India’s first AI unicorn Fractal said to weigh $500 million IPO
Fractal Analytics, a provider of artificial intelligence services, is considering filing for an initial public offering in Mumbai as soon as November to raise $500 million, according to people familiar with the matter.
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5 billion in the share sale, the people said, asking not to be identified because the deliberations are private. The offering may include both new and existing shares, the people said, adding that a listing could take place as soon as the first quarter of 2025.
Discussions are ongoing and the size of the IPO and its timing could change, said the people.
A representative for Fractal didn’t immediately respond to a request seeking comment.
India has turned into a hotspot for dealmaking activity amid increasing appetite from global investors. About $9 billion has been raised via IPOs in the South Asian nation this year, according to data compiled by Bloomberg.
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