IPO Update: SEBI clears Amagi Media Labs and Sahajanand Medical Technologies; Fractal IPO also moves ahead

Mumbai | November 25

India’s capital-markets pipeline strengthened this week after Amagi Media Labs and Sahajanand Medical Technologies received approval from the Securities and Exchange Board of India (SEBI) to proceed with their Initial Public Offerings. The clearances add to a growing line-up of technology and healthcare-focused issuers preparing to enter the market, alongside Fractal Analytics, which received its approval earlier.

All three companies filed their Draft Red Herring Prospectuses between July and August and operate in sectors that continue to attract investor interest, enterprise AI, cloud-based media delivery and cardiovascular medical devices.

Here’s what you need to know about the IPOs

Amagi Media Labs (Cloud SaaS)

Cloud-media technology company Amagi Media Labs has received SEBI approval for an IPO comprising:

• ₹1,020 crore as a fresh issue, and
• An OFS of 3.41 crore shares by existing shareholders.

Founded in 2008, the Bengaluru-based SaaS company enables broadcasters and streaming platforms to deliver content using cloud-native infrastructure instead of traditional satellite or cable networks.

According to its DRHP, Amagi will allocate ₹667 crore from the fresh issue towards expanding its technology and cloud infrastructure. The remainder will be deployed for acquisitions and general corporate purposes as it scales its media-delivery platform globally.

Also Read: Multiple SME IPOs are opening for subscription this week & 3 listings scheduled; check list

Sahajanand Medical Technologies (Medical Devices)

Sahajanand Medical Technologies, a manufacturer of vascular-intervention and structural-heart devices, has received SEBI approval for a pure OFS of 2.76 crore shares. Promoters and key shareholders including Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management, Shree Hari Trust and NHPEA Sparkle Holding will participate in the offer.

Founded in 2001, the company develops coronary stents, drug-coated balloons, transcatheter aortic valves, renal stents and related cardiovascular devices. Sahajanand operates R&D centres in India and Thailand and exports to more than 76 countries, supported by clinical data and precision-manufacturing capabilities.

Fractal Analytics (AI)

SEBI has cleared the ₹4,900-crore IPO of Fractal Analytics, one of India’s most prominent enterprise-AI firms. The offer includes a fresh issue of ₹1,279 crore and an OFS of ₹3,620 crore led by Apax Partners, TPG, the Remala family and the GLM Family Trust.

The company plans to use proceeds to strengthen its US subsidiary, expand office infrastructure in India and increase investment in AI and Generative-AI research.

A detailed breakdown of the Fractal IPO – India set for its first AI IPO as Fractal Analytics secures SEBI approval; Nvidia–Tesla-linked AI firm plans ₹4,900-crore issue

A stronger technology and healthcare pipeline

With approvals for Fractal Analytics, Amagi Media Labs and Sahajanand Medical Technologies, SEBI has cleared offerings across three high-growth segments- AI, cloud media infrastructure and medical devices.

Market participants expect strong institutional interest as each company brings a distinct technology-driven or R&D-led business model to the public market.

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