Backed by Apax Partners, Fractal Analytics has filed to raise $555 million through an initial public offering, expected to be among India’s largest AI listings in 2025. The firm plans to channel proceeds toward product innovation, R&D, and expansion across North America and Asia-Pacific. Valued above $4 billion, it has drawn strong interest from institutional investors betting on the enterprise analytics boom. Analysts view the move as a signal of renewed IPO appetite following a quiet quarter for India’s tech issuers.