In a fresh development in the capital market, Sebi has cleared the initial public offering (IPO) proposals of Fractal Analytics, Amagi Media Labs and Sahajanand Medical Technologies. All three companies—operating in fast-growing segments including enterprise AI, cloud-based media solutions and cardiovascular medical devices—filed their draft red herring prospectuses (DRHPs) with the regulator between July and August.

Here’s all you need to know about these IPOs:

Fractal Analytics

The Mumbai-based firm, one of India's largest AI and decision-intelligence companies, filed its IPO papers on August 13, 2025, seeking to raise nearly ₹4,900 crore through a public listing. The offer comprises a fresh issue of shares worth ₹1,279.30 crore and an offer for sale (OFS) of ₹3,620.70 crore by existing shareholders.

Backed by marquee investors such as TPG, Apax and Gaja Capital, Fractal Analytics plans to utilise the net proceeds from the IPO to invest in its subsidiary, Fractal USA, for the prepayment or repayment of borrowings; purchase laptops; set up new office premises in India; and fund research and development, as well as sales and marketing under Fractal Alpha. The company also intends to allocate funds towards inorganic growth through potential acquisitions, strategic initiatives and general corporate purposes.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal supports large global enterprises across multiple industry verticals with data-driven insights and end-to-end AI-powered decision-making solutions.

Amagi Media Labs

Sebi approved the IPO of SaaS unicorn Amagi Media Labs on November 18, following the submission of its draft papers in July this year. The proposed IPO of the Bengaluru-based company includes a fresh issue of equity shares worth up to ₹1,020 crore and an OFS of up to 3.41 crore equity shares by selling shareholders, according to the DRHP.

Established in 2008, Amagi Media Labs is a software-as-a-service (SaaS) company that helps media companies distribute content to audiences through cloud-native technology. It enables content providers and distributors to upload and deliver video over the internet—whether on smart televisions, smartphones or streaming applications.

The company proposes to utilise ₹667 crore from the net proceeds of the fresh issue towards investments in technology and cloud infrastructure, with the remainder allocated for inorganic growth through potential acquisitions and general corporate purposes.

Sahajanand Medical Technologies

The medical devices company—known for its portfolio of advanced products across vascular and structural heart interventions—filed its DRHP on July 25 and received approval on November 17, 2025.

The IPO, with a face value of ₹1 per share, is entirely an OFS of up to 2.76 crore equity shares by promoters and investor shareholders. The offer also includes a reservation for eligible employees, who will receive a discount under the employee reservation portion.

Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP and Ashish Kacholia are among the company’s shareholders.

Founded in 2001 by Dhirajlal Kotadia, Sahajanand Medical Technologies has built a strong reputation for innovation, supported by deep research and development capabilities and precision manufacturing. Over the years, the company has introduced several advanced products backed by robust clinical data, expanding its presence to 76 countries as of March 31, 2025.

Sahajanand is an R&D-driven medical device manufacturer focused on Class III and Class C/D devices, with core expertise in Vascular Intervention (VI) and Structural Heart (SH) solutions. Its VI portfolio includes coronary stents and coronary balloons, while its SH portfolio comprises transcatheter aortic valves and occluders. The company also offers renal stents, peripheral drug-coated balloons and other products under its own brand.

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