Fractal Analytics IPO Opens With Muted GMP — Will Investor Interest Pick Up Before Listing?

Fractal Analytics IPO Opens With Muted GMP — Can Demand Build Before Listing?

Fractal Analytics IPO has opened for subscription on February 9, 2026, bringing one of the most talked-about data analytics and AI-focused public issues to Dalal Street this year. The ₹2,833.90 crore IPO arrives at a time when investors are selectively evaluating tech and digital businesses, especially after mixed listing performances in the recent past. Because Fractal Analytics operates in the high-growth analytics and AI services space, the issue has naturally attracted attention from both retail and sophisticated investors.

However, the initial signals from grey market trends and early subscription data show a measured approach from the market rather than aggressive bidding. This indicates that investors are balancing growth potential with valuation comfort. The IPO closes on February 11, 2026, and is scheduled to list on February 16, giving market participants a short window to assess demand trends and sentiment shifts.

Fractal Analytics IPO Size, Price Band and Structure Shape Investor Calculus

The structure of the Fractal Analytics IPO plays a major role in how investors are assessing the opportunity. The total issue size stands at ₹2,833.90 crore, making it a sizeable offering in the primary market. It includes a fresh issue of 1.14 crore shares worth ₹1,023.50 crore and an offer for sale of 2.01 crore shares worth ₹1,810.40 crore.

Key details investors are tracking:

• Price band: ₹857–₹900 per share

• Lot size: 16 shares

• Retail minimum investment: ₹14,400

• Employee discount: ₹85 per share

• Listing: BSE and NSE

Because a larger portion is OFS, a significant share of proceeds will go to existing shareholders. Some investors typically prefer IPOs where more capital goes into business expansion, technology, or debt reduction. Still, analysts point out that OFS-heavy issues are not uncommon in mature companies backed by early investors seeking partial exits.

A primary market analyst said, “The valuation and business quality matter more than just the OFS split. If growth visibility is strong, investors often look beyond the structure.”.

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Subscription Numbers Show a Slow Day-1 Start

The subscription data on Day 1 indicates a cautious but watchful market. As of late morning on February 9, 2026, the IPO was subscribed 0.05 times overall. While this may appear low, experienced investors know that many large bids, especially from institutions, typically come on the final day.

Category-wise subscription:

• Retail: 0.20x

• NII: 0.04x

• QIB (ex-anchor): 0.00x

• Employees: 0.08x

• Anchor investors: Fully subscribed

The relatively better retail response shows interest from individual investors, but the absence of QIB bids early on is being closely watched. Institutional participation often lends confidence to the broader market. A broker tracking IPO flows noted, “Day-1 numbers are rarely the final story. Momentum can build quickly if institutions step in later.”

GMP Trends Signal Modest Listing Expectations

Grey Market Premium (GMP) for the Fractal Analytics IPO stood at ₹18 on February 9, suggesting a potential listing price of about ₹918 and a possible 2% gain over the upper band. While this indicates positive sentiment, the premium is far lower than earlier levels seen last week.

Recent GMP trend:

• Feb 4: ₹105

• Feb 5: ₹57

• Feb 6: ₹43

• Feb 7: ₹29

• Feb 8: ₹13

• Feb 9: ₹18

This declining trend reflects some cooling in speculative enthusiasm. Investors are increasingly aware that GMP can be volatile and influenced by short-term sentiment rather than fundamentals.

A market dealer said, “GMP gives a sentiment snapshot, but it should never be the sole basis for investment decisions.”

Here’s What Happened Today and Why Traders Reacted

On the opening day of bidding, market participants observed a mix of curiosity and caution. Retail investors showed moderate participation, but large institutional bids were mostly absent in the early hours. Meanwhile, GMP showed a small recovery compared to the previous day, which kept listing-gain traders mildly interested.

Traders reacted carefully due to:

• Valuation sensitivity in the current IPO market

• Large OFS component

• Mixed performance of recent tech IPOs

• Wait-and-watch approach from institutions

Short-term traders are monitoring daily subscription growth and GMP movement before making aggressive bets. Many prefer to see strong QIB interest as a confirmation signal.

What Impact Could This IPO Have on the Market and Investor Portfolios?

Large IPOs like Fractal Analytics do not usually move benchmark indices directly, but they can shape overall primary market sentiment. A well-received IPO can encourage more companies to tap the market, while a lukewarm response can make issuers more cautious.

Potential market impact:

• Temporary liquidity diversion from secondary markets

• Sentiment indicator for tech and AI sector IPOs

• Influence on upcoming IPO pricing

Impact on investor portfolios:

• Exposure to a fast-growing analytics and AI domain

• Portfolio diversification in technology services

• Possibility of listing-day volatility

Long-term investors may view the IPO as a strategic allocation to a data-driven business, while short-term players are more focused on demand and listing premium.

Allotment and Listing Timeline Keeps Investors on Alert

Investors are also closely tracking the IPO timetable because quick turnaround times can influence short-term strategies.

Important dates:

• IPO Close: Feb 11, 2026

• Allotment: Feb 12, 2026

• Refunds & Share Credit: Feb 13, 2026

• Listing: Feb 16, 2026

Applicants can check allotment status via the registrar’s platform using PAN, application number, or Demat details once the basis of allotment is finalized.

The Bottom Line: Calculated Bets Over Hype

The Fractal Analytics IPO reflects a more mature IPO market where investors are prioritizing valuation discipline and business quality over hype. The modest GMP and gradual subscription pace show that participants are evaluating the issue carefully rather than rushing in.

For investors, the decision may hinge on:

• Confidence in analytics and AI sector growth

• Comfort with pricing and valuations

• Appetite for short-term volatility vs. long-term holding

As a market observer summed it up, “The real test will be final-day demand and how institutions respond. That will likely decide the listing tone.”

With bidding still open, the next two days will be crucial in shaping the final narrative around the Fractal Analytics IPO.

How to Check Fractal Analytics IPO Allotment Status — Step-by-Step Guide for Applicants

Investors who applied for the Fractal Analytics IPO can check whether they have received shares once the allotment is finalized. The registrar to the issue, MUFG Intime India Pvt. Ltd., offers an online facility that allows applicants to verify allotment status using simple details like PAN or application number. This process is important for investors planning their next move ahead of listing.

Step-by-Step Process to Check Allotment Status

Follow these steps to know whether you received the Fractal Analytics IPO allotment:

1. Visit the registrar’s IPO allotment webpage
   Go to the official IPO allotment page of MUFG Intime India (registrar).

2. Select the company name
   Choose “Fractal Analytics” from the drop-down list of active IPOs.

3. Choose your verification method
   Select any one of the following options:

   • PAN number

   • IPO Application number

   • DP Client ID / Demat account number

4. Enter the required details
   Fill in the information carefully as per the selected option.

5. Click on ‘Search’
   Your allotment status will appear on the screen.

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