Fractal Analytics raises Rs 1,249 crore from anchor investors ahead of IPO; Morgan Stanley, Goldman Sachs among key backers

Fractal Analytics on Friday said it has raised Rs 1,249 crore from anchor investors ahead of its proposed initial public offering (IPO), after allotting 1,38,69,499 equity shares to 52 anchor investors at the upper end of the price band of Rs 900 per share.

The IPO will open for public subscription on Monday, February 9, and close on Wednesday, February 11. The price band has been fixed at Rs 857 to Rs 900 per equity share of face value Rs 1 each, with a minimum bid lot of 16 equity shares.

Out of the total anchor allocation, 52,77,680 equity shares (38.05%) were allotted to 11 domestic mutual funds through a total of 22 schemes, indicating strong participation from domestic institutions.

The anchor book witnessed demand from several leading mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, UTI Mutual Fund, Trust Mutual Fund, Bandhan Mutual Fund, Invesco Mutual Fund, Baroda BNP Paribas Mutual Fund, and Sundaram Mutual Fund, among others.

Insurance companies that participated in the anchor round included Life Insurance Corporation of India (LIC), HDFC Life Insurance, SBI Life Insurance, Bharti AXA Life Insurance, and Edelweiss Life Insurance.

The issue also drew strong interest from global investors, including marquee long-only and institutional names such as Morgan Stanley Investment Funds and Goldman Sachs Bank Europe, along with Ashoka WhiteOak Emerging Markets Funds, Jupiter Global Fund, Societe Generale – ODI, Flumen Investment Trust, Optimix Wholesale Global Emerging Markets Share Trust, Neo Prime Fund, and Neo Secondaries Fund, among others.Fractal Analytics describes itself as India’s first pure-play artificial intelligence company and a global provider of AI-powered analytics and decision science solutions to Fortune 500 companies, enabling enterprises to unlock business value through advanced data science, artificial intelligence and deep domain expertise.The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,023 crore and an offer for sale (OFS) aggregating up to Rs 1,810 crore. The OFS is being undertaken by existing shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte., Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust. The issue also includes an employee reservation portion of up to Rs 600 million.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Axis Capital, and Goldman Sachs (India) Securities are the book running lead managers to the offer.