TPG, Gaja Captial-backed Fractal Analytics IPO to open on Feb 9; check key details details

Fractal Analytics' IPO is scheduled to open on 9 February 2026 and will close on 11 February 2026. It has set a price band of Rs 857-900 per share for its IPO with a lot size of 16 equity shares. The Rs 2,833.9 crore issue includes a fresh issue component of Rs 1,023.5 crore and Offer for Sale (OFS) valued at Rs 1,810.4 crore.

The offer consists of share sales by existing investors, with no promoter participation in the OFS. Quinag Bidco, an entity of Apax Partners, plans to offload shares worth Rs 880.9 crore. TPG Fett Holdings and the GLM Family Trust are each selling up to Rs 450 crore in shares, while Satya Kumari Remala and Rao Venkateswara Remala are divesting shares valued at Rs 29.5 crore.

Founded in 2000, Fractal Analytics is recognised as India’s first pure-play enterprise AI company. The company has reserved 75 per cent of the net issue for the qualified institutional bidders, while non-institutional investors will have 15 per cent of allocation. Only 10 per cent shares will be reserved for retail investors. 

Fractal Analytics has reported robust revenue growth, with a compound annual growth rate (CAGR) of 18 per cent between FY23 and FY25. Revenue growth accelerated to 25.9 per cent in FY25 from 10.6 per cent in FY24. Nearly 98 per cent of its revenue is sourced from the core Fractal.ai business, and the remainder from Fractal Alpha, the innovation and incubation unit, which, while loss-making, saw rapid growth of 92.1 per cent in FY24 and 76.4 per cent in FY25.

The company has progressively reduced its losses, from Rs 61.6 crore in FY23 to Rs 49.4 crore in FY24, and to Rs 28.3 crore in FY25. In the first half of FY26, losses narrowed further to Rs 6.6 crore. Fractal Alpha operates on higher gross margins of 69.9 per cent in FY25, compared with 45.3 per cent for the main business segment.

The Americas contribute 66% of total revenue, with Europe at 21 per cent and the remainder from APAC and other regions. Consumer packaged goods and retail is the largest vertical, accounting for 38-40 per cent of revenue.

Proceeds from the fresh issue will be used for repayment or prepayment of borrowings of its subsidiary Fractal USA, IT equipment purchases, office premises, R&D and sales and marketing initiatives, and funding inorganic acquisitions.