The Indian public market is set for a substantial infusion of cutting-edge technology as two prominent tech giants, SaaS Unicorn Amagi Media Labs and enterprise AI specialist Fractal Analytics, have secured the green light from the Securities and Exchange Board of India (SEBI) for their respective Initial Public Offerings (IPOs).
These new SaaS IPOs listing approvals mark a significant step for the domestic market, underscoring growing investor appetite for high-growth, technology-driven companies.
Source: Our Business, DRHP
Amagi Media Labs: The Cloud Broadcast Pioneer
The Bengaluru-based SaaS company, Amagi Media Labs, which specialises in cloud-managed broadcast and streaming infrastructure for global media platforms, received SEBI’s clearance following its filing of draft papers in July 2025. The company, which entered the unicorn club in March 2022, is now accelerating towards its initial public offering.
Key Issue Details
- Total Fresh Capital: The IPO will include a fresh issue component aiming to raise ₹10,200 million in new capital.
- Offer for Sale (OFS): This will involve the sale of up to 3.4 crore equity shares by existing shareholders, including prominent investors such as Premji Invest, Accel, and Norwest Venture Partners.
- Pre-IPO Option: Amagi retains the option to raise an additional ₹204 crore through a pre-IPO placement, which would reduce the size of the fresh issue.
- Shareholding Structure: Promoters currently hold a 31.74 percent stake, with the remaining 68.26 percent held by public shareholders.
- Business Profile: Founded in 2006, Amagi provides cloud-based playout and channel creation, serving global clients like Discovery, Sony, and A+E Networks.
Source: SEBI, DRHP
Fractal Analytics: The AI Solutions Provider
Joining the list of upcoming SaaS IPOs is Fractal Analytics, a leading enterprise Artificial Intelligence (AI) solutions provider. The SaaS company serves a stellar international clientele, including major global technology giants such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla.
Key Issue Details
- Total Issue Size: The initial public offering is substantial, comprising a total issue size of ₹4,900 crore.
- Fresh Issue: This portion aggregates up to ₹1,279.3 crore and will be used primarily for debt repayment, setting up new India offices, and funding R&D and acquisitions.
- Offer for Sale (OFS): The larger component is the OFS, valued at up to ₹3,620.7 crore, with shares being offloaded by investors including Quinag Bidco Ltd and TPG Fett Holdings.
- Financial Health: The company reported a significant 25.9 percent increase in its Financial Year 2025 revenue, reaching ₹2,765 crore, and successfully recorded a positive Profit After Tax (PAT) of ₹220.60 crore.
- Lead Managers: The listing is being managed by a consortium of leading book-running managers, including Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs India.
Source: SEBI, DRHP
The Bottom Line
The successful SEBI approvals confirm the maturity and scaling potential of India’s homegrown technology sector. The bottom line for investors and the market is clear: these upcoming SaaS IPOs represent a major inflection point.
With a combined fundraise strategy focusing on both fresh capital for expansion (like Fractal’s debt repayment and R&D) and significant Offer for Sale (OFS) liquidity for early backers, these listings might validate the premium valuations of Indian SaaS companies. The market now eagerly awaits the final pricing and debut dates to capitalise on this new wave of high-growth tech investments.
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