In the unofficial grey market, Fractal shares are trading at a premium of 1.5% or around Rs 13, with an estimated listing price of Rs 913. Experts suggest the stock may be best suited for long-term investors.
Fractal Analytics IPO subscription status Day 1
As of 10.30 am on Day 1, the Fractal Analytics IPO was 2% subscribed on the 1.85 crore shares offered on the BSE.
Retail Individual Investors placed bids for 10% of the 32.36 lakh shares allocated to them.
Non-Institutional Investors subscribed 2% of their 48.55 lakh share allocation.
Qualified Institutional Buyers have not yet submitted any bids for the 97.10 lakh shares reserved for them.
Fractal Analytics IPO GMP today
As of February 9, 2026, the Grey Market Premium for the Fractal Analytics IPO stands at Rs 13, or 1.5%. With the IPO price band set at Rs 857 to Rs 900 per share, the estimated listing price is around Rs 913. The stock is trading at a modest premium, indicating positive but cautious sentiment among investors ahead of listing.
Fractal Analytics IPO details
Fractal Analytics’ listing marks a significant milestone for India’s primary market, as it becomes the country’s first pure-play artificial intelligence company to debut on Dalal Street.
The Rs 2,834-crore IPO comes amid strong global interest in AI-driven business models, even as valuations in the technology sector face close scrutiny. The issue comprises a fresh issue of Rs 1,023 crore and an offer for sale of Rs 1,810 crore by existing shareholders.
The price band is set between Rs 857 and Rs 900 per share, with a minimum application size of 16 shares. At the upper end of the band, the company’s pre-issue market capitalisation is estimated at around Rs 15,474 crore. Shares are slated to list on the BSE and NSE on February 16.
About the company
Founded in 2000, Fractal Analytics is a global enterprise AI and decision intelligence company serving large corporations across sectors such as consumer goods, technology, healthcare, BFSI and retail. Over the past two decades, the company has developed strong capabilities in data engineering, analytics and artificial intelligence, establishing itself as a long-term partner for enterprises seeking to integrate AI into core decision-making processes.
Fractal operates through two main segments: Fractal.ai, which focuses on AI services and platforms including its Cogentiq agentic AI offering, and Fractal Alpha, which houses product-led and IP-driven AI businesses.
Financial performance
Financially, the company has seen a sharp turnaround in FY25. Revenue rose to Rs 2,765 crore, reflecting year-on-year growth of nearly 26%, while profit after tax swung to Rs 221 crore from a loss of Rs 55 crore in the previous year.
EBITDA margins improved materially to around 14%, supported by operating leverage and higher utilisation of delivery teams. Analysts note that the return to profitability is a key factor supporting investor interest, even as the business remains exposed to global technology spending cycles.
Valuations and analysts’ take
At the upper price band of Rs 900, Fractal is valued at a steep multiple compared with traditional IT services companies. According to Swastika Securities, post-issue valuations imply a high earnings multiple, but this also reflects a scarcity premium.
“Fractal is India’s first pure-play AI company to list, positioned as a decision intelligence platform combining AI services with incubated SaaS products. The sharp turnaround in profitability and exposure to the global GenAI cycle justify a premium, though the issue is best suited for high-risk investors with a long-term view,” the brokerage said, assigning a subscribe rating.
Ventura Securities also flagged the company’s diversified revenue profile and improving profitability, while cautioning on execution risks inherent in fast-evolving technology businesses. “Fractal has built scale in enterprise AI with strong client relationships and improving margins. However, dependence on large global clients, significant exposure to the US market and rapid changes in AI regulation remain key risks,” Ventura said, recommending subscription for investors with a medium- to long-term horizon.
Objects of the issue
Proceeds from the fresh issue will be used to repay or prepay borrowings of its US subsidiary, invest in research and development, expand sales and marketing under the Fractal Alpha platform, set up new office premises in India and pursue inorganic growth opportunities. The company has highlighted its focus on deepening relationships with must-win clients and accelerating product innovation as key strategic priorities.
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