Fractal Analytics IPO has emerged as one of the most awaited public offerings in the Indian capital market, marking the first AI-focused enterprise to go public in India. The mainboard IPO is valued at ₹2,833.90 crore, combining both fresh issue and offer-for-sale (OFS) components.
IPO Overview
The Fractal Analytics IPO is a book-building issue of ₹2,833.90 crore. The issue comprises:
- Fresh Issue: 1,13,72,222 shares aggregating ₹1,023.50 crore
- Offer for Sale (OFS): 2,01,15,555 shares aggregating ₹1,810.40 crore
The IPO opened for subscription on February 9, 2026, and will close on February 11, 2026. The tentative allotment date is February 12, 2026, while the expected listing on BSE and NSE is on February 16, 2026.
The price band for the IPO is fixed between ₹857 and ₹900 per share, and the lot size is 16 shares.
IPO Reservation and Allocation
The IPO offers a total of 3,14,87,777 shares, with allocation across categories as follows:
| Investor Category | Shares Offered | Percentage Allocation |
| QIB (Institutional) | 2,30,63,686 | 73.25% |
| – Anchor Investors | 1,38,69,499 | 44.05% |
| – QIB (Ex-Anchor) | 91,94,187 | 29.20% |
| NII (HNI) | 46,12,737 | 14.65% |
| – bNII (> ₹10L) | 30,75,158 | 9.77% |
| – sNII (< ₹10L) | 15,37,579 | 4.88% |
| Retail Investors (RII) | 30,75,158 | 9.77% |
| Employee Category | 7,36,196 | 2.34% |
Retail investors can apply for 1 to 13 lots, with a maximum investment of ₹1,87,200. The IPO also includes an employee discount of ₹85 per share.
Anchor Investor Details:
Fractal Analytics raised ₹1,248.25 crore from anchor investors.
- Anchor bid date: Feb 6, 2026
- Lock-in period: 50% for 30 days (till Mar 14, 2026) and the remaining 50% for 90 days (till May 13, 2026).
About Fractal Analytics Ltd
Founded in March 2000, Fractal Analytics is a global AI and analytics enterprise helping major companies make intelligent decisions. Its offerings are divided into two segments:
- Fractal.ai: Provides AI services and products via its Cogentiq platform, offering low-code tools, governance, and security to simplify AI product development.
- Fractal Alpha: Focuses on standalone AI businesses in growth markets, driving innovation independently across geographies and industries.
The company serves marquee clients including Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle, and Philips.
Financial Overview
(₹ Crore)
| Metric / Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | 30 Sep 2025 |
| Assets (₹ Cr) | 2,248.70 | 2,392.00 | 2,857.60 | 2,965.40 |
| Assets Growth (%) | – | 6.37% | 19.54% | - |
| Total Income (₹ Cr) | 2,043.70 | 2,241.90 | 2,816.20 | 1,594.30 |
| Total Income Growth (%) | – | 9.68% | 25.59% | - |
| PAT (₹ Cr) | 194.40 | -54.70 | 220.60 | 70.90 |
| PAT Growth (%) | – | -128.12% | 127.33% | - |
| EBITDA (₹ Cr) | 436.80 | 97.20 | 398.00 | 185.60 |
| Net Worth (₹ Cr) | 1,339.20 | 1,397.00 | 1,748.30 | 1,957.50 |
| Borrowings (₹ Cr) | 325.60 | 250.10 | 266.20 | 274.60 |
Fractal Analytics shows steady asset and net worth growth, but profitability and operations have been uneven, reflecting both opportunities and challenges in its high-growth AI business.
IPO Objects
Fractal Analytics plans to use the net proceeds from the IPO for:
- Investment in Fractal USA subsidiary: ₹264.90 crore to repay borrowings
- Purchase of laptops: ₹57.10 crore
- Setting up new office premises in India: ₹121.10 crore
- Investment in R&D, sales & marketing under Fractal Alpha: ₹355.10 crore
- Funding inorganic growth and general corporate purposes
Outlook
Fractal Analytics is well-positioned at the intersection of AI, data, and enterprise digital transformation, benefiting from trends like generative AI, decision intelligence platforms, and enterprise automation. Expansion into healthcare AI and increased platform monetisation are expected to support steady revenue growth and gradual margin improvement over time.
Valuation post-IPO is elevated, reflecting its status as a pure-play AI growth company rather than a traditional IT services firm. From a listing perspective, price discovery may be gradual, with growth potential unfolding over the medium to long term. The company offers strategic exposure to the evolving AI landscape and its expanding role in enterprise decision-making.
