Fractal Analytics IPO kicks off amid measured interest—does this signal selective buying in new-age tech?

Fractal Analytics IPO opens quietly, but will late bids change the game for this AI major?

The initial public offering of Fractal Analytics has entered the primary market at a time when artificial intelligence and data analytics remain key themes for investors. Yet, despite the strong AI narrative, the IPO has seen a measured response so far, prompting market participants to ask whether institutional demand will pick up closer to the closing day.

Fractal Analytics’ IPO is a ₹2,833.90 crore book-built issue, combining a fresh issue of ₹1,023.50 crore and an offer for sale (OFS) of ₹1,810.40 crore. The issue opened on February 9, 2026, and closes on February 11, 2026, with listing scheduled on February 16 on the BSE and NSE.

“The AI story is attractive, but pricing and global cues are making investors selective,” said a market participant tracking primary issuances. This sentiment appears reflected in the early subscription data.

Fractal Analytics brings a two-decade AI track record to the public markets

Founded in 2000, Fractal Analytics operates as a global enterprise AI and analytics firm helping businesses make data-led decisions. Its model blends domain knowledge with advanced AI capabilities, a combination that has helped it build long-term global relationships.

Its business is divided into:

• Fractal.ai: AI services and products via the Cogentiq platform

• Fractal Alpha: Independent AI businesses in growth markets

Its client roster includes large global names like Citibank, Costco, Nestlé, and Philips. A diversified client base often signals revenue stability, which long-term investors tend to value.

The company highlights:

• Leadership in a fast-growing AI market

• Deep domain and technical expertise

• Founder-led management with long-term focus

• Culture of innovation and transparency

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IPO pricing, lot size and structure signal a premium positioning

The price band is fixed at ₹857–₹900 per share, with a lot size of 16 shares. At the upper band, a retail investor needs ₹14,400 to apply.

Key IPO Details

The structure includes 3.14 crore shares, with the majority allocated to QIBs, underlining the institutional tilt.

Fractal Analytics IPO timetable outlines a tight schedule from bidding to listing

The IPO timeline of Fractal Analytics follows the standard fast-track schedule seen in Indian primary markets, ensuring a quick transition from subscription to listing. Such a compact timetable helps maintain investor interest and reduces the time capital remains blocked in applications.

For investors, tracking these dates is crucial because each stage — from allotment to refunds and credit of shares — directly affects liquidity planning and portfolio allocation. A shorter gap between allotment and listing also means investors get quicker clarity on outcomes and potential listing gains or losses.

Market participants note that in high-profile IPOs, timelines often influence sentiment. A smooth and timely process typically boosts confidence, while delays can dampen enthusiasm.

Fractal Analytics IPO Timetable (Tentative)

Subscription numbers show a slow start but final-day surge remains possible

As of February 10, 2026 (Day 2), the IPO was subscribed 0.03 times overall.

Historically, QIB bids often arrive on the last day. “Institutional investors typically wait to assess demand and market mood,” a dealer said, suggesting numbers can change quickly.

Here’s what happened today and why traders reacted

Primary market participants noted two developments:

• Cooling grey market premium (GMP) reduced listing excitement

• Selective risk appetite in the broader market

The latest GMP stands at ₹4, implying just 0.44% potential upside over the issue price. This is sharply lower than earlier unofficial premiums above ₹100 seen last week.

For short-term traders, falling GMP often signals limited listing gains, which can reduce speculative applications. For long-term investors, however, GMP is less relevant than fundamentals.

Anchor investors provide early stability to the issue

Anchor investors were allotted 1.38 crore shares at ₹900, accounting for over 60% of the QIB portion. These shares have lock-ins of 30 and 90 days.

Anchor participation often:

• Builds confidence

• Supports price discovery

• Adds early stability

However, secondary market sentiment ultimately depends on broader demand.

What impact did this make on the market today?

The IPO itself did not significantly move the broader indices, but it contributed to a selective tone in the primary market. Investors are becoming valuation-conscious, especially in technology issues.

In the coming days:

• Strong final-day bids could revive sentiment

• Weak demand may reinforce cautious pricing in upcoming IPOs

What impact on trader and investor portfolios?

For traders:

• Lower GMP means limited arbitrage opportunities

• Listing-day strategies may turn conservative

For investors:

• Long-term players may evaluate AI exposure

• Portfolio diversification into tech remains a theme

Key considerations include valuation comfort, global AI demand, and execution track record.

Allotment and next steps for investors

Allotment is expected on February 12, 2026. Investors can check status via registrar MUFG Intime India Private Limited using PAN or application details.

Listing is scheduled for February 16, when the true market verdict will emerge.

Market watches whether Fractal’s AI story outweighs valuation concerns

Fractal Analytics enters the market with a credible AI story, global clients, and institutional backing. Yet, early signals show investors are balancing optimism with discipline.

As one market watcher put it, “Quality stories still attract money, but only at the right price.”

The final subscription data and listing-day performance will reveal whether this AI IPO can convert narrative into returns.