APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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 (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics 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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics 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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Hong Jie Seow

<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> raised US$315m in its India IPO.</li>
<li>Fractal Analytics 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>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>



Fractal Analytics Ltd (2453623D IN) raised US$315m in its India IPO.
Fractal Analytics 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. 
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.


Aequitas: Fractal Analytics IPO Trading - Lacklustre Demand

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<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 expected to list on 16-Feb(Monday).</li>
<li>In this insight, we discuss about company's big valuation ask, but there is a bigger addressable market.  </li>
<li>We discuss about how the listing demand is expected to be and our view on the company.</li>
</ul>



Fractal Analytics Ltd (2453623D IN) is expected to list on 16-Feb(Monday).
In this insight, we discuss about company's big valuation ask, but there is a bigger addressable market.  
We discuss about how the listing demand is expected to be and our view on the company.


Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Fractal Analytics, India’s leading pure-play enterprise AI and analytics company, is tapping capital markets via a <strong>INR 2,833.9 crore IPO</strong>.</li>
<li>The IPO offers rare listed <strong>exposure to enterprise AI, decision intelligence, and GenAI-led transformation</strong>, beyond traditional IT services.</li>
<li>Strong client franchise, deep AI capabilities, and global exposure are positives, though valuation appears stretched relative to near-term growth.</li>
</ul>


Fractal Analytics, India’s leading pure-play enterprise AI and analytics company, is tapping capital markets via a INR 2,833.9 crore IPO.
The IPO offers rare listed exposure to enterprise AI, decision intelligence, and GenAI-led transformation, beyond traditional IT services.
Strong client franchise, deep AI capabilities, and global exposure are positives, though valuation appears stretched relative to near-term growth.


Fractal Analytics IPO: Play on Enterprise AI and Analytics, Quality Franchise at Premium Valuation

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.</li>
<li>It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)</li>
<li>Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.</li>
</ul>


Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.
It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)
Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.


Fractal Analytics - An AI First Enterprise SAAS Offering from India

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Fractal Analytics Ltd (2453623D IN)

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

Aequitas: Fractal Analytics IPO Trading - Lacklustre Demand

Fractal Analytics Ltd raised US$315m in India IPO, offering AI solutions to global enterprises for data-driven decision making. Trading dynamics...

Hong Jie Seow

Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Sreemant Dudhoria

Fractal Analytics IPO: Play on Enterprise AI and Analytics, Quality Franchise at Premium Valuation

Fractal Analytics, India's top AI company, is going public with a INR 2,833.9 crore IPO, offering unique exposure to enterprise AI and decision...

Sudarshan Bhandari

Fractal Analytics - An AI First Enterprise SAAS Offering from India

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

Aequitas: Fractal Analytics IPO Trading - Lacklustre Demand

​Fractal Analytics Ltd raised US$315m in India IPO, offering AI solutions to global enterprises for data-driven decision making. Trading dynamics...

Hong Jie Seow

Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

​Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Sreemant Dudhoria

Fractal Analytics IPO: Play on Enterprise AI and Analytics, Quality Franchise at Premium Valuation

​Fractal Analytics, India's top AI company, is going public with a INR 2,833.9 crore IPO, offering unique exposure to enterprise AI and decision...

Sudarshan Bhandari

Fractal Analytics - An AI First Enterprise SAAS Offering from India

​Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

Fractal Analytics Ltd raised US$315m in India IPO, offering AI solutions to global enterprises for data-driven decision making. Trading dynamics...

Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Fractal Analytics, India's top AI company, is going public with a INR 2,833.9 crore IPO, offering unique exposure to enterprise AI and decision...

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...