Upcoming IPOs: Amagi Media Labs, Fractal Analytics, Sahajanand Medical Technologies Get SEBI Approval

India’s capital markets regulator, SEBI, has granted approval to Amagi Media Labs, Fractal Analytics, and Sahajanand Medical Technologies, paving the way for their upcoming IPOs. 

The regulator issued observations on the draft papers of all three companies between November 17 and 18, marking the final step before they file their Red Herring Prospectus (RHP). 

Once the RHP is filed, each company will announce complete IPO details, including issue size, pricing, quotas, and listing timelines. SEBI’s approval remains valid for 12 months.

Amagi Media Labs IPO Overview

Amagi Media Labs, a Bengaluru-based SaaS and cloud-broadcasting technology company, offers cloud-native solutions that help media firms distribute content across smart TVs, streaming apps, and digital platforms.

The IPO includes a fresh issue of up to ₹1,020 crore and an Offer for Sale (OFS) of 3.41 crore equity shares by investors such as PI Opportunities Fund, Norwest Venture Partners, and Accel India VI.

Of the fresh proceeds, Amagi plans to allocate ₹667 crore toward strengthening its cloud and technology infrastructure, with additional funds directed toward acquisitions and general corporate purposes.

Financially, Amagi reported ₹1,162 crore in revenue in FY25, reflecting a robust CAGR of 30.7% over two years, driven by customer additions and rising platform adoption. The issue will be managed by Kotak Mahindra Capital, Citigroup, Goldman Sachs India, IIFL Capital, and Avendus Capital.

Fractal Analytics IPO Overview

Founded in 2000, Fractal Analytics is a leading enterprise AI solutions provider serving global technology giants, including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla. The company is backed by marquee investors such as TPG, Apax, and Gaja Capital.

The IPO consists of a ₹1,279.3 crore fresh issue and a ₹3,620.7 crore OFS by shareholders, including Quinag Bidco Ltd and TPG Fett Holdings. The company plans to use the fresh capital for debt repayment by its U.S. subsidiary, purchasing laptops, setting up offices in India, R&D initiatives, marketing via Fractal Alpha, and pursuing acquisitions.

Fractal reported a 25.9% jump in FY25 revenue to ₹2,765 crore and recorded a positive PAT of ₹22 crore after a loss the previous year. The IPO is being led by Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs India.

Sahajanand Medical Technologies IPO Overview

Established in 2001, Sahajanand Medical Technologies (SMT) specialises in high-end medical devices, particularly vascular and structural heart intervention products. It is noted for developing Infinnium, the world’s first drug-eluting stent with a biodegradable polymer to receive a CE mark.

The IPO will be entirely an OFS of up to 2.76 crore shares by promoters Shree Hari Trust and Dhirajkumar Savjibhai Vasoya.

Revenue has grown from ₹795.49 crore in FY23 to ₹1,024.88 crore in FY25. While vascular intervention devices remain the top contributor, their share dipped from 72% to 66%, whereas structural heart devices nearly doubled. The issue will be managed by Motilal Oswal, Avendus Capital, HSBC, and Nuvama.

Also Read: Prudential Eyes $300 Million Pre-IPO Share Sale!

Conclusion

SEBI’s approval for these three diverse companies underscores the strength and depth of India’s IPO market. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.