Fractal Analytics listing on Feb 16; grey market hints at discounted debut

Fractal Analytics listing date: If the current grey market sentiment sustains, Fractal Analytics shares are likely to debut around ₹890, implying a potential loss of 1-2 per cent for IPO investors

Fractal Analytics IPO listing forecast: Fractal Analytics, a global enterprise AI and analytics firm, is set to make its Dalal Street debut on Monday, February 16, 2026, and early indicators from the grey market hint towards a discounted debut. 

 

The company raised ₹2,840.16 crore through its initial public offering (IPO), which comprised a fresh issue of 11.4 million equity shares and an offer for sale (OFS) of 20.1 million equity shares.

 

According to NSE data, Fractal Analytics IPO received a decent investor response, achieving an overall oversubscription of 2.66 times, driven largely by final-day participation from qualified institutional buyers (QIBs), whose quota was booked 3.18 times. The retail investor segment also showed muted demand, oversubscribing their portion by 1.03 times. The portion booked for non-institutional investors (NIIs) was booked around 1.06 times. 

 

The basis of allotment for the issue was finalised on Thursday, February 12, 2026, and investors are now awaiting the stock’s debut on Dalal Street. Ahead of its listing, the company’s unlisted shares were trading at around ₹890 in the grey market, indicating a discount of ₹10 or 1.11 per cent over the issue price of ₹900, according to sources tracking unofficial markets.

 

If the current grey market sentiment sustains, Fractal shares are likely to debut around ₹890, implying a potential loss of 1-2 per cent for IPO investors. However, market experts caution that the grey market operates outside regulatory oversight, and the GMP (Grey Market Premium) should not be viewed as a definitive indicator of the stock’s actual listing performance.  

Fractal Analytics IPO details

The IPO comprised a fresh issue of 11.4 million equity shares worth up to 1,029.79 crore and an OFS of 20.1 million shares worth up to ₹1,810.40 crore. The issue was offered at a price band of ₹867 to ₹900 per share, with a lot size of 16 shares. The public issue was open for subscription from February 9 to February 11, 2026.

 

MUFG Intime India is the registrar for the issue. Kotak Mahindra Capital Company, Axis Capital, Morgan Stanley India Company, and Goldman Sachs (India) Securities are the book-running lead managers. 

 

According to the RHP, the company will use ₹264.9 crore to invest in its subsidiary, Fractal USA, for debt repayment or prepayment. It will also allocate ₹57.1 crore for laptops, ₹121.1 crore for new office premises in India, and ₹355.1 crore for research and development, as well as sales and marketing under Fractal Alpha. The remaining funds will go toward organic growth, potential acquisitions, and general corporate purposes. ICICI Securities, Morgan Stanley India Company, and JM Financial are the book-running lead managers.