AI is the buzzword in market circles these days, and it’s no different in the IPO segment either. All eyes are on this pure-play enterprise Data, Analytics and AI (DAAI) company. One of India’s key AI plays and recognised globally as well, the Fractal Analytics IPO is high on investors’ radar.
The anticipation ahead of the issue opening can be well gauged by the movement seen in the grey market. The GMP for the Fractal Analytics IPO is hovering close to 7% levels. Though less than the 11% that was being quoted just 2 days ago, even this would translate to a gain of Rs 944 per lot if the listing is around these levels. However, one must remember that the GMP is an unofficial measure of investment sentiment, and the actual listing price could be significantly different.
Here is a quick look at the key details of the Fractal Analytics IPO that’s set to debut on February 9-
Fractal Analytics IPO: Key details
The company aims to raise Rs 2,833.90 crores via the IPO. The issue is a combination of 1.14 crore fresh shares aggregating to Rs 1,023.50 crores and an offer for sale of 2.01 crore shares amounting to Rs 1,810.40 crores. The IPO will close its subscription on February 11. The company has set the IPO price band between Rs 857 and Rs 900 per equity share.
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: Lot size
A retail application needs to have a minimum of 16 shares in one lot, which amounts to Rs 14,400. The lot size investment for a small non-institutional investor is 14 lots of 224 shares, summing to Rs 2 lakh, and for a big NII, it is 70 lots of 1,120 shares, totalling Rs 10 lakh.
Fractal Analytics IPO: Book runner and registrar
Kotak Mahindra Capital is the book-running lead manager to the IPO, and MUFG Intime India is the registrar of the issue.
Fractal Analytics IPO: Expert take
The key question then is the issue a subscribe? According to SBI Securities, Fractal Analytics operates in a niche segment of Data Analytics leveraging AI developed through in-house R&D. 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. However, they believe that the valuations “look elevated given the relatively modest revenue growth (18% revenue CAGR between FY23-25 and 20% YoY growth in H1FY26).”
Additionally, SBI Securities pointed out that the “attrition rate for the company continues to be elevated (16.3% in FY25 and 15.7% in H1FY26). Risks such as insourcing by clients, especially with the advent of AI tools, could lead to loss of clients and impact the company’s business model.”
As a result, they have recommended “Neutral rating to the issue and would like to track the performance of the company for a few quarters post listing.”
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.
Together, these divisions deliver a comprehensive suite of AI capabilities across client industries and business functions.