Fractal Analytics a leading Indian artificial intelligence (AI) and analytics firm opened its long-awaited Initial Public Offering (IPO) from 9 February to 11 February 2026, aiming to raise around ₹2,833.9 crore. The IPO is set to list on NSE and BSE on 16 February 2026, marking one of the most significant technology listings of the year and potentially putting India’s first pure-play AI company into the public domain.
Author : Aashiya Jain | EQmint | Corporate Announcements
IPO Details: Price, Dates and Structure
Fractal Analytics’ IPO was structured as a book-built issue, with key details as follows:
- IPO open date: 9 February 2026
- IPO close date: 11 February 2026
- Allotment date: 12 February 2026
- Listing date: 16 February 2026
- Price band: ₹857 to ₹900 per share
- Lot size: 16 shares (minimum investment ~₹14,400)
- Issue size: ~₹2,833.9 crore (including fresh issue and offer for sale)
- Retail quota: 10%
- QIB quota: 75%
- HNI quota: 15%
- Employee discount: ₹85 per share (if applicable).
The total offering included a fresh issue of ₹1,023.5 crore and an Offer for Sale (OFS) of existing shares, allowing early investors to exit partially while enabling new participants to join the cap table.
Company Background
Founded in 2000 and headquartered in Mumbai, Fractal Analytics has built a reputation as a global AI and decision intelligence company. It combines advanced analytics, machine learning and human insight to help enterprise clients solve complex business problems and drive data led transformation. Its two primary business arms Fractal.ai and Fractal Alpha focus on delivering custom AI solutions and repeatable products for market applications spanning healthcare, finance, retail, and technology sectors.
With around 4,500 employees and a footprint spanning multiple geographies, the company’s depth of expertise and client relationships are considered key strengths heading into the public market.
Financial Track Record and Performance
Fractal Analytics’ financials showed strong recovery and growth leading into the IPO:
- FY2025 revenue: ₹2,816.2 crore (up from ~₹2,241.9 crore in FY2024)
- Profit for FY2025: ₹220.6 crore, reversing the previous year’s loss
- The business demonstrated improved profitability and operational momentum, making its public debut more compelling for long-term investors.
This turnaround, from a loss in FY2024 to profit in FY2025, highlights the company’s improving fundamentals and strengthens its case for subscribing with a long-term perspective.
How the IPO Compares with Past Tech Listings
Fractal Analytics follows a wave of technology and data-driven IPOs in India. While earlier large tech exits such as Zerodha’s affiliate IPOs or platform listings by digital finance firms focused on fintech and brokering platforms, Fractal’s public debut stands out because it is positioned as one of the first pure AI companies to list on Indian exchanges.
Before the IPO launch, the company had already secured SEBI approval for an even larger ₹4,900 crore IPO proposal, which was later scaled down to ~₹2,834 crore to better align with investor appetite and market conditions.
What the Market Expects
Market sentiment ahead of listing has been mixed but cautiously optimistic:
- Grey market indicators hinted at a potential 7% listing gain above the IPO price, suggesting early enthusiasm among private market participants.
- Retail investors were relatively active early in the subscription phase, while institutional buyers showed more selective participation.
Given that the stock opens in a broader IPO market slowdown, the offering’s performance is seen as a bellwether for AI and tech-focused public issues in India.
Use of IPO Funds
Fractal plans to deploy IPO proceeds toward several strategic initiatives:
- Repayment or pre-payment of debt at its US subsidiary
- Investment in research and development, especially under its Fractal Alpha segment
- Expansion of office infrastructure in key Indian cities
- Funding general corporate purposes including strategic inorganic opportunities.
These investments are designed to sustain both innovation and global expansion at a time when AI adoption is accelerating across sectors.
Conclusion
The Fractal Analytics IPO represents a rare chance for investors to participate directly in India’s burgeoning AI ecosystem. Its improved financial performance, strong client base, and clear strategic use of IPO funds make it a notable event in the 2026 listings calendar. As one of the first companies to bring pure AI and analytics to Indian stock exchanges, its performance post-listing could set the tone for future tech offerings in the public market.
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Disclaimer: This article is not an investment advice and is for educational purpose only
