On the second day of bidding, the IPO was subscribed to about 20% of the total 1.85 crore shares on offer. The retail investor portion saw relatively better interest, with 60% of that segment subscribed.
Fractal Analytics IPO GMP today
As of February 11, 2026, Fractal Analytics’ IPO is quoting at a grey market premium of Rs 7 to Rs 8 per share, or around 1%, slightly lower than the earlier premium of 1.5%. With the price band set at Rs 857 to Rs 900 per share, the estimated listing price works out to approximately Rs 907 to Rs 908. The modest grey market premium points to cautiously optimistic investor sentiment ahead of the company’s listing.
Fractal Analytics IPO subscription status
On the second day of bidding, the Fractal Analytics IPO was subscribed to around 20% of the total 1.85 crore shares on offer, as per BSE data. Retail Individual Investors showed comparatively stronger interest, subscribing to 60% of the 32.36 lakh shares reserved for them, signalling early participation from small investors.
Non Institutional Investors subscribed to about 27% of their allotted 48.55 lakh shares, reflecting muted demand. Meanwhile, Qualified Institutional Buyers placed bids for just 2% of the 97.10 lakh shares set aside for the category. Fractal Analytics IPO overview
Fractal Analytics’ upcoming IPO marks a milestone for India’s capital markets, as it becomes the first pure play artificial intelligence company to list on Dalal Street. The Rs 2,834 crore public offering comes amid strong global interest in AI driven business models, even as investors remain cautious about valuations in the technology sector.
The IPO comprises a fresh issue of Rs 1,023 crore to fund growth initiatives 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 of 16 shares. At the upper end of the price range, the company’s pre issue market capitalisation is estimated at around Rs 15,474 crore. Fractal Analytics’ shares are slated to debut on both 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
Fractal Analytics posted a strong turnaround in FY25. Revenue rose to Rs 2,765 crore, reflecting nearly 26% year on year growth, while profit after tax surged to Rs 221 crore from a loss of Rs 55 crore in the previous fiscal year.
EBITDA margins improved significantly to approximately 14%, driven by operating leverage and better utilisation of delivery teams. Analysts note that the return to profitability is a key factor supporting investor confidence, though the business remains sensitive to global technology spending trends.
Objects of the issue
The funds raised through the fresh issue will be deployed to repay or prepay borrowings of its US subsidiary, strengthen investments in research and development, and scale up sales and marketing efforts under the Fractal Alpha platform. A portion of the proceeds will also be used to establish new office facilities in India and to explore inorganic growth opportunities through acquisitions or strategic investments.
The company has underscored its strategy of deepening engagement with must win clients while accelerating product innovation, positioning these initiatives as key drivers of its future growth.
Valuations and analysts take
At the upper price band of Rs 900, Fractal is valued at a steep multiple compared to 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.
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