Sahajanand Medical, Amagi Media, Fractal Analytics get SEBI nod to launch their IPOs

Sahajanand Medical Technologies, Amagi Media Labs, and Fractal Analytics have each obtained final approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings. The details of these IPOs shall be announced later, as and when the issues will hit the Dalal Street.  

Sahajanand Medical Technologies

Sahajanand Medical Technologies, incorporated in 2001 and specialising in Class III and C/D medical devices, will launch an offer-for-sale of up to 27,644,231 equity shares of face value Rs 1 each. Promoters Shree Hari Trust, Dhirajkumar Savjibhai Vasoya, and Samara Capital Markets Holding, along with Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding B V, are among the key sellers. The company is recognised for its technologically advanced portfolio across vascular and structural heart intervention, with a global footprint in 76 countries as of March 2025.

According to F&S Report, Sahajanand was the first player globally to receive a CE certification for a DES with a biodegradable polymer (Infinnium). As of 31 March 2025, it operated two R&D centres, held 102 patents worldwide, and maintained 71 patent applications and five Indian design registrations in progress.

Financially, Sahajanand Medical Technologies posted revenue from operations of Rs 1,024.88 crore in FY25, up from Rs 795.5 crore in FY23. Net profit rose to Rs 25.15 crore in FY25 from Rs 11.9 crore in FY23. The IPO is managed by Motilal Oswal, Avendus, HSBC, and Nuvama Wealth, with MUFG Intime India as registrar.

According to the F&S Report, Sahajanand is a leading player in the drug eluting stent (DES) market in India, with a market share of nearly 25% in CY 2025 of total DES sales volume. It is also among the top five companies by DES sales volume in Germany, Spain, Poland, and Brazil, and among the top five for occluders in Thailand, South Korea, and India as of March 2025.

Motilal Oswal, Avendus, HSBC, Nuvama, Kotak Mahindra, Citigroup, Goldman Sachs, IIFL, Axis Capital, and Morgan Stanley are among the key book-running lead managers, with MUFG Intime India as the registrar for Sahajanand Medical Technologies’ issue.  

Amagi Media Labs

Amagi Media Labs Limited, a software-as-a-service (SaaS) business focused on cloud-native technology connecting media companies and audiences, has also received SEBI’s green light for its IPO. Headquartered in Bengaluru, Amagi’s offering consists of a combination of fresh equity shares aggregating up to Rs 1,020 crore and an offer-for-sale (OFS) of up to 3.41 crore equity shares by investor and individual shareholders.

The selling shareholders include PI Opportunities Fund I and II, Norwest Venture Partners X, Accel India VI, Accel Growth VI Holdings, Trudy Holdings, AVP I Fund, and others.

Amagi plans to invest Rs 667 crore from the proceeds of the fresh issue into technology and cloud infrastructure, with the remainder directed towards acquisitions and general corporate purposes. Kotak Mahindra Capital, Citigroup Global Markets, Goldman Sachs India, IIFL Capital Services, and Avendus Capital will serve as book-running lead managers, with shares proposed for listing on both BSE and NSE.  

Fractal Analytics

Fractal Analytics, a global enterprise artificial intelligence company founded in 2000, has also secured SEBI approval for its IPO. The planned offering comprises a fresh issue of equity shares valued up to Rs 1,279.3 crore and an offer-for-sale aggregating up to Rs 3,620.7 crore. Key selling shareholders include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust.

Fractal intends to use the net proceeds to invest in its subsidiary Fractal USA for debt repayment, technology purchases, new office premises, R&D, sales and marketing under the Fractal Alpha brand, and further inorganic growth. The IPO will be led by Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs India.

Fractal Analytics reported a revenue increase of 25.9% to Rs 2,765 crore in FY25 compared to Rs 2,196 crore in FY24. Profit after tax turned positive at Rs 22 crore in FY25, up from a loss of Rs 5.47 crore in the previous year. Margins also improved, with PAT at 12.6% and EBITDA margin at 17.4% for FY25.

By 31 March 2025, Fractal had served leading global clients including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla, supported by investors such as TPG, Apax, and Gaja.