New Delhi, Dec. 28 -- Fractal Analytics Ltd is likely to begin the book-building process for its Rs.4,900 crore market debut as early as next week, two people directly aware of the matter said.

India's first artificial intelligence unicorn, which received regulatory approval for launching its initial public offering (IPO) in November, is likely to file updated draft papers by mid-January 2026, one of the people quoted above said.

The company has been meeting potential investors, both local and global, and has received investment commitments from several of them, the other person explained.

Book building is a process where merchant bankers determine a price range within which investors can bid for shares in an IPO. The final price is de...