SEBI Approves IPO Plans Of Fractal Analytics, Sahajanand Medical Tech, Amagi Media Labs

The Securities and Exchange Board of India has approved the IPO proposals of Sahajanand Medical Technologies Ltd., Amagi Media Labs Ltd. and Fractal Analytics Ltd.

The regulator issued its 'observation letter' to these companies, which means final approval.

The companies will now release their red herring prospectus, followed by a public advertisement regarding the IPO launch which will contain details regarding issue size, bidding period, price band, listing date, and more.

Fractal Analytics, an artificial intelligence company backed by TPG Capital, filed offer documents for an initial public offering of shares worth Rs 4,900 crore in August.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,279.3 crore and an offer for sale of up to Rs 3,620.7 crore, as per the draft red herring prospectus submitted to the market regulator SEBI.

TPG Fett Holdings Pte. has offered to sell shares worth nearly Rs 2,000 crore, and British private equity firm Apax Partners' affiliate Quinag Bidco Ltd. will offer Rs 1,462 crore. Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust are the other selling shareholders in the OFS.

The company will utilise Rs 355 crore from the proceeds of the fresh issue to invest in R&D and sales and marketing under Fractal Alpha, its incubation business.

Sahajanand Medical Technologies filed its preliminary draft papers with the SEBI in July. The medical devices company's public offer will include only offer for sale of up to 2.76 crore shares, according to the draft red herring prospectus (DRHP).

Shree Hari Trust and Dhirajkumar Savjibhai Vasoya are the promoters of the company offloading shares through an offer for sale. Ashish Kacholia is one of the prominent shareholder in the company.

The Surat-based Sahajanand Medical Tech focuses on the development of Class III and Class C/D medical devices, particularly in the areas of Vascular Intervention and Structural Heart. Its VI portfolio includes coronary stents and balloons, while the SH portfolio covers transcatheter aortic valves and occluders. It also offers renal stents, peripheral drug-coated balloons, and other traded products.

Cloud-based SaaS company Amagi Media Labs applied for IPO in July. The proposed IPO of the Bengaluru-headquartered company includes a fresh issue of shares worth Rs 1,020 crore.

It also consists of an offer for sale of 3.41 crore shares by the selling shareholders, according to the draft red herring prospectus.

The company proposes to utilise proceeds from the fresh issue worth Rs 667 crore towards investment in technology and cloud infrastructure, a portion will be used for funding inorganic growth through unidentified acquisitions and general corporate purposes.

Founded in 2008, Amagi Media Labs is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest.