Fractal Analytics IPO
Fractal Analytics Ltd. is launching a book-building IPO of Rs. 2,833.90 crore, comprising a fresh issue of Rs. 1,023.50 crore and an offer for sale (OFS) of Rs. 1,810.40 crore by existing shareholders.
The IPO opens for subscription on Monday, February 9, 2026 and closes on Wednesday, February 11, 2026. The allotment is expected to be finalised on Thursday, February 12, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Monday, February 16, 2026.
Listing- On 16th February 2026, the scrip is listed at Rs. 876, compared to the issue price of Rs. 900
Fractal Analytics IPO
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IPO Size: Rs. 2,833.90 crore
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Business: Global enterprise AI & analytics company
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Revenue Base: Fortune 500 clients; ~65% from Americas
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FY25 PAT: Rs. 220.6 crore (turnaround year)
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Key Risk: Rich valuation, tech-cycle sensitivity
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Chanakya View: Subscribe with a long-term perspective
| Final Subscription Tally | |||||
| Size Rs.2833.90 Cr. | |||||
| Open 9/02 Close 11/02 Al 12/02 List 16/02 | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 4.41 | 1.24 | 0.86 | 1.11 | 1.10 | 2.81 |
| Subscription Review- 1,45,596 applications received | |||||
🕗 Last Update: 16 February 2026, 6.00 AM
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Monday, 9 Feb 2026 |
| IPO Closing Date | Wednesday, 11 Feb 2026 |
| Listing Date (Tentative) | Monday, 16 Feb 2026 |
| Face Value | Rs. 1 per share |
| Price Band | Rs. 857 – Rs. 900 |
| Lot Size | 16 Shares |
| Issue Type | Book Building IPO |
| Total Issue Size | 3,15,57,306 Shares |
| Total Issue Amount | Rs. 2,833.90 crore |
| Fresh Issue | Rs. 1,023.50 crore |
| Offer for Sale | Rs. 1,810.40 crore |
| Listing At | BSE, NSE |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Mon, Feb 9, 2026 |
| IPO Closes | Wed, Feb 11, 2026 |
| Allotment | Thu, Feb 12, 2026 |
| Refunds | Fri, Feb 13, 2026 |
| Credit of Shares | Fri, Feb 13, 2026 |
| Listing | Mon, Feb 16, 2026 |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not less than 75% |
| NII | Not more than 15% |
| Retail | Not more than 10% |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 16 | 14,400 |
| Retail (Max) | 13 | 208 | 1,87,200 |
| S-HNI (Min) | 14 | 224 | 2,01,600 |
| B-HNI (Min) | 70 | 1,120 | 10,08,000 |
What Does Fractal Analytics Do?
Fractal Analytics Ltd. is a global enterprise AI and analytics company that helps large organisations use data, AI and decision science to improve business outcomes.
The company operates through two key verticals:
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Fractal.ai: Enterprise AI platform “Cogentiq” offering AI governance, low-code development, security and deployment tools
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Fractal Alpha: Independent AI businesses focused on high-growth innovation opportunities
As of early 2025, Fractal had 4,500+ employees across 17 global offices.
Competitive Strengths
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Leadership position in a fast-growing global AI market
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Long-standing relationships with marquee Fortune 500 clients
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Strong integration of domain, functional and technical expertise
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Founder-led management with long-term vision
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Capital-light business model
Financials (Rs. crore – Consolidated)
| Period | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Income | 2,816.2 | 2,241.9 | 2,043.7 |
| EBITDA | 398.0 | 97.2 | 436.8 |
| PAT | 220.6 | -54.7 | 194.4 |
| Net Worth | 1,748.3 | 1,397.0 | 1,339.2 |
| Total Borrowings | 266.2 | 250.1 | 325.6 |
Key Performance Indicators (FY25)
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RoNW: 12.6%
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EBITDA Margin: 14.4%
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PAT Margin: 8.0%
Objects of the Issue
| Purpose | Amount (Rs. crore) |
|---|---|
| Repayment of borrowings (Fractal USA) | 264.9 |
| Purchase of laptops | 57.1 |
| New office premises (India) | 121.1 |
| R&D, sales & marketing (Fractal Alpha) | 355.1 |
| General corporate purposes | Balance |
Promoters & Shareholding
Promoters include Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal.
| Particulars | Holding |
|---|---|
| Pre-IPO | 18.30% |
| Post-IPO | To be declared |
Fractal Analytics IPO – Review
Fractal Analytics IPO offers exposure to a globally scaled enterprise AI and analytics platform with over two decades of operating history. FY25 marked a strong profitability turnaround supported by operating leverage and improved execution.
However, the IPO is priced at a steep valuation, and a large portion of the issue is OFS, limiting immediate balance-sheet benefits. While investments in AI platforms, R&D and Fractal Alpha provide long-term optionality, earnings remain sensitive to global tech spending cycles.
Chanakya View
Subscribe with a long-term perspective.
Valuation comfort improves on listing-day volatility or post-listing consolidation.
About Chanakya IPO Analysis
Chanakya provides independent IPO analysis combining fundamentals, grey market intelligence and technical insights for retail and long-term investors.
Disclaimer
This IPO coverage is for informational purposes only. Investors are advised to read the RHP/DRHP carefully and consult a SEBI-registered investment advisor before investing.
Yes. FY25 PAT stood at Rs. 220.6 crore after a loss in FY24.
It is a hybrid enterprise AI platform + services company.
Short-term listing-gain seekers due to rich valuation.
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