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Economy

Fractal Analytics Announces Dates for India’s First Pure-Play AI IPO, Targeting ₹2,834 Crore Offering​

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

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Fractal Analytics Set to Launch India’s First Dedicated Artificial Intelligence IPO

Table of Contents

Mumbai, India – February 3, 2026 – Fractal Analytics, a leading global Artificial Intelligence (AI) firm, has announced the opening of its initial public offering (IPO) on February 9th, marking a significant milestone as India’s first dedicated public offering in the rapidly evolving artificial Intelligence sector. The offering is scheduled to conclude on February 11th and aims to raise Rs 2,834 crore.

IPO Details and Financial Performance

The public issue consists of a fresh issuance of shares totaling Rs 1,023 crore, alongside an offer-for-sale of Rs 1,810 crore by existing stakeholders. This move signals strong investor confidence in Fractal’s growth trajectory and the broader potential of the Indian AI market.The company’s financial performance has demonstrated substantial improvement, reporting revenue of Rs 2,765 crore for the fiscal year ending March 2025, a notable increase of nearly 26% from the prior year.

This revenue growth was coupled with a return to profitability, with a profit after tax of Rs 22 crore, a stark contrast to the Rs 5.47 crore loss recorded in fiscal year 2024. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin also saw significant gains, rising from 10.6% to 17.4%.

Company Overview and Global Reach

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal,Fractal Analytics has evolved into a prominent global player in the AI and decision intelligence space. The company specializes in delivering comprehensive end-to-end analytics solutions, leveraging artificial intelligence and data-driven insights for large enterprises across diverse industries. A significant portion, over 65%, of Fractal’s revenue originates from customers based in the United States, with key operational centers in New York and Mumbai.

fractal serves a prestigious clientele encompassing industry giants such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla, demonstrating its ability to cater to the demanding requirements of leading technology and consumer-focused organizations.

Strategic Use of IPO Proceeds

Fractal intends to allocate the funds raised through the IPO to strengthen its global infrastructure and accelerate innovation. Key areas of investment include bolstering its US subsidiary, Fractal USA, through debt repayment and capital expenditure. Furthermore, the company will invest in enhancing employee resources, expanding office facilities in India, and substantially scaling up its Artificial Intelligence and Generative AI (GenAI) product pipeline.

Strategic acquisitions are also planned, supporting Fractal’s ambitious inorganic growth strategy and expanding its market presence. according to a recent report by Statista, global AI spending is projected to reach $92.23 billion in 2026, underscoring the vast market opportunity.

Key Facts: Fractal Analytics IPO

metric Value
IPO Open Date February 9,2026
IPO Close Date February 11,2026
Total IPO Size Rs 2,834 crore
Fresh Issue Rs 1,023 crore
Offer for Sale Rs 1,810 crore
Revenue (FY25) Rs 2,765 crore
Profit after Tax (FY25) Rs 22 crore

Investor Confidence and Market outlook

Fractal Analytics has secured backing from prominent global investors,including TPG,Apax Partners,and Gaja Capital,having raised over $800 million in funding to date. This robust investor support underscores the company’s potential and the growing interest in the Indian AI landscape. The IPO is being managed by leading book-running lead managers including Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs (India) Securities.

The timing of the IPO coincides with a period of accelerating global investment in AI and digital infrastructure, with India increasingly positioned as a crucial market

What are the key factors that make Fractal Analytics’ first pure‑play AI IPO a notable milestone for India’s tech sector?

Fractal Analytics’ Landmark AI IPO: A Deep Dive

Fractal Analytics, a global leader in artificial intelligence and analytics, has announced the dates for its Initial Public Offering (IPO) in India. This marks a significant moment – the nation’s first pure-play AI IPO – and is poised to reshape the investment landscape for technology companies.the offering aims to raise ₹2,834 crore (approximately $340 million USD),signaling strong investor confidence in the burgeoning Indian AI market.

IPO Details & Timeline

The IPO will open for subscription on February 17th, 2026, and close on february 21st, 2026. Here’s a breakdown of the key dates and figures:

* Offer Period: February 17 – February 21, 2026

* Issue size: ₹2,834 crore

* Offer for Sale (OFS): The IPO is entirely an Offer for Sale, meaning existing shareholders are divesting their stakes. this includes promoters and early investors.

* Price Band: ₹175 – ₹195 per equity share.

* Lot Size: 85 shares

* Listing Exchange: both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

* Book Running lead Managers: Kotak Mahindra Capital, ICICI Securities, and J.P. Morgan India are managing the IPO.

Fractal Analytics: A Company Overview

Founded in 2000, Fractal Analytics has established itself as a prominent player in the AI space, specializing in delivering AI-powered solutions for a diverse range of industries. Their core competencies lie in:

* Generative AI: Developing and deploying solutions leveraging large language models (LLMs) and other generative AI technologies.

* Decision Sciences: Utilizing advanced analytics to improve business decision-making.

* AI Engineering: Building and scaling AI solutions for enterprise-level applications.

* Data Engineering: Managing and processing large datasets to fuel AI models.

Fractal serves over 100 Fortune 500 companies across sectors like financial services, healthcare, retail, and consumer packaged goods. Their client base includes major names like Wells Fargo, Unilever, and Pfizer.

Financial Performance & Growth Trajectory

Fractal analytics has demonstrated consistent revenue growth over the past several years. Key financial highlights include:

* Revenue (FY2025): ₹2,190 crore (approximately $263 million USD)

* Profit After Tax (FY2025): ₹340 crore (approximately $41 million USD)

* Revenue CAGR (FY2021-FY2025): 22.4%

* EBITDA Margin (FY2025): 22.8%

The company’s strong financial performance is attributed to its focus on high-growth areas within AI, coupled with a robust client retention rate. A significant portion of their revenue is generated from repeat business, indicating strong customer satisfaction.

Utilizing IPO Proceeds – Shareholder Intent

As this is an Offer for Sale, Fractal Analytics itself will not receive any proceeds from the IPO. The funds will go directly to the selling shareholders, allowing them to partially monetize their investments. This move is typical for mature companies seeking to provide liquidity to early investors and employees. The company intends to continue investing in research and development, talent acquisition, and strategic acquisitions to further accelerate its growth.

The Indian AI Market & IPO Meaning

India’s AI market is experiencing rapid expansion, driven by factors such as increasing digital adoption, government initiatives promoting AI innovation, and a large pool of skilled technical talent. This IPO is expected to:

* Boost investor Confidence: Demonstrate the viability and potential of pure-play AI companies in India.

* Attract Foreign Investment: Signal India’s emergence as a global AI hub, attracting further foreign investment in the sector.

* Encourage Innovation: Inspire other AI startups to consider public listing as a means of raising capital and scaling their operations.

* Benchmark Valuation: Provide a crucial valuation benchmark for other AI companies in India.

Risks & Considerations for Investors

While the IPO presents a compelling investment chance, potential investors should be aware of certain risks:

* Competition: The AI landscape is highly competitive, with established players and emerging startups vying for market share.

* Talent Acquisition: attracting and retaining skilled AI professionals is a significant challenge.

* Data Privacy & Security: Handling sensitive data requires robust security measures and compliance with evolving data privacy regulations.

* Global Economic Conditions: Economic downturns could impact client spending on AI solutions.

Fractal’s competitive Advantages

Fractal Analytics differentiates itself through several key strengths:

* Deep Domain Expertise: Focus on specific industries allows for tailored AI solutions.

* Strong Client Relationships: Long-term partnerships with Fortune 500 companies.

* Proprietary AI Platforms: Development of in-house AI platforms and tools.

* Global Delivery Model: Ability to deliver AI solutions across multiple geographies.

* **Focus on

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Economy

Meesho Poised for IPO: Tech Firm Secures Rs 2,440 Crore from Key Investors Including BlackRock, Fidelity, and SBI Mutual Fund Meesho, the technology-driven fashion e-commerce platform, is set to make a significant leap forward with its proposed Initial P

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy
Technology platform Meesho raised Rs 2,440 crore from 125 anchor investors on Tuesday ahead of its initial public offering (IPO) which opens on Wednesday, December 3. The company allocated 21.98 crore shares at the upper price band of Rs 111 apiece. Out of the 21.98 crore shares, 9.37 crore shares accounting for 42.63% of the total quota were allocated to 14 domestic mutual funds through a total of 52 schemes.

The anchor tranche included participation from leading global institutional investors including GICFidelity, BlackRock, Morgan Stanley Investment Management (Counterpoint Global), Goldman Sachs Asset Management and WCM Investment Management along with largest domestic mutual funds like SBI Mutual Fund, Axis Mutual Fund and Birla Mutual Fund. The allocation also went to globally prominent technology-focused investors such as Dragoneer Investment Group.

The anchor book saw demand exceeding Rs 80,000 crore, translating to nearly 30 times oversubscription.

Earlier today a controversy erupted with ET reporting a setback in the anchor book. The report said that several major investors pulled out when the Indian e-commerce firm was said to have allocated about a quarter of the shares in this tranche to SBI Funds Management Pvt.

Also Read: Meesho faces investor protest over anchor allotment to SBI Funds


Among the SBI funds that received allocations were The SBI Innovative Opportunities Fund, SBI Consumption Opportunities Fund, SBI Resurgent India Opportunities Scheme.

Meesho IPO GMP

The Meesho IPO is generating significant buzz in the grey market, with its grey market premium (GMP) hovering around Rs 50-51, hours before its opening. This translates to an expected listing gain of nearly 46% at Rs 162.

A grey market premium (GMP) reflects the unofficial price at which IPO shares are being traded among investors before listing. Though not regulated by exchanges, GMP offers a market-based indicator of potential demand and pricing expectations.

A strong GMP generally suggests robust investor interest and the possibility of a positive listing, although it is not a guarantee of performance.

Meesho IPO details and key dates

The Meesho IPO will open for subscription from December 3 to December 5, with the price band fixed at Rs 105–Rs 111 per equity share. The lot size for retail investors is 135 shares, amounting to a total investment of Rs 14,985 per lot at the upper price band.

Allotment is expected to be finalized by December 8, followed by refunds and demat credits on December 9. Listing is scheduled for December 10, on the mainboard exchanges.

What analysts say about Meesho IPO?

According to analysts, Meesho has carved a strong position in India’s value-focused e-commerce space, backed by improving unit economics, growing user engagement, and an expanding seller base.

While the company’s near-term profitability remains under pressure due to restructuring and operational costs, its implied FY25 price-to-sales ratio of 5.5x is seen as reasonable compared to peers.

Perumal Raja K. J. of FundsIndia believes Meesho presents a medium-term opportunity for investors who are comfortable with early-stage platform risks.

India’s e-commerce sector itself is projected to grow rapidly, with the retail market expected to expand from Rs 83 lakh crore to Rs 135 lakh crore by FY30. Non-electronics penetration remains low, offering considerable headroom for Meesho to scale.

About Meesho and financials

Meesho reported robust growth in FY25, with revenue rising from Rs 5,730 crore in FY23 to Rs 9,390 crore, driven by higher order volumes, improved seller services, and better fulfilment efficiency. Despite temporary losses in Q1 FY26 due to restructuring and ESOP expenses, the company reported positive free cash flow for both FY24 and FY25.

User engagement also surged, with annual transacting users reaching 234.2 million as of September 2025, up from 175 million a year earlier. Order volumes increased to 1,261 million, while the number of active sellers rose to 706,471.

Lead managers for Meesho IPO

The IPO is being managed by a consortium of top investment banks, including Kotak Mahindra Capital, J.P. Morgan, Morgan Stanley, Axis Capitaland Citigroup. KFin Technologies is serving as the registrar to the issue.

Trading is expected to begin on December 10, pending regulatory approvals.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

What is social commerce and how does Meesho utilize this model?

Meesho IPO: A Deep Dive into the Rs 2,440 Crore Funding Round

Meesho, the social commerce platform rapidly gaining traction in India, is gearing up for a highly anticipated Initial Public offering (IPO). This move is substantially bolstered by a recent funding round of Rs 2,440 crore (approximately $293 million USD

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Economy

Milky Mist Dairy Seeks ₹2,035 Crore IPO to Fuel Growth and Debt Repayment

by Daniel Foster - Senior Editor, Economy
written by Daniel Foster - Senior Editor, Economy

Milky Mist Eyes Dairy Dominance with IPO Plans, Focus on Value-Added Products

Table of Contents

Milky Mist, a prominent player in India’s dairy sector, is gearing up to strengthen its market position through a forthcoming Initial Public Offering (IPO). The company, known for its diversified range of value-added dairy products (VADPs) including paneer, cheese, curd, yogurt, ice cream, ghee, and butter, has strategically opted out of the liquid milk segment. This decision allows milky Mist to maintain higher profit margins and cultivate an image closer to that of a Fast-Moving Consumer Goods (FMCG) brand, differentiating itself from traditional dairy enterprises.

the funds raised from the IPO are earmarked for significant expansion and financial restructuring. A considerable Rs 750 crore will be allocated to repaying or prepaying existing borrowings. Moreover, rs 414 crore is designated for the enhancement and modernization of its Perundurai manufacturing facility. This investment will include the establishment of new production capacities for high-demand products such as whey protein concentrate, yogurt, and cream cheese.

an additional Rs 129 crore will be invested in deploying visi coolers, ice cream freezers, and chocolate coolers across its extensive distribution network. The remaining capital will be utilized for general corporate purposes, adhering strictly to SEBI regulations.

Milky Mist’s financial performance demonstrates robust growth.The company witnessed a significant surge in revenue, climbing from Rs 1,394 crore in FY23 to Rs 2,349 crore in FY25, reflecting a compound annual growth rate of approximately 30%. For FY25, the company reported an Earnings Before Interest, Taxes, depreciation, and Amortization (EBITDA) of Rs 310 crore, translating to a healthy EBITDA margin of 13.2%.

The company has established itself as one of the largest paneer producers in India, boasting a daily output of 150 metric tons. Milky Mist employs a premium pricing strategy for key products like paneer and curd, positioning them 10-25% higher than market leaders. This approach is indicative of the brand’s strength and the loyalty it commands from consumers.

Further enhancing its operational efficiency, Milky Mist leverages a fully automated manufacturing infrastructure and a technology-driven logistics system. The company maintains direct relationships with over 67,000 farmers, ensuring a consistent supply of high-quality milk and enabling end-to-end traceability.

In alignment with growing environmental, social, and governance (ESG) expectations, Milky Mist has integrated sustainability into its core operations. The company utilizes water reprocessing units, converts methane into energy, and sources 70-80% of its power from renewable sources like solar and wind.Its commitment to sustainability also extends to eco-pleasant logistics and the development of health-conscious product innovations, including high-protein, lactose-free, and low-sugar dairy options.

The upcoming IPO represents a strategic move for Milky Mist as it aims to solidify its leadership within India’s rapidly evolving dairy FMCG landscape. JM Financial, Axis Capital, and IIFL Capital Services are serving as the book-running lead managers for this significant issue.

What are the primary goals of Milky Mist Dairy’s IPO, specifically regarding the allocation of funds?

Milky Mist Dairy’s ₹2,035 Crore IPO: A Deep Dive into Growth Plans and Debt Reduction

IPO Details and offer Breakdown

Milky Mist Dairy Foods Limited, a prominent South Indian dairy player, has filed draft papers with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO) aiming to raise ₹2,035 crore. the IPO consists of a fresh issue of equity shares worth ₹1,295 crore and an offer for sale (OFS) of ₹740 crore by existing shareholders.

here’s a breakdown of the proposed IPO:

Fresh Issue: ₹1,295 crore – Funds earmarked for expansion and debt repayment.

Offer for Sale (OFS): ₹740 crore – Existing shareholders liquidating a portion of their holdings.

Total IPO size: ₹2,035 crore

Proposed Use of Funds: Expansion projects, working capital requirements, and debt reduction.

Company Overview: milky Mist dairy at a Glance

Milky Mist Dairy Foods Limited is one of the leading private dairy companies in South India, known for its diverse product portfolio. The company primarily operates in Tamil Nadu, Karnataka, Andhra Pradesh, telangana, and Kerala.

Key aspects of the company include:

Product Range: Milky Mist offers a wide array of dairy products, including liquid milk, yogurt, butter, ghee, cheese, and milk powder.They also have a growing presence in value-added products like flavored milk and probiotic drinks.

Processing Capacity: The company boasts a significant milk processing capacity, currently at 1.5 million liters per day (LLPD).

Distribution Network: A robust distribution network spanning across South India ensures product availability in both urban and rural markets.

Focus on Quality: Milky Mist emphasizes quality control and adheres to stringent food safety standards.

Growth Strategy and Expansion Plans – Fueling Future Expansion

The IPO proceeds will be instrumental in executing Milky Mist’s enterprising growth strategy. A significant portion of the funds will be allocated to:

  1. Capacity Expansion: Increasing milk processing capacity to 2.5 million liters per day (LLPD) to cater to growing demand. This includes investment in new infrastructure and technology.
  2. Backward Integration: Strengthening the milk procurement network by investing in cattle feed and veterinary services, ensuring a stable and high-quality milk supply.
  3. Geographical Expansion: Expanding the company’s footprint beyond South India, targeting new markets in other parts of India.
  4. Product Diversification: Introducing new and innovative dairy products to cater to evolving consumer preferences. This includes exploring opportunities in the organized dairy segment.

Debt reduction – Strengthening the Balance Sheet

A significant portion of the IPO proceeds – approximately ₹800 crore – will be utilized for debt reduction. This strategic move will:

Improve Financial Health: Reduce the company’s debt burden, leading to improved financial stability and reduced interest costs.

Enhance Credit Rating: A stronger balance sheet is highly likely to result in an improved credit rating, making it easier to access funding in the future.

Increase Profitability: Lower interest expenses will contribute to increased profitability.

Industry Outlook: The Indian dairy Sector

The Indian dairy industry is one of the largest in the world, and is experiencing significant growth driven by:

Rising Disposable Incomes: Increasing disposable incomes are leading to higher consumption of dairy products.

Changing dietary Habits: A growing awareness of the nutritional benefits of dairy products is driving demand.

Government Support: Government initiatives to promote the dairy sector, such as subsidies and infrastructure advancement, are providing a boost to the industry.

Increasing Urbanization: Urbanization is leading to increased demand for packaged and processed dairy products.

Competitive landscape: Key Players in the Dairy Market

The Indian dairy market is highly competitive, with both organized and unorganized players. Key competitors of Milky mist Dairy include:

Amul: A leading dairy cooperative in India.

Mother Dairy: A major player in the liquid milk and dairy products segment.

Parag Milk Foods: A publicly listed dairy company.

Heritage Foods: Another prominent dairy player in South India.

Local and Regional Dairies: Numerous smaller, regional dairies compete in specific markets.

Financial Performance: Key Metrics

(Note: Specific financial data will be updated upon the release of the final IPO prospectus. The following is based on publicly available information as of July 21, 2025)

* Revenue Growth: Milky Mist has demonstrated consistent revenue

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