Fractal Analytics IPO opens Feb 9: GMP at 10%; 5 key risks you should know
Fractal Analytics IPO will be offered at a price band of ₹857 to ₹900 per share, with a lot size of 16 shares
 "Fractal Analytics IPO opens Feb 9: GMP at 10%; 5 key risks you should know")
Fractal Analytics IPO: Fractal Analytics, a global enterprise AI and analytics firm, is set to launch its initial public offering (IPO) on Monday, February 9, 2026. The ₹2,833.90 crore public issue comprises a fresh issue of 11.4 million equity shares worth up to ₹1,023.5 crore and an offer for sale (OFS) of 20.1 million shares worth up to ₹1,810.4 crore.
Fractal Analytics IPO will be offered at a price band of ₹857 to ₹900 per share. The minimum application size has been set at 16 shares per lot. The issue will remain open for subscription till Wednesday, February 11, 2026. The company’s shares are tentatively scheduled to make their D-Street debut on Monday, February 16.
MUFG Intime India is the registrar for the issue. Kotak Mahindra Capital Company, Morgan Stanley India Company, Axis Capital, and Goldman Sachs (India) are the book-running lead managers for the issue.
According to the Red Herring Prospectus (RHP), the company intends to utilise ₹264.9 crore from the net fresh issue for investment in its subsidiary, Fractal USA, for pre-payment or scheduled repayment of borrowings. Another ₹57.1 crore will be used for the purchase of laptops, while ₹121.1 crore will be reserved to set up new office premises in India. The company plans to invest ₹355.1 crore in Fractal Alpha for research and development as well as sales and marketing activities. The remaining proceeds will be used to fund inorganic growth through potential acquisitions and other strategic initiatives, along with general corporate purposes.
Fractal Analytics IPO GMP
On Thursday, February 5, the unlisted shares of Fractal Analytics were trading at ₹990 in the grey market, commanding a premium of ₹90 or 10 per cent from the upper end price of ₹900.
Here are the key risks associated with investing in Fractal Analytics:
Cybersecurity and data risks: Fractal's systems, as well as those of its clients, vendors, and third-party service providers, may be vulnerable to cyber-attacks, security breaches, or data-related issues. Such incidents could impact business operations, financial performance, or client relationships. Data privacy, security threats, poor data quality, and fragmented data remain key challenges for clients adopting analytics and AI solutions.
Client concentration risk: The company’s growth relies on its ability to attract, retain, and expand client relationships. In the six months ended September 30, 2025, 54.2 per cent of revenue in its Fractal.ai segment came from its top 10 clients, with a single client contributing 8.2 per cent, while 79.6 per cent was generated from its key “Must Win Clients” (MWCs). Failure to maintain existing relationships or acquire new clients could adversely affect its business.
Industry concentration: In the six months ended September 30, 2025, Fractal derived 37.5 per cent of its Fractal.ai segment revenue from consumer packaged goods and retail (CPGR), 27.2 per cent from technology, media and telecom (TMT), 17 per cent from healthcare and life sciences (HLS), and 12.2 per cent from banking, financial services and insurance (BFSI). A slowdown in demand for AI solutions within these industries could negatively impact its operations.
Client engagements: According to the RHP, the company may need to indemnify clients for losses arising from defects or delays in engagement implementation. Delays could also lead to cost overruns or discontinuation of client projects. Failure to meet contractual timelines or client expectations—regardless of cause—could result in disputes, client dissatisfaction, loss of business, or reputational damage, potentially affecting operations and financial performance.
Legal proceedings: Fractal Analytics, its subsidiaries, and two of its directors are involved in ongoing legal proceedings before various courts, tribunals, and authorities. Adverse outcomes could result in liabilities, penalties, or increased expenses, potentially affecting the company’s business and reputation.