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Fractal Analytics
๐
Founded: 2000
๐ Mumbai, Maharashtra
๐ฅ 4,500+ employees
๐ fractal.ai
๐ Face Value: โน1
๐ฆ Market Cap: โน16,500 Cr
Price Band
โน857 โ โน900
Issue Size
โน2,834 Cr
Lot Size
16 shares
Min. Investment
โน14,400
GMP
โน-53 (-5.87%)
Est. Return
-5.87%
Listing Date
16 Feb 2026
Registrar
MUFG Intime India
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Low Interest
GMP: +-5.87% above issue price
โญ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
2.01x subscribed
Issue Details
Fresh Issueโน1,026 Cr
Offer for Sale (OFS)โน1,808 Cr
Total Issue Sizeโน2,834 Cr
Face Valueโน1
Market Cap (at issue)โน16,500 Cr
Listing ExchangeBSE, NSE
๐
Open Date09 Feb 2026
๐ Close Date11 Feb 2026
โ๏ธ Cut-off Price Date11 Feb 2026
๐๏ธ Allotment Date12 Feb 2026
๐ธ Refund Initiation13 Feb 2026
๐ Demat Credit13 Feb 2026
๐ Listing Date16 Feb 2026
Objects of the Issue
- ๐ฐ Prepayment of Fractal USA borrowings โ โน265 Cr
- ๐ฐ Office equipment (laptops) procurement โ โน57 Cr
- ๐ฐ New office premises in India โ โน121 Cr
- ๐ฐ R&D and sales/marketing for Fractal Alpha โ โน355 Cr
- ๐ฐ Inorganic acquisitions and general corporate purposes
About the Company
Fractal Analytics is one of India's leading global AI and analytics companies, helping Fortune 500 enterprises make data-driven decisions. Founded in 2000, the company operates two business lines: Fractal.ai (AI services using its Cogentiq platform) and Fractal Alpha (independent AI products across healthcare, FMCG, and financial services). Fractal has 4,500+ employees across 17 offices worldwide.
Strengths
- โ 25+ years of AI/analytics expertise โ trusted by Fortune 500 clients
- โ Proprietary Cogentiq platform for enterprise AI deployment
- โ High revenue retention rate (90%+ from existing clients)
- โ Return to profitability: โน221 Cr PAT in FY25 vs -โน55 Cr loss in FY24
Risk Factors
- โ ๏ธ Listed below issue price (NSE close โน847 vs โน900 โ -5.9% on listing day)
- โ ๏ธ Subscription was muted (2.01x total โ below expectations for an AI name)
- โ ๏ธ High valuation relative to Indian IT peers
- โ ๏ธ AI services market is fast-evolving and competitive (Accenture, IBM)
Subscription Status
2.01x Overall
QIB: 3.2x
NII: 0.8x
RII: 1.0x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.70x | 0.30x | 0.70x | 0.60x |
| Day 2 | 2.00x | 0.60x | 0.90x | 1.40x |
| Day 3 | 3.19x | 0.84x | 0.98x | 2.01x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Fidelity InvestmentsMorgan Stanley AsiaMirae Asset MFSBI MFHDFC AMCKotak Mahindra AMCGovernment Pension Fund Global
Promoter Holding
18.19%
Pre-IPO
โ -1.4%
16.8%
Post-IPO
Company Gallery
Fractal
Fractal Analytics Mumbai headquarters
Fractal
AI lab and data science team
Fractal
Fractal Cogentiq platform dashboard
Founders & Leadership
SV
Srikanth Velamakanni
Co-Founder & Group CEO
๐ IIT Bombay, B.Tech; Wharton School, MBA
Co-founded Fractal in 2000 and built it into a global AI leader serving Fortune 500 companies across 17 offices worldwide
PA
Pranay Agrawal
Co-Founder & CEO
๐ IIT Kanpur, B.Tech; IIM Ahmedabad, MBA
Drives Fractal's AI product strategy including the Cogentiq platform and Fractal Alpha businesses
IPO Timeline
โ
Open Date
09 Feb 2026
โ
Close Date
11 Feb 2026
โ
Allotment Date
12 Feb 2026
โ
Listing Date
16 Feb 2026
Key Financials
Revenueโน2,816 Cr
PATโน221 Cr
EPSโน14.49
P/E Ratio62.1x
ROE12.6%
Market Capโน16,500 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 2965.00 | 2858.00 | 2392.00 | 2249.00 |
| Total Income | 1594.00 | 2816.00 | 2242.00 | 2044.00 |
| Profit After Tax | 71.00 | 221.00 | -55.00 | 194.00 |
| EBITDA | 186.00 | 398.00 | 97.00 | 437.00 |
| Net Worth | 1958.00 | 1748.00 | 1397.00 | 1339.00 |
| Reserves & Surplus | 1937.00 | 1729.00 | 1381.00 | 1323.00 |
| Total Borrowing | 275.00 | 266.00 | 250.00 | 326.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 3.63 | 12.64 |
| EBITDA Margin (%) | 11.67 | 14.13 |
| Debt / Equity | 0.14 | 0.15 |
| Net Worth (Rs. Cr) | 1958.00 | 1748.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน14.49 | โ |
| P/E (x) | 62.1x | โ |
| ROE (%) | 12.6% | โ |
| Promoter Holding | 18.19% | 16.8% |
| Market Cap | โน16,500 Cr | |
IPO Registrar
IPO FAQs
Fractal Analytics IPO is a mainboard IPO with an issue size of โน2,834 Cr at a price band of โน857 โ โน900. Minimum lot size is 16 shares (minimum investment ~โน14,400). Opens on 09 Feb 2026 and closes on 11 Feb 2026. Proposed listing on BSE, NSE. Registrar: MUFG Intime India.