India’s first major AI-unicorn Fractal Analytics is preparing a public issue of around ₹4,900 crore (US$555 million) as early as next month. The offering will include a fresh equity raise of roughly ₹1,280 crore and an offer-for-sale of about ₹3,620 crore by existing investors, at a target valuation near US$3 billion. The move comes amid a rising listing wave in India’s tech sector and increasing investor appetite for large-scale growth stories. Market watchers are assessing execution risks and market timing.