Fractal Analytics IPO
Fractal Analytics Ltd. is launching a book-building IPO of Rs. 4,900.00 crore, comprising a fresh issue of Rs. 1,279.30 crore and an offer for sale (OFS) of Rs. 3,620.70 crore by existing shareholders.
The IPO dates are yet to be announced. The shares are proposed to be listed on BSE and NSE, with the listing date to be declared in due course.
The price band and pre-IPO market capitalisation will be announced closer to the issue opening.
đź•— Last Update: 22 January 2026, 6.00 AM
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | To be declared |
| IPO Closing Date | To be declared |
| Listing Date (Tentative) | To be declared |
| Face Value | Rs. 1 per share |
| Price Band | To be declared |
| Lot Size | To be declared |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | To be declared shares |
| Total Issue Amount | Rs. 4,900.00 crore |
| Fresh Issue | To be declared shares (Rs. 1,279.30 crore) |
| Offer for Sale | To be declared shares (Rs. 3,620.70 crore) |
| Listing At | BSE, NSE |
| Market Cap (Pre-IPO) | To be declared |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | To be declared |
| IPO Closes | To be declared |
| Basis of Allotment | To be declared |
| Refunds Initiated | To be declared |
| Credit of Shares to Demat | To be declared |
| Listing on BSE & NSE | To be declared |
Investor Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of Net Offer |
| NII | Not more than 15% of Net Offer |
| Retail | Not more than 10% of Net Offer |
IPO Lot Size & Investment Amount
| Application Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Minimum) | To be declared | To be declared | To be declared |
| Retail (Maximum) | To be declared | To be declared | To be declared |
| S-HNI (Minimum) | To be declared | To be declared | To be declared |
| B-HNI (Minimum) | To be declared | To be declared | To be declared |
About Fractal Analytics Ltd.
Fractal Analytics Ltd., incorporated in March 2000, is a global enterprise AI and analytics company that partners with leading Fortune 500 companies to drive intelligent decision-making. With over two decades of experience, the company combines deep technical capabilities with domain and functional expertise to deliver scalable AI solutions across industries.
As of March 31, 2025, Fractal’s operations are organised into two core segments:
• Fractal.ai – Provides AI services and products through its agentic AI platform “Cogentiq”, offering integrated tools for governance, low-code development, security and product deployment.
• Fractal Alpha – Houses independent AI businesses focused on high-growth opportunities, operating autonomously to accelerate innovation across industries and geographies.
As of early 2025, Fractal had a global workforce of over 4,500 employees across 17 offices worldwide.
Competitive Strengths
• Leadership position in a large and fast-growing global AI market
• Long-standing relationships with marquee global clients and diversified revenue base
• Deep integration of technical, domain and functional expertise
• Strong culture of innovation, trust and transparency
• Founder-led management with long-term strategic vision
Company Financials (Rs. crore – Consolidated)
| Period Ended | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|
| Assets | 2,857.60 | 2,392.00 | 2,248.70 |
| Total Income | 2,816.20 | 2,241.90 | 2,043.70 |
| Profit After Tax | 220.60 | -54.70 | 194.40 |
| EBITDA | 398.00 | 97.20 | 436.80 |
| Net Worth | 1,748.30 | 1,397.00 | 1,339.20 |
| Reserves & Surplus | 1,728.70 | 1,380.50 | 1,323.10 |
| Total Borrowings | 266.20 | 250.10 | 325.60 |
Objects of the Issue
| No. | Objects | Estimated Amount (Rs. crore) |
|---|---|---|
| 1 | Investment in Fractal USA for repayment of borrowings | 264.90 |
| 2 | Purchase of laptops | 57.10 |
| 3 | Setting up new office premises in India | 121.10 |
| 4 | Investment in R&D and sales & marketing under Fractal Alpha | 355.10 |
| 5 | Inorganic growth, strategic initiatives & general corporate purposes | Balance amount |
Key Performance Indicators (as of Mar 31, 2025)
| KPI | Value |
|---|---|
| RoNW | 12.6% |
| PAT Margin | 8.00% |
| EBITDA Margin | 14.40% |
Promoters & Shareholding
The promoters of the company are Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal.
| Particulars | Holding |
|---|---|
| Promoter Holding (Pre-IPO) | 18.30% |
| Promoter Holding (Post-IPO) | To be declared |
Fractal Analytics Ltd.
Level 7, Commerz II,
International Business Park, Oberoi Garden City,
Off W. E. Highway, Goregaon (E),
Mumbai, Maharashtra – 400063
+91 22 6850 5800
investorrelations@fractal.ai
IPO Lead Managers & Registrar
Book Running Lead Managers
• Kotak Mahindra Capital Co. Ltd.
• Axial Capital Pvt. Ltd.
Registrar to the Issue
• MUFG Intime India Pvt. Ltd.
+91-22-4918 6270
fractal.ipo@in.mpms.mufg.com
Chanakya View (Valuation & Risks)
Fractal Analytics operates in a structurally strong and rapidly expanding global AI and analytics market, supported by long-term digital transformation spending across enterprises. The company has established deep relationships with global clients and demonstrated strong operating leverage, with a sharp turnaround in profitability in FY25.
However, a significant portion of the issue is Offer for Sale, which limits direct balance-sheet strengthening. While margins have improved, earnings remain susceptible to global tech spending cycles and competitive intensity in the AI services space. Valuation comfort will depend on the final price band.
The issue is suitable for investors with a medium-to-long-term horizon who believe in the sustained growth of enterprise AI adoption.
IPO Review
Fractal Analytics IPO offers exposure to a mature and profitable global AI and analytics platform.
Strong revenue growth and sharp recovery in profitability are key positives.
The company benefits from deep client relationships and a scalable delivery model.
High OFS component and global demand sensitivity remain risks.
Long-term prospects hinge on consistent margin expansion and innovation-led growth.
Disclaimer
This IPO coverage is for informational and educational purposes only. Investors are advised to read the DRHP/RHP carefully and consult a SEBI-registered investment advisor before investing.
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