In a significant boost to India's capital markets, the Securities and Exchange Board of India (SEBI) has granted its approval for three major companies—Amagi Media Labs, Fractal Analytics, and Sahajanand Medical Technologies—to launch their initial public offerings (IPOs). This regulatory clearance marks a crucial first step, allowing these firms to raise substantial capital from the public and further expand the size and depth of the Indian stock market.
The markets regulator issued its official observations on the draft documents for Fractal Analytics and Amagi Media Labs on November 18, and for Sahajanand Medical Technologies a day earlier, on November 17. Following this approval, which remains valid for a period of 12 months, the companies are now set to release their Red Herring Prospectuses (RHPs). These documents will contain the full details of the public issues, including the final issue size, price, lot details, and the much-anticipated allotment and listing dates.
Amagi Media Labs: A Cloud-Native SaaS Pioneer
Headquartered in Bengaluru, Amagi Media Labs is a Software-as-a-Service (SaaS) company that provides a critical bridge between media companies and their audiences. Its cloud-native technology platform enables clients to upload, manage, and stream content seamlessly across various devices, including smart TVs, smartphones, and applications.
The company's IPO comprises a fresh issue of equity shares worth up to ₹1,020 crore and an Offer for Sale (OFS) of up to 3.41 crore shares by existing investors. Prominent selling shareholders include PI Opportunities Funds, Norwest Venture Partners, and Accel India VI.
Amagi plans to utilize ₹667 crore from the fresh issue proceeds for strategic investments in technology and cloud infrastructure. The remaining funds are earmarked for inorganic growth initiatives, such as acquisitions, and for general corporate purposes. Financially, the company has demonstrated robust growth, reporting revenue of ₹1,162 crore in FY25, which translates to a compelling 30.7% CAGR from FY23 to FY25.
Fractal Analytics: A Global AI Powerhouse
Founded in the year 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics has established itself as a leading global enterprise in the artificial intelligence sector. The company delivers end-to-end AI solutions to a prestigious clientele that includes tech giants like Microsoft, Apple, Nvidia, Alphabet (Google), Amazon, Meta, and Tesla. It is backed by major investors such as TPG and Apax.
Its IPO structure involves a fresh issue of ₹1,279.3 crore and a substantial Offer for Sale component worth ₹3,620.7 crore. The funds raised will be directed towards multiple objectives, including the prepayment of borrowings by its US subsidiary, procurement of laptops, setting up a new office in India, ramping up research and development, sales and marketing efforts, and pursuing acquisitions.
The company's financial performance has been impressive, with revenue from operations surging 25.9% to ₹2,765 crore in FY25 from ₹2,196 crore in FY24. Notably, it turned profitable with a net profit of ₹22 crore in FY25, a significant improvement from a loss of ₹5.47 crore in the previous fiscal year.
Sahajanand Medical Technologies: An Innovator in Medical Devices
Established in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Ltd. (SMT) specializes in manufacturing high-risk Class III and Class C/D medical devices, with a core focus on vascular and structural heart interventions. A key claim to fame is that it was the first company globally to receive CE certification for a drug-eluting stent (DES) featuring a biodegradable polymer, called Infinnium.
Unlike the other two companies, SMT's public offer consists solely of an Offer for Sale of up to 2.76 crore shares. The promoters, Shree Hari Trust and Dhirajkumar Savjibhai Vasoya, will be offloading their stakes through this offering.
The company has shown steady financial growth, with total revenue climbing from ₹795.49 crore in FY23 to ₹1,024.88 crore in FY25. While vascular intervention (VI) devices remain its largest revenue contributor, its share has gradually declined, indicating a successful diversification of revenue streams into other product categories like structural heart (SH) devices.
This wave of SEBI approvals signals strong investor appetite and sets the stage for a dynamic period in the Indian primary market, offering public investors a chance to participate in the growth stories of these diverse and innovative companies.
