The IPO story of Fractal Analytics this week is one that had markets talking well before the official papers hit the exchanges. What started as a bold plan to raise nearly ₹4,900 crore has now been realigned with market realities, but the buzz around this being India’s first pure-play AI company listing remains strong.
That recalibration is important. Over the past year, the primary market has been unforgiving to issuers that misjudge demand. Fractal’s decision to resize the issue suggests a conscious attempt to balance ambition with execution, something investors have grown sensitive to after seeing several tech listings struggle post-debut.
Investors, analysts, and brokers—everyone has an eye on this deal, not just because it’s big, but because the firm’s technology footprint stretches deep into global tech stacks, serving clients like Microsoft, Apple, and Alphabet. This isn’t a company selling tools on the margins. Its software quietly influences pricing, customer behaviour analysis, and operational decisions inside some of the world’s largest corporations.
Key Dates: Bidding, Allotment, Listing
There’s now a confirmed timeline on the table:
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IPO opens for subscription: February 9, 2026
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IPO closes: February 11, 2026
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Allotment finalisation: February 12, 2026
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Refunds & credits: February 13, 2026
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Expected listing on NSE & BSE: February 16, 2026
These dates are carved out clearly in the company’s prospectus and market filings. It’s a tight window, typical of mainstream IPOs, but one that places Fractal squarely in the middle of an already busy earnings and macro-driven market phase, something that could influence short-term sentiment.
Issue Size and Structure
Fractal trimmed its ambitions. Originally targeting almost ₹4,900 crore, the actual issue size has been scaled down to ₹2,833.9 crore, a reduction of roughly 42% from the initial plan.
Here’s how the money is structured:
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Fresh issue: ₹1,023.5 crore
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Offer for Sale (OFS): ₹1,810.4 crore
The balance between fresh capital and OFS is telling. The company is still raising meaningful funds to invest in technology and expansion, but it is also allowing longtime investors to monetise part of their holdings. In today’s IPO market, that mix is fairly standard and generally better received than pure exit-driven listings.
What Fractal Does
Unlike most IPOs that come from traditional sectors, Fractal sits squarely in the tech world. It’s not just another software firm. Its core offerings revolve around advanced analytics and artificial intelligence, with proprietary tools and models that help enterprises make data-backed decisions at scale.
This is why its name keeps cropping up alongside global tech giants. Fractal has built a portfolio of more than two dozen patents, and its solutions span machine learning, predictive analytics, and AI-driven insights. Much of this work happens behind the scenes, embedded into enterprise workflows the kind of technology clients rarely switch out once it’s integrated.
That backend positioning also means revenue tends to be sticky, driven by long-term contracts rather than one-off deals, a trait investors typically associate with higher-quality tech businesses.
Price Band, Lot Size & Retail Details
Here’s where things get a bit less straightforward. Multiple data sources put the IPO price band at ₹857 to ₹900 per share, a range that has been officially communicated through filings.
However, some details are still awaited:
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Lot size and precise retail cut-offs haven’t been widely circulated in public disclosures yet.
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Retail investors usually get a defined quota, but the final numbers will be clearer once exchange notifications are issued.
Market chatter also points to early grey market activity, though participation appears measured rather than overheated, a sign that investors are still weighing valuation rather than rushing in blindly.
Grey Market Premium (GMP): What Traders Are Saying
Grey market signals so far have been inconsistent. Some traders are indicating modest premiums, suggesting optimism around the AI theme, while others report flat activity.
That divergence reflects the broader mood. There’s interest, but not exuberance. And as always, GMP remains unofficial and speculative, more a sentiment indicator than a reliable predictor of listing-day performance.
What This Means for Investors
In narrative terms, this IPO represents a crossroads.
It is a landmark listing for India’s AI and analytics space, but it is also arriving at a time when investors are scrutinising tech valuations more closely than ever. The scaled-down issue size points to caution, while the company’s established global client base offers some comfort.
Pricing, retail participation, and institutional demand will only become clear once subscription numbers roll in closer to the February 11 deadline. For retail investors tracking AI-linked opportunities, this issue sits somewhere between promise and proof.
Listing gains, if any, are likely to depend as much on broader market conditions as on Fractal’s fundamentals. Still, its public debut marks a notable moment for India’s evolving tech ecosystem.
Why It Matters Today
Fractal Analytics’ IPO isn’t just another addition to the listing calendar. It’s a test case.
Indian markets are trying to figure out how to price artificial intelligence as a business, not just a buzzword. After years of tech narratives driven by growth projections, investors are now demanding visibility, cash-flow discipline, and defensible business models.
Fractal comes with an unusual combination of AI credentials, global enterprise clients, and two decades of operating history. How the market responds to this issue could influence how upcoming AI, SaaS, and deep-tech companies approach their own listings.
A steady response would signal that investors are still open to tech provided it’s grounded. A weak one would reinforce the message that even AI has to earn trust the hard way in today’s market.
Either way, this IPO will leave a footprint well beyond its listing day.
Frequently Asked Questions
What is the Fractal Analytics IPO?
The Fractal Analytics IPO is the public listing of an analytics and artificial intelligence firm that works with global enterprises. It is being seen as India’s first large pure-play AI company to enter the stock market.
When does the Fractal Analytics IPO open and close?
The IPO opens for subscription on February 9, 2026, and closes on February 11, 2026.
What is the price band for the Fractal Analytics IPO?
The IPO has been priced in a band of ₹857 to ₹900 per share, as disclosed in official filings.
What is the total issue size of the Fractal Analytics IPO?
The total issue size is ₹2,833.9 crore, consisting of a fresh issue and an offer for sale by existing shareholders.
How is the IPO structured?
The IPO includes a fresh issue of ₹1,023.5 crore and an offer for sale of ₹1,810.4 crore, allowing the company to raise capital while providing partial exits to early investors.
What does Fractal Analytics do?
Fractal Analytics provides artificial intelligence and advanced analytics solutions that help enterprises improve decision-making across areas like pricing, customer insights, supply chains, and risk management.
Who are Fractal Analytics’ major clients?
The company serves global corporations, including Microsoft, Apple, and Alphabet, among others, across multiple industries.
