AI firm Fractal eyes $400-500 million IPO at $3-billion valuation

AI and analytics unicorn Fractal Analytics has hired Morgan Stanley, Kotak Mahindra Capital and Axis Capital as bankers for its initial public offering (IPO) that could be worth $400-500 million and value the firm at close to $3 billion, executives close to the development told ET.

The draft red herring prospectus is expected to be submitted to markets regulator Sebi by late September, they said.

The offer will be a mix of primary and secondary share sale where some of the existing investors would partly sell their stake.