Fractal Analytics IPO Allotment, GMP Highlights: If you bid for the Fractal Analytics IPO, it’s finally the day you have been waiting for. The Fractal Analytics IPO allotment is likely to be finalised today, February 12, with the tentative listing date fixed as February 16, 2026. The issue price has been set at Rs 900.
The Rs 2,833.90 crore IPO was a combination of 1.14 crore fresh shares amounting to Rs 1,023.50 crores and an offer for sale of 2.01 crore shares totalling Rs 1,810.40 crores.
| Fractal Analytics IPO | Key Details |
| Issue price | Rs 900 |
| IPO Date | December 9-11 |
| GMP | 0.78% |
| IPO Allotment date | February 12 |
| Listing date | February 16 |
Fractal Analytics IPO: Subscription details
The IPO opened for subscription on February 09 and got subscribed fully on the last day, only when the QIBs jumped in. The issue was subscribed to 2.81 times. The QIB portion was booked 4.41 times at the end of Day 3, while the retail segment was subscribed to 1.10 times.
The issue included a reservation of up to 7.36 lakh shares for employees offered at a discount of Rs 85 to the issue price. This section was booked 0.65 times on the last day of bidding.
Fractal Analytics IPO: Book runner and registrar
Kotak Mahindra Capital is the book-running lead manager, and MUFG Intime India is the registrar of the issue.
Fractal Analytics IPO Allotment Highlights: Check allotment status, refund details, GMP today, listing date, and price band
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: SBI Securities on Fractal IPO
According to SBI Securities, “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. “
The brokerage sees “risks such as insourcing by clients, especially with the advent of AI tools, which could lead to loss of clients and impact the company’s business model.”
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Brokerage take on this IPO
Deven Choksey Research observed that Fractal operates in an environment that is “highly prone to technological disruptions,” pointing to the fast-changing nature of the artificial intelligence and analytics space. Despite this risk, the firm expects revenue, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), and Profit After Tax (PAT) to grow at 18%, 46% and 62%, respectively, over the next two years. Based on these projections, it estimates a forward financial year 2028 price-to-earnings (P/E) ratio of around 22 times.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Partnership with participants
Execution is further supported by an understanding of client data environments, technology stacks, and governance needs. Partnerships with participants in the cloud, data, and AI ecosystems expand the range of solutions that can be delivered and support scalability and implementation efficiency over time.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Domain expertise
The company’s combination of AI, engineering, and design enables the delivery of end-to-end AI solutions across industries. Domain expertise allows it to address industry-specific requirements, while functional capabilities across sales and marketing, supply chain, finance, and data and AI facilitate expansion within existing client accounts.
While revenues are concentrated among large enterprises, this is partly offset by long client tenures, relatively high net revenue retention, and an increasing number of clients generating over $1 million in annual revenues, which together provide a degree of revenue visibility. Engagements typically span multiple functions and geographies, suggesting a broader scope of work beyond single use cases. These client relationships are supported by integrated technical, domain, and functional capabilities developed over more than 25 years.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Capitalise on emerging growth tailwinds
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. Its focus on building agentic systems across knowledge, reasoning, and action layers, along with the development of proprietary foundation and reasoning models, enhances differentiation and supports long-term relevance as AI use cases become more complex and mission-critical.
With offerings spanning consulting, technology services, software solutions, and AI products across the entire DAAI value chain, the company addresses a large and expanding total addressable market, estimated at $143 billion (Rs 12 lakh crore) in FY25 and expected to grow at a CAGR of 16.7% through FY30. The increasing preference of large enterprises to consolidate AI engagements with a single, integrated partner further strengthens the company’s competitive positioning.
The company is well-positioned to capitalise on strong structural tailwinds in the global data, analytics, and AI (DAAI) market, which is witnessing rapid adoption as enterprises increasingly embed AI into core decision-making and operational processes. As enterprises face challenges in navigating a fast-evolving technology landscape and accessing specialised talent, demand is shifting toward third-party providers with end-to-end DAAI capabilities.
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 Allotment, GMP, Listing LIVE Updates: Key strength
The company supports faster product development through actionable consumer insights. Assisted a leading global consumer goods company in launching a new antiperspirant by leveraging AI to analyse consumer data, identify unmet needs, and drive formulation improvements targeting skin health and irritation concerns.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Key risk
The business is dependent on the quality and successful implementation of its AI solutions. Any delays in execution or failure to meet contractual timelines or client expectations could result in cost overruns, loss of business, and disputes, which may adversely affect the business, financial condition, and results of operations.
Fractal Analytics opened its IPO between February 9-11, with a price band of Rs 857-900 per share. The issue combined a fresh issue of Rs 1,023.5 crore and an offer for sale of Rs 1,810.4 crore, totaling around 31.48 million shares. Retail investors needed a minimum investment of Rs 13,712 for one lot of 16 shares. The stock is set to list on February 16 on the BSE and NSE.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Strong financials
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 Q1 FY26, 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 Allotment, GMP, Listing LIVE Updates: Deven Choksey Research take on this IPO
Deven Choksey Research observed that Fractal operates in an environment that is “highly prone to technological disruptions,” pointing to the fast-changing nature of the artificial intelligence and analytics space. Despite this risk, the firm expects revenue, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), and Profit After Tax (PAT) to grow at 18%, 46% and 62%, respectively, over the next two years. Based on these projections, it estimates a forward financial year 2028 price-to-earnings (P/E) ratio of around 22 times.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Price band and issue details
Fractal Analytics has fixed the IPO price band at Rs 857-900 per share. Investors can bid in a lot size of 16 shares, which means a minimum investment of Rs 14,400 at the upper price band for retail applicants. Bids have to be placed within this range during the subscription period.
The company plans to raise a total of Rs 2,833.90 crore through this public issue. The offer includes a fresh issue of Rs 1,023.50 crore, involving around 1.14 crore shares, and an offer for sale (OFS) worth Rs 1,810.40 crore, where existing shareholders are selling nearly 2.01 crore shares.
At the upper price band, the company’s market capitalisation is estimated at over Rs 18,000 crore. Based on FY25 earnings, the price-to-earnings ratio appears elevated compared to traditional IT peers.
Key risks include client concentration, global competition, regulatory challenges around data usage and heavy reliance on the US market. Revenue visibility remains linked to enterprise technology spending cycles.
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Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Grey market trend
The grey market premium currently stands at Rs 0, indicating expectations of a flat listing near the upper price band of Rs 900.
However, it is important to note that GMP is not the official listing price and may fluctuate based on market sentiment.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Business dynamics, the big AI bet
Fractal Analytics boasts of strong technical, domain and functional capabilities: The company leverages its technical, domain and functional capabilities to build AI solutions for its clients while operating under 2 segments, namely Fractal.ai and Fractal Alpha.
Fractal.ai consists of AI services and AI products that are primarily hosted on Cogentiq – the company’s flagship agentic AI platform designed to help product owners & enterprises accelerate building and upgrading products through a pre-built suite of agents, tools and the like.
Meanwhile Fractal Alpha consists of independent AI businesses that target Fractal.ai’s core MWCs, broader markets & new geographies, with each business under separate management.
Is the big tech sell-off worrying investors in Fractal Analytics IPO. The company is one of India's pure play AI enterprise. The tech stocks saw a sharp sell-off in trade today on concerns about AI may disrupt the sector's dynamics in the Indian context.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: The big valuation worry
Many analysts believe that the valuation of the Fractal Analytics IPO is something that needs to be observed.
According to SBI Securities, “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. “
The brokerage sees “risks such as insourcing by clients, especially with the advent of AI tools, which could lead to loss of clients and impact the company’s business model.”
SBI Securities has a Neutral rating to the issue and “would like to track the performance of the company for a few quarters post listing. “
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Subscription details
The IPO was subscribed 2.66 times overall. Qualified Institutional Buyers (QIBs) showed strong interest with a 4.18 times subscription, while Non-Institutional Investors (NIIs) subscribed 1.06 times. Retail participation remained modest at 1.03 times, and the employee quota saw lower demand.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: How to check allotment status - Check via registrar’s website
Another option is to check directly on the registrar’s website, MUFG Intime India, which is handling the IPO process.
Visit the official registrar portal and select ‘Fractal Analytics’ from the dropdown menu.
You can search using any one of the following details: PAN, Application Number, DP ID/Client ID, or Bank Account Number. After entering the necessary information, click on Search to view your allotment status.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: How to check allotment status - Check via NSE Website
You can also track your allotment through the National Stock Exchange (NSE) website. Visit the NSE IPO application tracking page and click on ‘Equity and SME IPO Bid Details’.
Select ‘Fractal Analytics’ from the list of available IPOs. Enter the required details such as your application number and PAN, then submit the form.
The system will display your allotment details instantly.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: How to check allotment status - Check via BSE Website
To check your IPO allotment status on the BSE website, visit the official BSE IPO allotment page. Once there, select ‘Equity’ as the issue type.
From the company dropdown menu, choose ‘Fractal Analytics’. Enter your application number or PAN details, complete the captcha verification by selecting “I’m not a robot”, and click on Search.
Your allotment status will then be displayed on the screen.
Also read: After 10-year delay, NSE IPO back on track: Unlisted shares zoom to 6-month highs
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Issue sees sharp surge in demand on final day
The IPO of Fractal Analytics witnessed a strong jump in subscriptions on February 11, 2026 (Day 3), taking the overall subscription to 2.81 times. Qualified Institutional Buyers (QIBs), excluding anchor investors, led the demand with 4.41 times subscription, a sharp rise from negligible bids in the first two days. The Non-Institutional Investor (NII) segment closed at 1.11 times, with bids above Rs 10 lakh subscribed 1.24 times and those below Rs 10 lakh at 0.86 times. Retail investors subscribed 1.10 times, while the employee portion (EMP) was subscribed 0.65 times.
Earlier, the issue had seen muted interest, with total subscription at just 0.03 times on Day 1 and 0.09 times on Day 2, before institutional participation lifted the overall numbers on the final day of bidding.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: 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).”
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Financial performance
Fractal reported revenue of Rs 2,765.4 crore in FY25, marking a 25.9% increase from Rs 2,196.3 crore in FY24. EBITDA stood at Rs 398 crore with a margin of 14.39%, while profit after tax came in at Rs 220.6 crore. This marks a turnaround from FY24, when the company posted a net loss of Rs 54.7 crore.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: About the company
Founded in 2000 by IIM Ahmedabad alumni including Srikanth Velamakanni and Pranay Agrawal, Fractal Analytics focuses on artificial intelligence and advanced analytics. It became India’s first AI unicorn in 2022 after crossing a $1 billion valuation. The company works with global enterprises such as Citigroup, Philips and Nestle, helping them use data and AI tools to improve decision-making and operational efficiency.
Fractal Analytics IPO Allotment, GMP, Listing LIVE Updates: Objectives of the issue
The company will be using Rs 264.9 crore for the investment in its wholly owned subsidiary, Fractal USA. Plus, it will be used for pre-payment and/or scheduled repayment, in full or part, of outstanding borrowings, aimed at reducing leverage and strengthening the consolidated balance sheet.
Fractal AnalyticsIPO Allotment, GMP, Listing LIVE Updates: Key strengths
The company is a leading player in a large and growing AI market. It has a long-standing and growing relationship with marquee, global clients, contributing to a diversified revenue base. The company has deep and integrated technical, domain and functional expertise.