Mumbai, Feb. 3 -- Enterprise AI firm Fractal Analytics Ltd has trimmed the size of its public issue after its investors, including private equity majors Apax Partners and TPG Capital, decided to sell a smaller stake due to a lower-than-expected valuation amid uncertain market conditions, two people close to the development told Mint.

The AI unicorn now plans to raise Rs.2,834 crore, 42% less than the planned Rs.4,900 crore, its red herring prospectus filed on 2 February showed.

The Mumbai- and New York City-headquartered firm is likely to announce the price band on 4 February, which can value it at around Rs.18,000 crore, or about $2 billion, one of the people said.

This valuation is significantly lower than what investors were first t...