Fractal Analytics sets IPO price band, eyes ₹14,450 crore valuation

Indian enterprise artificial intelligence firm Fractal Analytics [FRAL.NS] set a price band of ₹857-900 per ‍share for its initial ​public offering, targeting a valuation of about ₹14,450 crore ($1.60 billion), according to Reuters calculations.

Fractal will launch its IPO for retail investors on February 9, while anchor investors can bid on February 6, according to a newspaper advertisement on Wednesday, ​as the company positions itself to become the country's first pure-play AI-focused listed firm.Bidding will close on February 11.

Fractal is set to list in a subdued domestic primary market this year. Only three companies launched mainboard IPOs in January, down from 10 in December, amid weak market conditions driven by trade and geopolitical uncertainties.

 

However, investment bankers expect 2026 to be a milestone year for India's primary market, following two consecutive years of record fundraising.

Fractal cut its issue size by over 40 per cent to 28.34 billion rupees ahead of the ‌offering.

Founded in 2000, the Mumbai-based AI and ​analytics company counts some of the world's largest technology and consumer firms, including Microsoft, Apple, Nvidia, Alphabet, and Tesla, among its clients, the prospectus showed.

IPO proceeds will be ‍used to repay debt at its US subsidiary, set up new offices in India and fund research and ‍development, with ‌a focus ​on generative artificial intelligence.

Shares of Fractal ‍will list on the Indian bourses on or about February ‍16.