White & Case advises on Fractal Analytics' US$314 million IPO – a milestone for India's AI sector

Global law firm White & Case LLP has advised the book running lead managers on the INR 28.339 billion (approximately US$314 million) Initial Public Offering (IPO) of Fractal Analytics on the Bombay Stock Exchange and the National Stock Exchange of India.

"This transaction marks a significant milestone for India's capital markets, with Fractal Analytics being the country's first pure-play AI firm to be publicly listed," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The offering has attracted strong interest from retail investors, reflecting demand for AI-driven business models in India. Our involvement in this landmark IPO underscores White & Case's participation at the forefront of Indian capital market transactions and ability to support innovative businesses in going to market."

The book running lead managers were Kotak Mahindra Capital Company Limited, Axis Capital Limited, Morgan Stanley India Company Private Limited and Goldman Sachs (India) Securities Private Limited.

Backed by private equity firms such as TPG Inc. and Apax Partners, Fractal Analytics was founded in 2000 and provides enterprise AI and data analytics solutions to large corporations across a range of industries, such as consumer goods, technology, healthcare, retail, and banking, financial services and insurance. Fractal Analytics is structured around two business segments: Fractal.ai and Fractal Alpha. Fractal.ai comprises AI services and AI products, while Fractal Alpha comprises independent AI businesses, either incubated or acquired, providing subscriptions or licensable offerings.

The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore), and included associates Ji Yang Lim (Singapore), Yuning Zhou (Hong Kong), Daniel Park (New York) and Jiawei Zheng (Mexico City).

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