Fractal IPO: From GMP and issue details to financials; Here’s what you need to know

Synopsis:- The ₹2,833.90 crore IPO is priced at ₹857–₹900 per share with a lot size of 16 for retail investors, and a grey market premium standing near 10.89%. Promoter holding is 18.19%. Assets total ₹2,965.40 crore with 11.90% EBITDA margin, backed by strong global AI positioning and marquee clients.

Fractal Analytics IPO is a Rs 2,833.90 crore book-built issue comprising a fresh issue of 1.14 crore shares worth  Rs 1,023.50 crore and an offer for sale of 2.01 crore shares aggregating  Rs 1,810.40 crore. The IPO opens on February 9, 2026, and closes on February 11, 2026, with listing scheduled on BSE and NSE on February 16, 2026.

The price band is set at  Rs 857– Rs 900 per share, with a lot size of 16 shares. Retail investors need a minimum investment of  Rs 14,400 at the upper band. For sNII, the minimum application is  Rs 2,01,600, while bNII investors must commit  Rs 10,08,000, indicating a sizeable participation threshold.

GMP of Fractal Analytics IPO

As of February, 2026, Fractal Analytics’ shares were trading at Rs 998 in the grey market, reflecting an 10.89% premium over the IPO cap price of  Rs 900. This translates to a gain of  Rs 98 per share, signalling healthy investor demand and positive sentiment ahead of the official listing.

Objective of the IPO

The IPO proceeds will be strategically deployed across multiple initiatives. Around  Rs 264.90 crore will be used to repay borrowings of Fractal USA.  Rs 121.10 crore is earmarked for setting up new office premises, while  Rs 355.10 crore will fund R&D and sales under Fractal Alpha. Funds will also support laptop purchases and future organic growth initiatives.

Company Business

Founded in March 2000, Fractal Analytics is a global enterprise AI and analytics company focused on helping large organisations make smarter, data-driven decisions. With over two decades of experience, it combines deep technical capabilities with strong domain expertise to build scalable, real-world AI solutions for complex business challenges.

As of September 30, 2025, its operations are structured into two main segments. Fractal.ai delivers AI services and products through its Cogentiq platform, featuring low-code tools, governance, and built-in security. Fractal Alpha houses independent AI ventures targeting high-growth markets across industries and geographies.

The company benefits from leadership in a rapidly expanding AI market, long-standing relationships with global enterprises, and a founder-led vision. Its client roster includes Citi, Costco, Franklin Templeton, Mars, Mondelez, Nestle, Philips, and Nationwide, reflecting strong credibility and trust among leading multinational corporations.

Promoter Holding

Promoter holding stands at 18.19%, indicating a relatively moderate ownership stake in the company. This level of shareholding suggests that while promoters retain meaningful skin in the game, a significant portion of equity is held by public and institutional investors, reflecting diversified ownership and broader market participation.

Financial Performance

The company’s financials show steady balance sheet expansion, with assets rising to  Rs 2,965.40 crore as of September 30, 2025, compared to  Rs 2,857.60 crore in March 2025. Net worth improved to  Rs 1,957.50 crore, supported by reserves of  Rs 1,937.10 crore. Total borrowing stood at  Rs 274.60 crore, indicating a relatively moderate leverage position.

On the profitability front, total income stood at  Rs 1,594.30 crore for the latest period, while profit after tax was  Rs 70.90 crore. EBITDA came in at  Rs 185.60 crore, translating to an EBITDA margin of 11.90%. Return on net worth was 3.6% and PAT margin at 4.50%, reflecting moderate earnings efficiency.

Lead Manager & Registrar

The IPO process is being managed by experienced intermediaries. MUFG Intime India Pvt. Ltd. has been appointed as the registrar, handling application processing and allotment-related activities. The issue is led by Kotak Mahindra Capital Co. Ltd. and Axis Capital Ltd., both well-established investment banks with a strong track record in managing public offerings.

Competitive Strengths

Operates as a strong player in a rapidly expanding global AI industry with significant long-term opportunity.

• Maintains deep, long-term relationships with leading global clients, ensuring a well-diversified and stable revenue base.
• Combines strong technical capabilities with domain and functional expertise to deliver integrated AI solutions.
• Has a consistent history of innovation and strategic investments aimed at creating tangible value for clients.
• Fosters a culture built on trust, transparency, and empowerment, encouraging talent development and ownership.
• Led by experienced founders and management focused on sustainable, long-term growth.

Risk Factor 

• Cyber threats or data breaches could harm operations, finances, and damage our reputation.
• We reported losses in Fiscal 2024 and earlier periods; future profitability is not guaranteed.
• Ongoing legal matters involving the company and directors may impact finances and reputation if unfavourable.
• Heavy revenue dependence on the U.S. market exposes us to geographic concentration and global operational risks.

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