Fractal Analytics IPO opens on Monday: Should you apply for this AI-led bet?
Fractal Analytics will be selling its shares in the price band of Rs 857-900 apiece, applied for a minimum of 16 shares and its multiples to raise Rs 2,834 crore between February 09-11.
- Feb 6, 2026,
- Updated Feb 6, 2026 3:50 PM IST
The initial public offering (IPO) of Fractal Analytics is set to hit Dalal Street on Monday, February 09 as the AI and analytics firm is eyeing to raise a total of Rs 2,834 crore IPO from primary market investors. The company will be selling its shares in the range of Rs 857-900 apiece with a lot size of 16 equity shares. The issue will close for bidding on Wednesday, February 11.
Fractal has seen a sharp turnaround, moving from a Rs 55 crore loss in FY24 to a Rs 221 crore profit in FY25 on the back of 26 per cent revenue growth, said Swastika Investmart. "Valuations look expensive, but this reflects a scarcity premium for a listed AI platform. Best suited for high-risk, growth-focused investors with a 3–5 year view looking to ride the global GenAI cycle."
Risks such as insourcing by clients especially with the advent of AI tools could lead to loss of clients and impact the company’s business model, said SBI Securities. "Considering the elevated valuation, we assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing."
Mumbai-based Fractal Analytics was established in March 2000. It is a global enterprise AI and analytics firm that supports major companies in making more intelligent decisions. With over two decades of experience, the company crafts AI solutions by blending its deep technical know-how with domain and functional expertise.
Fractal Analytics offers investors an opportunity to contribute in a rapidly growing sector of DAAI services and generative AI that serves high-end consumer brands in India and globally, said Sushil Finance. "Looking at all the factors, risks, opportunities and Elevated valuation, Investors with High-risk appetite can apply for a long term horizon."
While the emergence of artificial general intelligence poses a long-term disruptive risk to traditional AI business models, Fractal’s dominant position in the analytics niche suggests a strong competitive strength and deep-rooted client trust, said Lakshmishree Investments.
"As the company continues to capitalize on the global demand for enterprise-grade AI, its ability to maintain high margins and operational leverage, we recommend a ‘subscribe’ rating for long-term investors," it added.
The issue includes a fresh share sale of Rs 1,023 crore and an offer-for-sale (OFS) of up to 2,01,15,555 equity worth Rs 1,810 crore, which includes only a 10 per cent reservation for retail investors. 75 per cent share shall be reserved for qualified institutional bidders, while non institutional investors will have 15 per cent of the allocation in the IPO.
Kunvarji Wealth Solutions also recommended subscribing to this IPO with a medium to long term view. ""Fractal Analytics specializes in a niche area of data analytics, harnessing AI innovations built through its own R&D and resources, while also integrating external models. Supported by a strong client base and improving financial performance, it is well positioned to further accelerate its growth trajectory."
Kotak Mahindra Capital Company and Axis Capital are the book running lead managers of the issue, while MUFG Intime India is the registrar for the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 80-85 apeice, suggesting over 9 per cent gains for the investors. Shares of Fractal Analytics shall be listed on both BSE and NSE on Monday, February 16.
The initial public offering (IPO) of Fractal Analytics is set to hit Dalal Street on Monday, February 09 as the AI and analytics firm is eyeing to raise a total of Rs 2,834 crore IPO from primary market investors. The company will be selling its shares in the range of Rs 857-900 apiece with a lot size of 16 equity shares. The issue will close for bidding on Wednesday, February 11.
Fractal has seen a sharp turnaround, moving from a Rs 55 crore loss in FY24 to a Rs 221 crore profit in FY25 on the back of 26 per cent revenue growth, said Swastika Investmart. "Valuations look expensive, but this reflects a scarcity premium for a listed AI platform. Best suited for high-risk, growth-focused investors with a 3–5 year view looking to ride the global GenAI cycle."
Risks such as insourcing by clients especially with the advent of AI tools could lead to loss of clients and impact the company’s business model, said SBI Securities. "Considering the elevated valuation, we assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing."
Mumbai-based Fractal Analytics was established in March 2000. It is a global enterprise AI and analytics firm that supports major companies in making more intelligent decisions. With over two decades of experience, the company crafts AI solutions by blending its deep technical know-how with domain and functional expertise.
Fractal Analytics offers investors an opportunity to contribute in a rapidly growing sector of DAAI services and generative AI that serves high-end consumer brands in India and globally, said Sushil Finance. "Looking at all the factors, risks, opportunities and Elevated valuation, Investors with High-risk appetite can apply for a long term horizon."
While the emergence of artificial general intelligence poses a long-term disruptive risk to traditional AI business models, Fractal’s dominant position in the analytics niche suggests a strong competitive strength and deep-rooted client trust, said Lakshmishree Investments.
"As the company continues to capitalize on the global demand for enterprise-grade AI, its ability to maintain high margins and operational leverage, we recommend a ‘subscribe’ rating for long-term investors," it added.
The issue includes a fresh share sale of Rs 1,023 crore and an offer-for-sale (OFS) of up to 2,01,15,555 equity worth Rs 1,810 crore, which includes only a 10 per cent reservation for retail investors. 75 per cent share shall be reserved for qualified institutional bidders, while non institutional investors will have 15 per cent of the allocation in the IPO.
Kunvarji Wealth Solutions also recommended subscribing to this IPO with a medium to long term view. ""Fractal Analytics specializes in a niche area of data analytics, harnessing AI innovations built through its own R&D and resources, while also integrating external models. Supported by a strong client base and improving financial performance, it is well positioned to further accelerate its growth trajectory."
Kotak Mahindra Capital Company and Axis Capital are the book running lead managers of the issue, while MUFG Intime India is the registrar for the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 80-85 apeice, suggesting over 9 per cent gains for the investors. Shares of Fractal Analytics shall be listed on both BSE and NSE on Monday, February 16.