development, sales and marketing for in-house AI incubator Fractal Alpha. A chunk of the capital will also be utilised for pre-payment and scheduled repayment of borrowings of subsidiary Fractal USA, setting up a new office in India, and more.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawala, Fractal is an enterprise AI and analytics company that helps businesses improve decision-making using data science, machine learning and GenAI.
Its clientele includes names likes Citi Bank, Costco, Franklin Templeton, Mars, Mondelez, and Nestle among its clients. Since its inception, the company has raised more than $800 Mn from investors like Khazanah Nasional, Apax Partners, TPG Capital Asia, Gaja Capital, among others.
On the financial front, Fractal's profit declined about 3% to ₹70.9 Cr in H1 FY26 from ₹72.9 Cr in the year-ago period. Operating revenue grew 20% to ₹1,559 Cr from ₹1,300.7 Cr in H1 FY25.