Fractal Analytics IPO Overview
Fractal Analytics Limited, a Mumbai-based global enterprise AI & analytics firm, is launching its Initial Public Offering (IPO) from 9 February 2026 to 11 February 2026. The IPO is a book-built issue aggregating to approximately ₹2,833.90 crore, comprising both a fresh issue and an offer for sale (OFS) by existing investors. If completed, this will be one of India’s largest technology-centric IPOs of 2026 and the first pure-play AI/analytics company to list on Indian stock exchanges.
Fractal Analytics provides AI, machine learning, advanced analytics and decision intelligence solutions to global enterprises across sectors such as BFSI, retail, CPG, healthcare, tech and insurance. Its client base includes Fortune 500 companies worldwide.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Mainboard |
| IPO Open Date | 9 February 2026 |
| IPO Close Date | 11 February 2026 |
| Allotment Date | 12 February 2026 (Expected) |
| Credit to Demat | 13 February 2026 (Expected) |
| Refund Initiation | 13 February 2026 (Expected) |
| Listing Date | 16 February 2026 (Tentative) |
| Price Band | ₹857 to ₹900 per share |
| Face Value | ₹1 per share |
| Lot Size | 16 shares |
| Min Investment (Retail) | ₹14,400 (1 lot at upper band) |
| sNII (HNI) Threshold | ~₹4,32,000+ (5 lots) |
| bNII Threshold | ~₹11,52,000+ (14 lots) |
| Issue Size | ₹2,833.90 crore (approx) |
| Fresh Issue | ₹1,023.50 crore (approx) |
| Offer For Sale (OFS) | ₹1,810.40 crore (approx) |
| Total Shares Offered | ~3.15 crore shares (combined) |
| Listing Exchanges | NSE & BSE (Mainboard) |
Note: Fractal’s IPO consists of both fresh capital and an OFS — the OFS gives existing private investors (like TPG Fett, Apax Partners, GLM Family Trust) partial exit.
Issue Break-up
| Category | Approx Allocation |
| QIB (Institutions) | Majority portion (~75%) |
| Non-Institutional Investors (HNI) | ~15% |
| Retail Individual Investors (RII) | ~10% |
Selling Shareholders (OFS)
The OFS component (~₹1,810.40 cr) represents share sales by existing investors including:
- Quinag Bidco Ltd
- TPG Fett Holdings Pte. Ltd
- GLM Family Trust
- Other early backers and holders
These shareholders are monetising part of their stake, while founders and management retain meaningful ownership.
Objects of the Issue (Fund Utilization)
Net proceeds from the fresh issue (~₹1,023.5 cr) will primarily be used for:
- Debt Pre-payment/Repayment – Subsidiary (Fractal USA): ₹264.9 cr
- Research & Development & Sales/Marketing: ₹355.1 cr
- New Office Setups in India (Bengaluru, Gurugram, Pune, Noida): ₹121.1 cr
- Purchase of Laptops & IT Equipment: ₹57.1 cr
- Potential Acquisitions & Strategic Growth Initiatives
- General Corporate Purposes
Strategic Context:
- The spend on R&D and sales/marketing aligns with Fractal’s goal to scale its Fractal Alpha platform and enterprise AI offerings.
- Office expansions support growing demand and talent acquisition in key Indian tech hubs.
- Debt reduction at its U.S. subsidiary improves financial flexibility.
Lead Managers & Registrar
- Book Running Lead Managers (BRLMs):
• Kotak Mahindra Capital Company
• Axis Capital
• Morgan Stanley India Company
• Goldman Sachs (India) Securities - Registrar to the Issue: MUFG Intime India Private Ltd
Promoters & Management
Fractal Analytics was founded in 2000 and is led by its co-founders Srikanth Velamakanni (CEO) and Pranay Agrawal. It has significant backing from global private equity investors including TPG and Apax Partners. Founders and promoter entities retain substantial equity post-IPO.
COMPANY DETAILS
Fractal Analytics is a global AI, analytics and decision intelligence solutions company headquartered in Mumbai with offices in major global markets including the U.S., UK, Singapore and India. The company helps enterprises embed AI and analytics into business operations — from customer experience to supply chain, marketing, risk and revenue optimisation. Its platforms include Asper.ai, Qure.ai, Cuddle.ai and others, and it serves Fortune 500 clients across industries.
Employees & Footprint:
- Over 5,500 professionals globally.
- Clients spanning multiple verticals such as retail, healthcare, finance, CPG and technology.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | Profit Trend |
| FY24 | ~2,242 | Loss reported | Transitioning to profit |
| FY25 | ~2,816 | ~₹221–348* | Strong profit turnaround |
| H1 FY26 | ~1,559** | ~₹70.9** | Steady performance |
*Sources vary slightly on PAT figures; company turned profitable in FY25 after a prior loss.
Company Strengths
- First major Indian AI-centric IPO & deep-tech positioning — unique segment exposure.
- Large global enterprise client base with strong repeat business.
- Strong anchor support from global investors (Morgan Stanley, Goldman Sachs, SBI MF, LIC).
- Backed by global private equity with strategic direction and capital.
- Positive revenue momentum & margin recovery after prior loss.
- Clear R&D and growth capital strategy — enhancing product platforms and global reach.
Key Risks & Challenges
- Valuation premium / high P/E multiples — pricing reflects growth expectations, may be steep.
- Large OFS component limits fresh capital for operations alone.
- Dependence on global demand & enterprise budgets — macro cycles can impact analytics spend.
- Competition from global IT/analytics firms (Accenture, IBM, Infosys, TCS) — necessitating continuous innovation.
- Profitability sustainability — past volatility requires monitoring future earnings consistency.
Disclaimer
This document is for informational and educational purposes and does not constitute investment advice or a recommendation. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making any investment decisions. Past performance is not indicative of future results and all investments are subject to market risks.
