With grey market premium (GMP) currently hovering around 0.3% over the issue price, listing gains — if any — appear modest at this stage.
At the upper price band of Rs 900, a 0.3% premium implies a potential listing price of around Rs 902-903, indicating a largely flat debut unless sentiment improves closer to listing.
How to check allotment status
Investors can check their allotment status through the registrar’s website MUFG Intime India or via the BSE website.
Visit https://www.mufgintime.com/ipo/
Select Fractal Analytics from the dropdown.
Enter your PAN or application number and click on Submit to view allotment status.On the BSE website (https://www.bseindia.com/investors/appli_check.aspx)
Choose Equity, select Fractal Analytics and enter your application details or PAN.
If shares are allotted, they will reflect in demat accounts before listing day. Refunds for unsuccessful applicants will also be processed by February 13.
Subscription details
The Rs 2,834 crore IPO was subscribed 2.81 times overall by the close of bidding on February 11. The qualified institutional buyers (QIB) portion saw strong interest and was subscribed 4.41 times. However, demand from non-institutional investors (NII) and retail investors was relatively subdued, with subscription of 1.11 times and 1.10 times respectively. The employee portion remained undersubscribed at 0.65 times.
The relatively moderate overall subscription and limited retail enthusiasm partly explain the muted GMP trend heading into listing.
IPO details at a glance
Fractal Analytics is a book-building issue comprising a fresh issue of Rs 1,023 crore and an offer for sale of Rs 1,810 crore. The price band was fixed at Rs 857-900 per share, with a lot size of 16 shares. At the upper band, the minimum investment for retail investors stood at Rs 14,400.
The IPO saw strong anchor participation, raising Rs 1,248 crore ahead of the public issue. The pre-IPO market cap was estimated at around Rs 15,473 crore.
Company overview
Founded in 2000, Fractal Analytics is a global enterprise AI and analytics firm serving large multinational clients including Citi, Costco, Nestle, Mondelez and Philips. Its offerings are structured under two segments — Fractal.ai, which focuses on AI services and products through its Cogentiq platform, and Fractal Alpha, which houses standalone AI businesses targeting growth markets.
The company positions itself as a leading player in the enterprise AI space, combining domain expertise with proprietary AI solutions.
Also read: Risk-on trade back? Smallcap stocks rally up to 28% in 2026, but market breadth stays weak
Financial snapshot
For FY25, Fractal reported total income of Rs 2,816 crore and a net profit of Rs 221 crore. In the six months ended September 2025, total income stood at Rs 1,594 crore, with PAT of Rs 71 crore. EBITDA margin for FY25 was 14.4%, while PAT margin stood at 8%.
However, the company’s return on net worth moderated to 3.6% in the first half of FY26 from 12.6% in FY25, and post-issue valuation appears steep. At the upper price band, the stock is valued at over 100 times post-issue earnings, reflecting high growth expectations.
Listing outlook
While Fractal is being positioned as one of the first pure-play AI companies to list in India, investor response has been measured rather than euphoric. The modest GMP of 0.3% suggests that the market is taking a cautious stance, possibly due to rich valuations and inconsistent profitability history.
That said, strong QIB participation and anchor backing could provide some stability on listing day. Much will depend on broader market sentiment and appetite for high-growth, technology-led businesses.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)