Fractal Analytics Ltd

Fractal Analytics Ltd is a 25-year-old company, which focuses on global enterprise artificial intelligence (AI) and analytics. Its platform enables companies to take more intelligent decisions. It combines its domain expertise, functional expertise, and market insights to craft solutions for clients. It has two segments. The Fractal AI segment provides AI services and products through its agentic AI platform. The main role of the agentic AI platform is to simplify product development. Its second segment, Fractal Alpha is a standalone AI business managed independently and targeted at growth markets. This is across industries and geographies. Some of its key strengths include leadership role in a high growth market, long-standing relationships with top-class clients, and track record of innovation. Its marquee clients include Costco, Templeton, Mars, Mondelez, Nestle, Phillips etc. 

Fractal Analytics Ltd has been promoted by Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal, and Rupa Krishna Agrawal. The fresh funds raised in the IPO will be used for investment in subsidiaries, repayment of loans, purchase of new office and office equipment, as well as investing in R&D and branding efforts. The Offer for Sale (OFS) is by early investor shareholders like Quinag Bidco Ltd, TPG Fett Holdings Pte Ltd, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust. The issue is being lead-managed by Kotak Mahindra, Axis Capital, Morgan Stanley India, and Goldman Sachs India; while MUFG Intime India Private Ltd will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Fractal Analytics Ltd. 

1. The IPO of will be open from February 09th, 2026 to February 11th, 2026. It has a face value of ₹1 per share and IPO price band is set in range of ₹857 to ₹900 per share.
2. The IPO of Fractal Analytics Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early investors.
3. The Fresh issue portion comprises the issue of 1,13,72,222 shares (113.72 lakh shares), which at the upper price band of ₹900 per share translates into ₹1,023.50 crore.
4. The offer for sale (OFS) portion comprises the sale of 2,01,15,555 shares (201.16 lakh shares), which at the upper price band of ₹900 per share translates into ₹1,810.40 crore.
5. The overall IPO, therefore, will comprise of the fresh issue portion and the offer for sale of 3,14,87,777 shares (314.88 lakh shares), which at the upper price band of ₹900 per share translates into ₹2,833.90 crore. 

The IPO of Fractal Analytics Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on February 06, 2026. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Fractal Analytics Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Fractal Analytics Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 16 shares) 

Financial Highlights

The table captures the key financials of Fractal Analytics Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company performance dipped briefly in the fiscal year FY24, although it has revived sharply in the latest fiscal year. The company has attractive EBITDA margins in the lates year at 14.39%, with net margins in the range of 8-10% ignoring the exceptional loss made in the year FY24. Overall, the latest year numbers would be fairly representative. 

Valuation Metrics

At the IPO price of ₹900 per share, the indicative P/E comes to about 67.4X at the latest year EPS of ₹13.36 per share. There are not too many comparable peer-group companies, but the company should get a premium valuation for its primary and sole focus on implementation of AI strategies for premium clients. There are some positives that investors will have to keep in mind from the business point of view. 

The company is a pure-play AI company, which makes it unique in the Indian context. It has a marquee list of clients on its roster with long and deep-rooted relationships built. It has also a track record of conceiving and implementing AI projects for its clients, which is a huge advantage in this nascent field. Investors can look at this company as a way to get exposure to the fast-growing AI space. Of course, risks will be relatively high in this area. 

A Brief on the Anchor Allocation

The anchor issue of Fractal Analytics Ltd saw a robust response on 06th February 2026 with 42.74% of the IPO size absorbed by anchors. Out of 3,24,48,859 shares (324.49 lakh shares) on offer in the IPO, anchors picked up 1,38,69,499 shares (138.70 lakh shares) accounting for 42.74% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹900 per share. This includes the face value of ₹1 per share plus a share premium of ₹899 per share. The anchor bidding process opened and closed on 06th February 2026.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Fractal Analytics Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 06th January 2026, Fractal Analytics Ltd allotted 1,38,69,499 shares to 52 anchor investors. The allocation was done at the upper IPO price band of ₹900 per share which resulted in overall anchor allocation of ₹1,248.25 crore. The anchors have already absorbed 42.74% of the total issue size of ₹2,920.40 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹703.10 crores, or, 56.33% of the overall anchor allocation of shares, one trading day ahead of the IPO of Fractal Analytics Ltd. The anchor bidding opened and closed on February 06, 2026. 

Data Source: BSE Filings (Value Allocated is ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260206-41&attachedId=4f2f25bd-215a-41d8-b8a8-2e77ae045a6a 

Out of the 1,38,69,499 shares allocated to the anchors in the IPO, there were a total of 52,77,680 shares allocated to mutual funds registered with SEBI. The allocation was made to 22 mutual fund schemes across 11 AMCs. Mutual funds accounted for 38.05% of the total anchor allocation of the IPO.  

In addition, out of the 1,38,69,499 shares allocated to the anchors in the IPO, there were a total of 27,88,128 shares allocated to life insurance companies regulated by IRDA. The allocation was made to 5 life insurance companies in total. Insurance companies accounted for 20.10% of the total anchor allocation of the IPO. 

FPIs, Sovereign Funds, P-Notes, and AIFs also actively participated in the anchor allocation of Fractal Analytics Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 11th February 2026, the basis of allotment will be finalized on 12th February 2026 and the refunds will be initiated on 13th February 2026. In addition, the demat credits are expected to also happen on 13th February 2026 and the stock will list on 16th February 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 13th February 2026 under ISIN (INE212S01015). 

IPO Subscription Status On Day-1

As of 5.20 pm on 09th February 2026, out of the 185.79 lakh shares on offer in the IPO (excluding anchor portion), Fractal Analytics Ltd saw bids for 15.80 lakh shares. This implies an overall subscription of 0.09X or 9% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Fractal Analytics Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 42.74% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to February 11, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹1,390 Crore (including the anchor allocation portion too). 

IPO Subscription Status On Day-2

As of 5.30 pm on 10th February 2026, out of the 185.79 lakh shares on offer in the IPO (excluding anchor portion), Fractal Analytics Ltd saw bids for 36.41 lakh shares. This implies an overall subscription of 0.20X or 20% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Fractal Analytics Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 42.74% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to February 11, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-2 of the IPO stood at ₹1,576 Crore (including the anchor allocation portion too). 

IPO Subscription Status On Day-3

As of 7.15 pm on 11th February 2026, out of the 185.79 lakh shares on offer in the IPO (excluding anchor portion), Fractal Analytics Ltd saw bids for 494.80 lakh shares. This implies an overall subscription of 2.66X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Fractal Analytics Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, but that was not the case with this issue on HNI / NII front. Both the QIB and the NII bids generally pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw robust anchor participation a day ahead of the IPO opening with 42.74% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Fractal Analytics Ltd was open up to February 11, 2026, and has closed for subscription as of the close of trading hours on February 11, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹5,701 crore. 

About the Fractal Analytics Ltd IPO

The IPO of Fractal Analytics Ltd opened on February 09th, 2026 and closed on February 11th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 3,24,48,859 shares (324.49 lakh shares) worth ₹2,920.40 crore at the upper price band of ₹900 per share. The allotment status will be finalized by end of day (EOD) of February 12, 2026. Here is how to check your allotment status for the IPO of Fractal Analytics Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Fractal Analytics Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fractal Analytics Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1.  Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select FRACTAL from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fractal Analytics Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on Mufg Intime India Private Ltd

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1.  You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.