Fractal Analytics raises Rs 1,249 crore from anchor investors ahead of IPO; Morgan Stanley and Goldman Sachs are among the top lenders

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 shares to 52 anchor investors at the top end of the price band of Rs 900 per share.The IPO opens for public subscription on Monday, February 9 and closes on Wednesday, February 11. The price band has been fixed at Rs 857 to Rs 900 per equity share of face value of Rs 1 each, with a minimum bidding lot of 16 equity shares.

Of the total anchor allocation, 52,77,680 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 attracted strong interest from global investors, including major 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 companies to unlock business value through advanced data science, artificial intelligence and deep domain expertise. The IPO includes a fresh issue of shares aggregating Rs 1,023 crore and an offer for sale (OFS) aggregating Rs 1,810 crore. The OFS is being executed 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 lead managers of the offering.