The primary market is set to witness a renewed surge of activity as the Securities and Exchange Board of India (SEBI) has issued observation letters to three prominent companies. In a significant development for the Indian startup and healthcare ecosystems, media-tech unicorn Amagi Media Labs, medical device manufacturer Sahajanand Medical Technologies, and AI powerhouse Fractal Analytics have all received the regulatory nod. The observation letters were issued between 17 November 2025 and 18 November 2025, clearing the path for these firms to tap the capital markets.
Below is a detailed look at the three companies that have secured approval.
Sahajanand Medical Technologies IPO Approval
Leading the pack with an approval dated 17 November 2025, Sahajanand Medical Technologies (SMT) is poised to list as a premier player in the medical devices segment. The Surat-based company, filed it DRHP on 28 July 2025. Sahajanand Medical Technologies IPO is a total OFS for 27,644,231 shares. The issue is being managed by Motilal Oswal Investment Advisors.
Sahajanand Medical Technologies has established itself as a market leader in the design, development, and manufacture of vascular intervention devices, most notably coronary stents. The company has a significant global footprint, exporting its “Made in India” life-saving devices to over 75 countries. Its flagship product, the ‘Supraflex Cruz’, has gained widespread acceptance in both Indian and European markets, positioning SMT as a formidable competitor to global giants like Abbott and Boston Scientific.
Amagi Media Labs IPO Approval
Amagi Media Labs received its observation letter on 18 November 2025, having filed its DRHP on 31 July 2025. The Bengaluru-based SaaS unicorn is planning an IPO consisting of both a Fresh Issue (~INR 1,020 crore) and an Offer for Sale (OFS) of 3,41 crore share. The issue is being steered by Kotak Mahindra Capital Company.
Amagi is a global leader in cloud-based broadcast and connected TV technologies. The company provides “glass-to-glass” solutions that allow broadcasters and content owners to launch, manage, and monetize linear TV channels across cable, satellite, and OTT platforms. As the media industry undergoes a seismic shift from traditional hardware-based broadcasting to cloud infrastructure, Amagi has emerged as a critical enabler for giants like NBCUniversal and various FAST (Free Ad-supported Streaming TV) platforms.
Fractal Analytics IPO Approval
Rounding out the trio is Fractal Analytics, which also secured its approval on 18 November 2025. The company had filed its DRHP on 25 August 2025 and is set to launch an IPO comprising both a Fresh Issue (~INR 1,279.3 crore) and an OFS of INR 3,620.7 crore. Kotak Mahindra Capital is acting as the lead manager for this issue as well.
Fractal Analytics is one of India’s most anticipated listings in the technology space. As a pure-play Artificial Intelligence and decision intelligence provider, Fractal helps Fortune 500 companies power every human decision in the enterprise.
The proceeds from the fresh issue are earmarked for funding inorganic growth through acquisitions and investing in their diverse portfolio of AI products, such as Qure.ai (healthcare) and Crux Intelligence.
With the “AI boom” continuing to dominate global market narratives, Fractal IPO is expected to draw heavy interest from both domestic and international institutional investors looking for exposure to a profitable, scale-at-large AI service provider.
With SEBI clearing Amagi, Sahajanand, and Fractal, India’s primary market anticipates a robust revival, offering investors diverse opportunities across AI, MedTech, and SaaS sectors.
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