Fractal Analytics IPO Launches: A Major AI Listing Event
The Indian primary market welcomes a significant new entrant today as Fractal Analytics Ltd. opens its initial public offering (IPO). This landmark event marks the debut of India's first pure-play artificial intelligence company on the stock exchanges, with bidding available until February 11, 2026.
IPO Pricing and Structure Details
The company has established a price band of ₹857 to ₹900 per equity share for its public offering. Fractal Analytics aims to raise a substantial ₹2,834 crore through this IPO, which represents a strategic blend of fresh capital infusion and existing shareholder divestment.
Breaking down the fundraising components: ₹1,023 crore will be generated through the issuance of fresh shares, while the remaining ₹1,810 crore comes via the Offer for Sale (OFS) route, allowing existing investors to partially exit their positions.
Grey Market Activity and Subscription Timeline
Ahead of the official subscription opening, Fractal Analytics shares have already generated buzz in the unofficial grey market. Market observers report the shares trading at a premium of ₹35, indicating strong investor interest before the formal bidding process begins.
Investors can participate in the IPO during market hours from 10:00 AM to 5:00 PM throughout the subscription period. The public issue is scheduled for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), providing broad accessibility to market participants.
Comprehensive IPO Specifications
- Price Band: ₹857 to ₹900 per equity share
- Subscription Period: February 9 to 11, 2026
- Total Issue Size: ₹2,834 crore (Fresh issue: ₹1,023 crore, OFS: ₹1,810 crore)
- Lot Size: 16 shares per lot
- Grey Market Premium: ₹35 as of today
- Expected Allotment Date: February 12, 2026
- Anticipated Listing Date: February 16, 2026
- Registrar: MUFG Intime India
- Lead Managers: Kotak Mahindra Capital and Axis Capital
Analyst Perspectives and Investment Considerations
Market analysts have provided generally positive assessments of the Fractal Analytics IPO. Mahesh M Ojha, AVP of Research at KC Securities, has assigned a 'subscribe' rating to the issue, noting the company's strong presence across four focus industries and long-term client relationships averaging over eight years with top customers.
Ojha highlighted that at the upper price band of ₹900, the issue values the company at 78.9 times FY25 price-to-earnings ratio (post-issue). He emphasized Fractal's unique position as India's first pure-play AI company to list, describing it as a "Decision Intelligence player combining AI services with incubated SaaS products."
Anshul Jain, Head of Research at Lakshmishree, also recommends subscription for long-term investors. While acknowledging potential long-term disruptive risks from Artificial General Intelligence (AGI), Jain pointed to Fractal's "dominant position in the analytics niche" and "deep-rooted client trust" as competitive strengths.
Both analysts noted the company's solid financial trajectory, with 18% revenue CAGR during FY23-25 and 20% year-over-year growth in the first half of FY26. However, they also flagged elevated attrition rates of 16.3% in FY25 and 15.7% in 1HFY26 as areas requiring management attention.
Important Disclaimer: This information is for educational purposes only. The views expressed belong to individual analysts and broking firms. Investors should consult certified experts before making investment decisions.
