February 17th, 2026| New Delhi: Shardul Amarchand Mangaldas & Co. acted as Indian legal counsel to Fractal Analytics Limited in connection with its initial public offering of equity shares aggregating to ₹28,339 million (approximately USD 312.9 million), comprising a fresh issue and an offer for sale by investors, including TPG and Apax Partners. The equity shares were listed on February 16, 2026.
The offer was made in India and internationally, including to persons reasonably believed to be “qualified institutional buyers” in the United States pursuant to Rule 144A of The United States Securities Act of 1933 (“U.S. Securities Act”) and to offshore investors under Regulation S of U.S. Securities Act. The book running lead managers to the issue were Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited. The transaction involved key regulatory considerations, including compliance with recent amendments to SEBI regulations on employee stock options and minimum promoter contribution requirements.
The transaction was led by Nikhil Naredi, Partner, and Krupa Brahmbhatt, Partner, with support from Chinmay Sethia, Principal Associate; M. Koshy Mammen, Senior Associate; Rakshita Poddar, Senior Associate; Manish Soni, Associate; Shariba Tasneem, Associate; and Gayathri Krishnan, Associate.
Special thanks to Abhishek Guha, Tanya Uppal and Priya Awasthi, who were integral to this journey.