Home / Business and Economy / Fractal Analytics Slashes IPO by 40% Amid Market Slowdown
Fractal Analytics Slashes IPO by 40% Amid Market Slowdown
3 Feb
Summary
- Fractal Analytics reduced its IPO size by over 40% to $313.6 million.
- The company will launch its IPO for retail investors on February 9.
- Proceeds will fund debt repayment, new offices, and AI research.
Fractal Analytics, an Indian enterprise artificial intelligence firm, has reduced the size of its initial public offering by over 40%, now aiming to raise $313.6 million. This adjustment precedes the issue's launch next week.
The Mumbai-based company's IPO is now set at 28.34 billion rupees, a decrease from the initially planned 49 billion rupees. This offering is notable as Fractal Analytics is poised to become India's first listed pure-play AI company.
The IPO comprises a fresh issue of up to 10.24 billion rupees, alongside an offer-for-sale valued at 18.10 billion rupees from existing investors. TPG Fett Holdings and Quinag Bidco are among the major investors trimming their stakes.
Retail investors can begin bidding for the IPO on February 9, following the anchor investor bidding on February 6. Bidding is scheduled to conclude on February 11. Founded in 2000, Fractal Analytics boasts clients such as Microsoft, Apple, Nvidia, Alphabet, and Tesla.
Funds raised from the IPO will be allocated towards repaying debt held by its U.S. subsidiary, establishing new offices within India, and investing in research and development, with a particular emphasis on generative AI technologies.
