FractalAnalytics - Corporate Updates

Fractal Analytics IPO opens softly, lists 3% below price

Fractal Analytics, one of India’s leading AI and advanced analytics companies, saw its shares enter the market on a subdued note on Monday, February 16, 2026. The stock opened at ₹876 on the NSE, around 3% below its ₹900 IPO price, while the BSE listing remained nearly flat.

The company raised ₹2,834 crore through its IPO, combining a fresh issue of ₹1,023 crore and an offer for sale of ₹1,810 crore from existing shareholders. Though the IPO was 2.66 times subscribed, most interest came from institutional investors, with retail participation being modest.

Market experts say the soft listing reflects caution over high valuations for AI-focused firms. While short-term gains may be limited, analysts see long-term potential for investors betting on the global growth of AI and analytics.

Founded in 2000, Fractal Analytics serves global clients across consumer goods, retail, healthcare, technology, and finance. In FY25, it reported revenue of ₹2,765 crore and a net profit of ₹220.6 crore, bouncing back from previous losses.

Proceeds from the IPO will fund U.S. expansion, R&D, debt repayment, and strategic growth initiatives, supporting the company’s ambition to strengthen its global footprint.

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₹2,834 cr Fractal Analytics IPO subscribed 2.66 times

The ₹2,834-crore initial public offering (IPO) of Fractal Analytics closed with an overall subscription of 2.66 times on the final day of bidding, reflecting a mixed response from investors.

The IPO, priced in the band of ₹857 to ₹900 per share, saw stronger participation on the last day after a slow start. Qualified Institutional Buyers (QIBs) played a key role in lifting the issue, subscribing their portion over four times. However, retail individual investors and non-institutional investors showed relatively cautious interest, with their segments being subscribed just about one time each.

Fractal Analytics is one of India’s leading artificial intelligence (AI) and advanced analytics companies, serving global clients across industries such as healthcare, consumer goods, banking and technology. The IPO attracted attention as one of the first large pure-play AI companies from India to tap the public markets.

Despite the full subscription, market sentiment appeared guarded. The grey market premium (GMP), which indicates unofficial market expectations before listing, remained muted and even softened closer to the closing day. This suggests that investors are not expecting very strong listing gains.

The company had earlier reduced the size of its IPO compared to initial plans, possibly to improve investor appetite amid fluctuating market conditions. Analysts have pointed out that while Fractal operates in a high-growth AI segment, valuation concerns and broader market volatility may have tempered enthusiasm, especially among retail participants.

Funds raised from the IPO will be used for business expansion, investment in subsidiaries, repayment of borrowings, strengthening technology capabilities, and general corporate purposes.

Share allotment is expected to be finalised shortly, with the stock likely to list on the stock exchanges next week. Investors will closely watch the listing performance to gauge market confidence in AI-focused companies entering the public space.

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