Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics Ltd (2453623D IN)</a> is looking to raise US$560m in its upcoming India IPO.</li>
<li>Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we look at the company’s past performance.


Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics Ltd (2453623D IN)</a> is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.</li>
<li>Fractal Analytics Limited is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>According to the Everest Report, FAL was India’s leading pure-play enterprise data, analytics and AI company, recognized globally, with capabilities across the data, analytics and AI (DAAI) value chain.</li>
</ul>



Fractal Analytics Ltd (2453623D IN) is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.
Fractal Analytics Limited is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
According to the Everest Report, FAL was India’s leading pure-play enterprise data, analytics and AI company, recognized globally, with capabilities across the data, analytics and AI (DAAI) value chain.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all markets were in full throttle mode going into the year end.</li>
<li>On the placements front, there were a number of deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.


ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

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Fractal Analytics Ltd (2453623D IN)

Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

Fractal Analytics Ltd is set to raise $560m in India IPO, offering AI solutions for global enterprises with data-driven insights.

Hong Jie Seow

Fractal Analytics Pre-IPO Tearsheet

Fractal Analytics is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.

Akshat Shah

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

​Fractal Analytics Ltd is set to raise $560m in India IPO, offering AI solutions for global enterprises with data-driven insights.

Hong Jie Seow

Fractal Analytics Pre-IPO Tearsheet

Fractal Analytics is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.

Akshat Shah

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Fractal Analytics Ltd is set to raise $560m in India IPO, offering AI solutions for global enterprises with data-driven insights.