Fractal Analytics IPO GMP Subscription Highlights: The pure-play enterprise Data, Analytics and AI (DAAI) company, Fractal Analytics, IPO will close bidding today, February 11. The company aims to raise Rs 2,833.90 crore through the IPO, and it is a mix of 1.14 crore fresh shares amounting to Rs 1,023.50 crore and an offer for sale of 2.01 crore shares totalling to Rs 1,810.40 crore.
| Fractal Analytics IPO | Key Details |
| Price Band | Rs 857-900 each |
| IPO Date | December 9-11 |
| GMP | 1.11% |
| IPO Allotment date | February 12 |
| Listing date | February 16 |
One of India’s key AI plays was opened for subscription on February 09. Investors can bid for the IPO between a price band of Rs 857 and Rs 900 per equity share.
Fractal Analytics: GMP
The GMP for the Fractal Analytics IPO is almost nil, indicating a loss of investor interest. A week back, the GMP was quoting around 11%.
However, one must remember that the GMP is an unofficial measure of investment sentiment, and the actual listing price could be significantly different.
Fractal Analytics IPO: Allotment and listing
The allotment for the IPO shares is expected to be finalised on February 12, while the listing on the exchanges, BSE and NSE, is likely to be on February 16, as per the tentative schedule.
Fractal Analytics IPO: Anchor allotment
The company has raised Rs 1,248.26 crore by allotting 1.39 crore equity shares to 52 anchor investors ahead of IPO. The firm has raised the funds at a price of Rs 900 per equity share, with a face value of Rs 1 per equity share.
The domestic institutional investors, like SBI Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, UTI Mutual Fund, Trust Mutual Fund, Bandhan Mutual Fund, and many others, participated in the anchor book.
About Fractal Analytics
Fractal Analytics is a global enterprise AI and analytics firm that supports major companies in making more intelligent decisions. Established in 2000, the company crafts AI solutions by blending its deep technical know-how with domain and functional expertise.
As of Sep 30, 2025, Fractal’s offerings were structured into two key segments:
Fractal.ai: This unit provides AI services and products through its agentic AI platform, Cogentiq, designed to simplify product development with built-in tools, governance, low-code features, and security.
Fractal Alpha: This segment houses standalone AI businesses targeted at growth markets, managed independently to drive innovation across industries and geographies.
Fractal Analytics IPO Subscription Status, GMP Live: Experts on the IPO
While the emergence of Artificial General Intelligence (AGI) poses a long-term disruptive risk to traditional AI business models, Fractal’s dominant position in the analytics niche suggests a strong competitive strength and deep-rooted client trust, said an IPO report. As the company continues to capitalise on the global demand for enterprise-grade AI, its ability to maintain high margins and operational leverage.
Fractal Analytics IPO Subscription Status, GMP Live: Number of clients
As of September 30, 2025, it served 122 MWCs. Its client base includes Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle and Philips, among others. As of March 31, 2025, it served a majority of the “Magnificent Seven” companies
Fractal Analytics IPO Subscription Status, GMP Live: About the company
Founded in 2000, Fractal Analytics is a global leader in artificial intelligence and data science. The company specialises in helping Fortune 500 organisations “power human decisions” by converting complex data into actionable insights through a combination of AI, engineering, and behavioural science.
Fractal Analytics IPO Subscription Status, GMP Live: Deven Choksey Research on the IPO
“The company operates in a dynamic environment which highly prone to technological disruptions, although we find the management dynamic which toggle the environment and sustainable manage the growth and operational efficiencies over the next 3-5 years. We expect the company to significantly leverage its revenue per employee as the business scales with newer applications and clientele. Based on our prima facie back of the envelope calculations we assess the Rev/EBITDA/PAT at 18%/46%/62% respectively over next two years which will translate to forward FY28E PE of 22x. We believe this leaves a significant leg room for growth and one can think for looking at this company from a long-term perspective actively tracking the technological advancements pertaining to the AI systems,” said Deven Choksey Research in its IPO note.
Fractal Analytics IPO Subscription Status, GMP Live: Key strategies of the company
Unlike traditional IT firms, Fractal Analytics is a specialised AI and decision intelligence provider, offering high-margin exposure to the global enterprise AI boom. The company is shifting from labour-intensive consulting to high-growth Agentic AI platforms (like Cogentiq), driving recurring revenue and better profit margins. The company’s “Alpha” incubator has produced market leaders like Qure.ai (Healthcare) and Asper.ai (Retail), providing a diversified portfolio of high-growth AI assets. The firm boasts a 121.3% Net Revenue Retention and an NPS of 77, with top-tier Fortune 500 relationships averaging over 8 years.
Fractal Analytics IPO Subscription Status, GMP Live: Industry outlook
The Global Data, Analytics and AI (DAAI) market represents a large and expanding opportunity, driven by accelerating enterprise adoption of digital transformation, cloud and AI-led decision-making. The overall DAAI market was estimated at approximately $143 billion in Fiscal 2025 and is projected to grow at a CAGR of 16.7% to reach $310 billion by Fiscal 2030.
Fractal Analytics IPO Subscription Status, GMP Live: Day 3 Subscription Update
Fractal Analytics Limited’s IPO is fully subscribed on Day 3, with strong interest from institutional and retail investors. The issue is subscribed 2.65 times overall. The QIB portion leads at 4.18 times, while NII stands at 1.05 times (10L+ category at 1.18 and 2L–10L at 0.80). Retail is fully subscribed at 1.00 time, and the Employee segment is at 0.59. The issue closes today, February 11, 2026. Subscription details are available on the BSE website.
Fractal Analytics IPO Subscription Status, GMP Live: Geojit Investments take on this IPO
Geojit Investments highlighted the expensive valuation, noting, “At the upper price band of Rs 900, Fractal is valued at a P/E of 70x for FY25 and a P/E of 109x (annualised) for FY26E, reflecting an expensive valuation.” At the same time, it pointed to Fractal’s global client base and sector exposure, recommending the issue for high-risk investors with a long-term horizon.
Fractal Analytics IPO Subscription Status, GMP Live: Strong clientele
As of September 30, 2025, it served 122 MWCs. Its client base includes Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle and Philips, among others. As of March 31, 2025, it served a majority of the “Magnificent Seven” companies
Fractal Analytics IPO Subscription Status, GMP Live: SBI Securities take on this IPO
SBI Securities stated in its IPO note, “Fractal Analytics operates in a niche segment of Data Analytics leveraging AI developed through in-house R&D and resources as well as on external models. It has a healthy presence across its 4 focus industries with top MNCs as its clients and an average tenure of 8+ years across the top 10 clients. At the upper price band of Rs 900, the issue is valued at FY25 P/E multiple of 78.9x based on post-issue capital. This looks elevated given the relatively modest revenue growth (18% revenue CAGR between FY23-25 and 20% YoY growth in 1HFY26). Attrition rate for the company continues to be elevated (16.3% in FY25/15.7% in 1HFY26).”
Also read: NHAI’s public InvIT to come up with IPO in Feb
Fractal Analytics IPO Subscription Status, GMP Live: Issue booked 2.3x
The issue has been subscribed to a total of 2.34 so far. The employee section was booked 0.48 times, while the retail investors subscribed to the issue 0.87 times. The NIIs were also kept away from the issue, booking it 0.78 times. The QIBs jumped into the issue and oversubscribed the IPO, booking it 3.77 times.
“The company operates in a dynamic environment which highly prone to technological disruptions, although we find the management dynamic which toggle the environment and sustainable manage the growth and operational efficiencies over the next 3-5 years. We expect the company to significantly leverage its revenue per employee as the business scales with newer applications and clientele. Based on our prima facie back of the envelope calculations we assess the Rev/EBITDA/PAT at 18%/46%/62% respectively over next two years which will translate to forward FY28E PE of 22x. We believe this leaves a significant leg room for growth and one can think for looking at this company from a long-term perspective actively tracking the technological advancements pertaining to the AI systems,” said Deven Choksey Research in its IPO note.
Fractal Analytics IPO Subscription Status, GMP Live: Industry outlook
The Global Data, Analytics and AI (DAAI) market represents a large and expanding opportunity, driven by accelerating enterprise adoption of digital transformation, cloud and AI-led decision-making. The overall DAAI market was estimated at approximately $143 billion in Fiscal 2025 and is projected to grow at a CAGR of 16.7% to reach $310 billion by Fiscal 2030.
Fractal Analytics IPO Subscription Status, GMP Live: Grey market trend remains muted
In the unofficial grey market, the signals for Fractal Analytics remain relatively quiet. The shares are changing hands at around Rs 907, which is only Rs 7 higher than the top end of the IPO price band of Rs 900. This suggests a possible listing gain of under 1%, based on current indications.
It is important to note that grey market trends are not official and can change quickly.
Also Read: Fractal Analytics IPO: Is the AI buzz fading? GMP collapses – Should you Subscribe or Avoid?
Fractal Analytics IPO Subscription Status, GMP Live: Subscription update on Day 3
As bidding progresses on the final day, the Fractal Analytics IPO has been subscribed 1.37 times as of 1PM. Demand has been largely driven by institutional investors, with the qualified institutional buyers (QIB) segment subscribed 2.11 times so far.
In comparison, response from other segments remains relatively moderate. The non-institutional investor (NII) portion stands at 0.45 times, with the Rs 10 lakh plus category at 0.50 times and the Rs 2–10 lakh category at 0.35 times. The retail investor quota has been subscribed 0.77 times, while the employee reservation portion is currently at 0.31 times so far.
Fractal Analytics IPO Subscription Status, GMP Live: Subscribed 1.37 times
The overall Subscription for Fractal IPO finally breached the 100% mark. The issue is subscribed 1.37 times as of 1:25 pm.
Unlike traditional IT firms, Fractal Analytics is a specialised AI and decision intelligence provider, offering high-margin exposure to the global enterprise AI boom. The company is shifting from labour-intensive consulting to high-growth Agentic AI platforms (like Cogentiq), driving recurring revenue and better profit margins. The company's "Alpha" incubator has produced market leaders like Qure.ai (Healthcare) and Asper.ai (Retail), providing a diversified portfolio of high-growth AI assets. The firm boasts a 121.3% Net Revenue Retention and an NPS of 77, with top-tier Fortune 500 relationships averaging over 8 years.
Fractal Analytics IPO Subscription Status, GMP Live: GMP muted
Fractal Analytics IPO GMP slips to all-time lows on Day 3 of IPO.
Fractal Analytics IPO Subscription Status, GMP Live: About the company
Founded in 2000, Fractal Analytics is a global leader in artificial intelligence and data science. The company specialises in helping Fortune 500 organisations "power human decisions" by converting complex data into actionable insights through a combination of AI, engineering, and behavioural science.
Fractal Analytics IPO Subscription Status, GMP Live: Expert's take on IPO
While the emergence of Artificial General Intelligence (AGI) poses a long-term disruptive risk to traditional AI business models, Fractal’s dominant position in the analytics niche suggests a strong competitive strength and deep-rooted client trust, said an IPO report. As the company continues to capitalise on the global demand for enterprise-grade AI, its ability to maintain high margins and operational leverage.
Fractal Analytics IPO Subscription Status, GMP Live: Financial performance
On the financial front, the company has reported a revenue CAGR of 18% between FY23-25. Operational profitability has shown steady recovery, with a loss of Rs 116 crores in FY23, followed by a profit of Rs 73 crores (3.3% of revenue), Rs 350 crores (12.7% of revenue), and Rs 200 crores (12.8% of revenue) in FY24, FY25, and 6M FY26, respectively. While operating cash flow moderated in Q1FY26, the overall trend suggests improving cash generation alongside profitability. Although reported PAT has remained volatile due to one-off remeasurement adjustments, the underlying operating and cash flow trajectory points to a business with strengthening fundamentals.
Fractal Analytics IPO Subscription Status, GMP Live: Expert's take on IPO valuation
"At the upper end of the price band of Rs 900 per share, the company is trading at a P/E of 110.0x based on its FY26 annualised earnings. Given the company’s positioning within a rapidly expanding AI market and its improving profitability profile, we recommend a 'Subscribe' rating to the issue from a medium-to long-term perspective," said BP Equities in an IPO note.
Fractal Analytics IPO Subscription Status, GMP Live: Consolidation of AI services positions the firm strong
The increasing preference of large enterprises to consolidate AI engagements with a single, integrated partner further strengthens the company’s competitive positioning. This favourable demand environment is complemented by a sustained strategy of investing in AI research and product innovation to stay ahead of technology cycles. The company continues to identify emerging AI trends and undertake fundamental research in areas such as generative AI, quantum computing, and computational neuroscience, translating these efforts into scalable, enterprise-ready solutions.
Fractal Analytics IPO Subscription Status, GMP Live: Deep domain expertise across sectors
Fractal Analytics has deep domain expertise across consumer-packaged goods and retail (CPGR), technology, media and telecom (TMT), healthcare and life sciences (HLS), and BFSI. By FY25 revenue rankings, the company has engaged with 10 of the top 20 CPG companies, 8 of the top 20 TMT companies, 3 of the top 20 BFSI companies, 10 of the top 20 HLS companies and 5 of the top 20 retail companies. Notably, the company has maintained long-standing relationships with its top ten clients, with an average association exceeding eight years.
Fractal Analytics IPO Subscription Status, GMP Live: Magnificent clientele
Fractal Analytics works closely with clients across the entire AI transformation lifecycle, from ideation and development to enterprise-wide adoption. As of September 30, 2025, the company served 122 MWCs (Must Win Clients), with a client roster that includes Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle and Philips, among others, and had worked with a majority of the Magnificent Seven companies as of March 31, 2025.
Fractal Analytics IPO Subscription Status, GMP Live: Timeline of IPO
Following the close of the issue, the allotment of shares and credit to demat accounts is expected to be completed on Feb 12.
The company is targeting a listing around mid-February 2026 – Feb 16. Once listed, Fractal Analytics shares will begin trading on the stock exchanges, subject to the completion of all regulatory and procedural formalities.
Fractal Analytics IPO Subscription Status, GMP Live: Strong foundations fuel revenue stability
While revenue is concentrated among large enterprises, stability is maintained through long-term tenures, high net retention, and a growing cohort of $1M+ accounts. These relationships offer clear revenue visibility and typically span multiple global functions, moving beyond isolated use cases. This broad-scale engagement is underpinned by over 25 years of integrated technical and domain expertise.
Fractal Analytics IPO Subscription Status, GMP Live: Deven Choksey Research on the IPO
Deven Choksey Research, in its IPO note, "The company operates in a dynamic environment which highly prone to technological disruptions, although we find the management dynamic which toggle the environment and sustainable manage the growth and operational efficiencies over the next 3-5 years. We expect the company to significantly leverage its revenue per employee as the business scales with newer applications and clientele. Based on our prima facie back of the envelope calculations we assess the Rev/EBITDA/PAT at 18%/46%/62% respectively over next two years which will translate to forward FY28E PE of 22x. We believe this leaves a significant leg room for growth and one can think for looking at this company from a long-term perspective actively tracking the technological advancements pertaining to the AI systems."
Fractal Analytics IPO Subscription Status, GMP Live: Structure of business
Fractal Analytics operates in the enterprise AI and analytics space, providing services to global companies across sectors such as technology and consumer businesses.
Fractal Analytics IPO Subscription Status, GMP Live: SBI securities about the IPO
SBI Securities stated in its IPO note, “Fractal Analytics operates in a niche segment of Data Analytics leveraging AI developed through in-house R&D and resources as well as on external models. It has a healthy presence across its 4 focus industries with top MNCs as its clients and an average tenure of 8+ years across the top 10 clients. At the upper price band of Rs 900, the issue is valued at FY25 P/E multiple of 78.9x based on post-issue capital. This looks elevated given the relatively modest revenue growth (18% revenue CAGR between FY23-25 and 20% YoY growth in 1HFY26). Attrition rate for the company continues to be elevated (16.3% in FY25/15.7% in 1HFY26)."