Fractal Analytics IPO: Check day 3 bidding on last day as GMP crashes sharply

The initial public offering (IPO) of Fractal Analytics continued to see a muted bidding from the investors on the third and final day of the bidding process but managed to sail through, thanks to institutional bidding. The issue was overall booked only 5 per cent on the first day of the bidding and ended day two with nearly 10 per cent subscription. Fractal Analytics is selling its shares in the price band of Rs 857-900 apiece. Investors can apply for a minimum of 16 shares and its multiples thereafter. It is looking to raise Rs 2,834 crore via IPO, which includes a fresh share sale of Rs 1,023 crore and an offer-for-sale (OFS) of up to 2,01,15,555 equity shares worth Rs 1,810 crore. According to the data, the investors made bids for 4,63,10,400 equity shares, or 2.49 times, compared to the 1,85,79,360 equity shares offered for the subscription by 3.15 pm on Wednesday, February 11, 2026. The bidding for the issue, which began on Monday, February 09, shall conclude today. The portion reserved for qualified institutional bidders (QIBs) was booked nearly 3.98 times. The allocation for retail investors was subscribed 90 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 96 per cent. Employees quota was booked 53 per cent as of the same time. Established in March 2000, Mumbai-based Fractal Analytics is a global enterprise AI and analytics firm that supports major companies in making more intelligent decisions. With over two decades of experience, the company crafts AI solutions by blending its deep technical know-how with domain and functional expertise. Fractal Analytics has demonstrated significant scaling and profitability by leveraging a high-growth AI and analytics model, underpinned by robust revenue retention and a growing base of high-value global clients. Its turnaround is supported by a deepening presence in the enterprise market, said Lakshmishree Investments & Securities. "While the emergence of AGI poses a long-term disruptive risk to traditional AI business models, Fractal’s dominant position in the analytics niche suggest a strong competitive strength and deep-rooted client trust. As it capitalizes on the global demand for enterprise-grade AI, its ability to maintain high margins and operational leverage, We recommend a ‘subscribe’ for long-term," it added. Ahead of its IPO, Fractal Analytics raised Rs 1,248.25 crore from 52 anchor investors as it allocated 1,38,69,499 equity shares at Rs 900 apeice. It reported a net profit at Rs 70.90 crore with a revenue of Rs 1,594.30 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 220.60 crore with a revenue of Rs 2,816.20 crore for the financial year 2024-25. Fractal Analytics has reserved 75 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have only 10 per cent of shares allocated towards them. At the current valuations, Fractal Analytics shall command a market capitalization close to Rs 15,475 crore. "We recommend subscribing to the issue with a long-term investment horizon, as sustained execution on its IP- and platform-led strategy, deepening penetration within must-win clients, and powerful GenAI-led industry tailwinds could translate into meaningful value creation over time," said SMIFS. Last heard, Fractal Analytics was commanding a grey market premium (GMP) of Rs 2-3, suggesting a flat listing for investors. Kotak Mahindra Capital Company and Axis Capital are the book running lead managers for the IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Monday, February 16.