Fractal Analytics IPO disappoints on debut; shares list at 3% discount

On the NSE, Fractal Analytics shares opened lower at ₹876 per share, down ₹24 or 2.67 per cent from the IPO price

Fractal Analytics IPO listing: AI and analytics firm Fractal Analytics made a disappointing debut on Dalal Street on Monday, February 16, following its initial public offering (IPO) that raised ₹2,840.16 crore.

 

Shares of Fractal Analytics kicked off their main trading session on the BSE at ₹900 per share, the same as the IPO issue price. On the NSE, however, the stock opened lower at ₹876 per share, down ₹24 or 2.67 per cent from the IPO price.

 

Fractal Analytics IPO listing largely tracked grey market indications. Ahead of the debut, the company’s unlisted shares were trading at around ₹872 in the grey market, suggesting a discount of ₹28 or 3.11 per cent compared with the IPO price, according to sources tracking unofficial markets.

 

Fractal Analytics IPO details

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

 

According to NSE data, the IPO received a moderate investor response, with overall subscription at 2.66 times. Demand was largely driven by qualified institutional buyers (QIBs), whose quota was booked 3.18 times. The retail segment saw muted demand, oversubscribing their portion by 1.03 times, while the non-institutional investor (NII) portion was subscribed 1.06 times.

 

The basis of allotment was finalised on Thursday, February 12, 2026, when the company fixed the issue price at ₹900 per share.

 

MUFG Intime India acted as the registrar for the IPO, while Kotak Mahindra Capital Company, Axis Capital, Morgan Stanley India Company, and Goldman Sachs (India) Securities served as book-running lead managers.

 

The company will not receive any proceeds from the OFS, which will go entirely to selling shareholders. “Our Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders and the proceeds received from the Offer for Sale will not form part of the Net Proceeds,” the company said in its red herring prospectus (RHP).

 

From the fresh proceeds, Fractal Analytics plans to deploy ₹264.9 crore to invest in its subsidiary, Fractal USA, for debt repayment or prepayment. An additional ₹57.1 crore is earmarked 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 be used for organic growth, potential acquisitions, and general corporate purposes.