Fractal Analytics IPO Lists At Discount On NSE

Fractal Analytics Ltd. made a disappointing debut on the stock market on Monday, listing at a discount of 3% to its IPO price. The stock opened at Rs 876 on the NSE and Rs 900 on the BSE. The issue price was Rs 900. The initial public offering was oversubscribed 2.7 times last week. The IPO received bids for 4,94,79,888 shares against 1,85,79,360 shares on offer. The Fractal Analytics IPO was a book-building issue of Rs 2,833.90 crore. It comprised a fresh issue of 1.14 crore shares, worth Rs 1,023.50 crore, and an offer-for-sale (OFS) of 2.01 crore shares, aggregating to Rs 1,810.4 crore. The company has proposed to use proceeds from the IPO to invest in one of its subsidiaries for pre-payment or repayment of its borrowings, buying laptops, setting up new office premises, research and development, sales and marketing under Fractal Alpha, inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes. Fractal Analytics is an analytics and artificial intelligence company that serves industries such as consumer packaged goods, insurance, retail, healthcare and life sciences. ALSO READ: BSE Shares Plunge Nearly 10% Following RBI's New Cash-First Brokerage Norms