Fractal Analytics is planning an initial public offering in India that could raise up to US$555 million as early as next month.

The AI and analytics firm has started meeting with potential investors and is targeting a valuation of around US$3 billion.

The IPO will include new shares worth 12.8 billion rupees (US$145.8 million) and a sale by existing investors such as TPG and Apax Partners worth about 36.2 billion rupees (US$412.4 million).

Founders Srikanth Velamakanni and Pranay Agrawal, who each hold around 10%, will not sell in the IPO.

Axis Bank, Goldman Sachs, Kotak Mahindra Capital, and Morgan Stanley are advising on the deal.

🔗 Source: Bloomberg

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