Fractal Analytics IPO – key details

• Company: Fractal Analytics Limited – enterprise AI, data analytics and decision intelligence solutions provider to 100+ Fortune 500 clients across BFSI, CPG, retail, healthcare, tech and media.

• Sale type :-Fresh capital & OFS
• IPO size: Rs 2,834 crore
• Fresh issue:- Rs.1,023 crore
• OFS :- Rs. 1,810 crore
• Price band: ₹857–₹900 per share, face value ₹1.
• IPO dates:
  • Bidding: 9–11 February 2026
  • Allotment: around 12 February 2026
  • Listing: 16 February 2026 (NSE, BSE)
     
• Market Cap :- Rs 15,473.60 crore

IPO Subscription Status Live

Fractal Analytics IPO subscribed 0.03 times. The public issue subscribed 0.11 times in the retail category, 0.00 times in QIB (Ex Anchor), and 0.02 times in the NII category by February 9, 2026 

IPO Reservation :-

QIB Shares Offered:- Not less than 75% of the Net Offer

Retail Shares Offered :- Not more than 10% of the Net Offer

NII Shares Offered :- Not more than 15% of the Net Offer

IPO Lot Size :-

Retail Investors can bid for a minimum of 1 lot & maximum 13 lots. In S-HNI maximum 69 lots & B-HNI 70 lots.

Business & financial snapshot

• Fractal provides AI, advanced analytics, data engineering, decisioning platforms and SaaS tools for marketing analytics, risk analytics, customer experience and forecasting.
• Serves 100+ Fortune 500 clients; around 10% of revenue from a single “Magnificent 7” Big Tech client, underlining depth but also concentration.

Company Financials

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	2,965.40	2,857.60	2,392.00	2,248.70
Total Income	1,594.30	2,816.20	2,241.90	2,043.70
Profit After Tax	70.90	220.60	-54.70	194.40
EBITDA	185.60	398.00	97.20	436.80
NET Worth	1,957.50	1,748.30	1,397.00	1,339.20
Reserves and Surplus	1,937.10	1,728.70	1,380.50	1,323.10
Total Borrowing	274.60	266.20	250.10	325.60
Amount in ₹ Crore

• Revenue mix:
  • Analytics services ~96% (₹2,701 crore) – consulting and enterprise projects.
  • Subscription/SaaS ~2% (₹64 crore) – high‑growth, 167% YoY.
  • Other income ~₹51 crore.

Objective of the IPO:

• ₹264.90 Cr: Repay US subsidiary debt.

• ₹57.10 Cr: Laptops for employees.

• ₹121.10 Cr: New India office premises.

• ₹355.10 Cr: R&D/sales/marketing for Fractal Alpha.

• Balance: Inorganic growth + general corporate.

Strengths of Fractal Analytics IPO

• Category leader in enterprise AI with 20+ years’ track record, serving 100+ Fortune 500 clients and positioned as India’s first listed pure‑play AI and analytics company.

• Robust growth & turnaround: PAT swung from loss to ₹220.6 crore profit (503% improvement) alongside strong revenue growth, indicating operating leverage and scalable delivery model.
• Large and growing TAM: Global AI/analytics market pegged at ~$229 billion with ~18–19% CAGR till 2030, giving long runway for expansion across BFSI, retail, CPG, healthcare and tech.
• Diversified, sticky client base with multi‑year relationships and high share of Fortune 500/Global 2000 enterprises, supporting visibility and annuity‑like revenue.
• Balanced capital allocation: Conservative debt (~₹266 crore), IPO proceeds earmarked for deleveraging, R&D in generative AI and new offices, strengthening long‑term competitiveness.
• SaaS/product upside: Subscription income currently small but growing triple‑digit YoY, offering potential valuation re‑rating if product mix rises.
• Strong pre‑IPO backing from global PE funds like TPG and Apax Partners, plus no selling by founders, signalling continued promoter commitment.

Risks and concerns

• High OFS component (~64%): Majority of the issue provides exit/liquidity to existing PE investors (TPG, Apax), raising questions about medium‑term return expectations at upper valuation.

• Client concentration risk: Around 10% of revenue from a single Big Tech “Magnificent 7” client; loss or slowdown from this client could materially impact growth and margins.
• Premium valuation: At ~₹14,450 crore market cap and high earnings multiple, IPO leaves limited room for error in execution, especially if global AI spending decelerates.
• Dependence on global enterprise IT budgets: Cyclicality in US/EU tech and consulting spends can affect deal flow, renewals and pricing power.
• Execution risk in SaaS shift: Scaling subscription and product revenue requires sustained R&D and GTM investments, which could compress margins in the medium term.
• Currency and regulatory risks: Large global client base and US exposure mean FX volatility and changing data/AI regulations may weigh on profitability.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. What are the Fractal Analytics IPO dates?
The Fractal Analytics IPO opens on 9 February 2026 and closes on 11 February 2026, with tentative allotment around 12 February and listing on 16 February 2026.

2. What is the Fractal Analytics IPO price band and lot size?
The IPO price band is ₹857–₹900 per share, face value ₹1. The lot size is 16 shares, so the minimum retail investment is ~₹13,712–₹14,400 at the top band.

3. How big is the Fractal Analytics IPO and what is the structure?
Total issue size is around ₹4,900 crore, comprising fresh issue (~₹1,000–1,300 crore) for growth and OFS (~₹3,600 crore) by existing investors such as TPG and Apax Partners.

4. How will the company use the IPO proceeds?
Fresh issue proceeds will be used to repay debt (especially of the US subsidiary), fund R&D in AI and generative AI, and set up new offices/expansion in India and overseas, plus general corporate purposes.

5. Why is this IPO important for the Indian market?
Fractal Analytics is poised to be India’s first listed AI‑focused enterprise analytics company, potentially setting valuation benchmarks and opening the door for more domestic AI and data‑driven tech listings.