Fractal Analytics IPO Review: India’s Enterprise AI Listing Opens 09 February 2026

[IPO Snapshot]

• Fractal Analytics IPO size: ₹2,833.9 crore (fresh issue ₹1,023.5 crore + OFS ₹1,810.4 crore)
• Price band: ₹857–₹900 per share; lot size: 16 shares (min investment ~₹14,400)
• IPO dates: 9–11 Feb 2026; tentative listing on 16 Feb on BSE and NSE
• Anchor allocation: ₹1,249 crore raised from 52 institutional investors at ₹900 per share
• Grey market premium indicates ~6–7% expected listing gain, signalling positive primary-market sentiment

Business Overview

Fractal Analytics is a global provider of artificial intelligence and advanced analytics solutions for large enterprises. Founded in 2000, the company focuses on decision intelligence, combining AI platforms, data engineering, and domain-specific analytics to improve customer insights, supply chains, pricing strategies, and risk management.

The company serves several Fortune-100 clients across industries such as consumer goods, healthcare, insurance, and financial services. A significant share of revenue is derived from global markets, particularly the United States, reflecting its enterprise-focused business model.

Official Subscription Status

Day 1 – Opening Demand Snapshot

Total Subscription: —×
QIB: —×
NII: —×
Retail: —×

Subscription figures are sourced strictly from official NSE and BSE exchange disclosures and are updated periodically during market hours. Demand patterns across institutional and non-institutional categories typically provide clearer signals about listing strength by the final day of bidding.

Last updated: — | IST

Institutional Demand Outlook

Fractal Analytics IPO’s listing performance will primarily depend on the level of institutional participation, particularly in the Qualified Institutional Buyer (QIB) category, along with overall market conditions during the listing week.

As a thematic enterprise AI listing, investor interest is expected to be influenced by global technology spending trends and demand for data-driven enterprise solutions. Strong institutional demand by the final day of bidding generally improves listing visibility, while muted participation may result in a more neutral listing trajectory.

Final listing direction typically becomes clearer after the QIB subscription figures are released on the last day of bidding.

Official Listing Update (For Listing Day)

Fractal Analytics shares are scheduled to list on the NSE and BSE on — February 2026. Opening price, listing premium or discount, and early trading trends will be updated once official exchange data becomes available.

Listing performance will reflect institutional demand during the subscription period and prevailing market sentiment on the day of listing.

Fractal Analytics IPO Structure

The offering consists of a combination of fresh issue and an offer for sale by existing investors.

• Fresh issue: ~₹1,023.5 crore
• Offer for sale: ~₹1,810.4 crore
• Total issue size: ~₹2,833.9 crore

The offer for sale allows early investors and private-equity shareholders to partially exit while the company raises fresh capital for growth.

Fractal Analytics IPO: Objects of the Issue

• Debt repayment at overseas subsidiaries
• Investment in artificial intelligence research and development
• Expansion of sales and delivery infrastructure
• Potential acquisitions and strategic initiatives

These allocations reflect the company’s strategy to scale its AI platforms and strengthen its global enterprise footprint.

Financial Highlights

Fractal reported strong revenue growth and returned to profitability in FY25 after losses in FY24, indicating improving operating leverage and business scale.

Enterprise AI Sector Tailwind

Global enterprise spending on artificial intelligence, automation, and advanced analytics is entering a multi-year structural growth phase. Corporations across sectors are reallocating technology budgets toward data-driven decision systems, predictive analytics, and AI-enabled operational platforms.

Industry estimates indicate that enterprise AI and analytics spending is expected to grow at double-digit rates annually over the next decade, driven by automation of customer engagement, supply chain optimization, pricing intelligence, and risk management.

This shift represents a structural transition from traditional IT services toward AI-led decision platforms. Companies with global enterprise clients, recurring analytics contracts, and strong R&D capabilities are positioned to benefit from this long-cycle technology spend. Fractal Analytics operates within this expanding enterprise AI segment, making the IPO a thematic listing aligned with the structural digital transformation cycle.

Strategic Positioning

Fractal Analytics is positioned as a thematic enterprise AI listing, reflecting the structural growth of data-driven decision-making across industries. The company’s global client base, recurring enterprise contracts, and R&D-driven model place it in a niche segment within India’s public markets.

If execution remains strong, the company could emerge as a benchmark listed AI analytics firm in the domestic market.

Key Risk Factors

• Revenue concentration among a limited number of large global clients
• High dependence on U.S. and international markets
• Technology-driven industry with rapid innovation cycles
• Large offer-for-sale component by existing investors

Investor Allocation

PositionalCalls Institutional View

Fractal represents a structural AI theme entering public markets. The company operates in a high-growth enterprise analytics segment with global exposure. The listing could become a reference point for AI-driven companies in India if margins scale and large client relationships continue to expand.