Fractal Analytics, an Indian enterprise artificial intelligence firm, has announced the price band for its initial public offering (IPO) at ₹857 to ₹900 per share. With this price range, the company is eyeing a valuation of approximately ₹14,450 crore ($1.60 billion).
The IPO is scheduled to open for retail investors on February 9, 2026, and will close on February 11, 2026. Anchor investors will have the opportunity to bid on February 6, 2026. The allotment for the IPO is expected to be finalized on February 12, 2026, and the shares are tentatively set to be listed on the BSE and NSE on February 16, 2026.
Fractal Analytics' IPO consists of a fresh issue of shares amounting to ₹1,023.5 crore and an offer for sale (OFS) component worth ₹1,810.4 crore, bringing the total issue size to ₹2,834 crore. The company intends to use part of the IPO proceeds to repay debt at its U.S. subsidiary, establish new offices in India, and invest in research and development, with a focus on generative artificial intelligence.
The IPO has reserved specific portions for different investor categories: * Not less than 75% of the shares are reserved for qualified institutional buyers (QIB). * Not more than 15% for non-institutional Institutional Investors (NII). * Not more than 10% of the offer is reserved for retail investors. * Shares worth ₹600 million have been reserved for employees.
Investors can bid for a minimum of 16 shares and in multiples of 16 shares thereafter.
Kotak Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs are serving as the Book Running Lead Managers for the offering, while MUFG Intime India Pvt. Ltd. will act as the registrar.
Founded in 2000, Fractal Analytics provides AI and analytics solutions to a number of the world's largest technology and consumer firms, including Microsoft, Apple, Nvidia, Alphabet, and Tesla. The company has over 5,000 employees across 18 global locations, including the USA, Canada, UK, Netherlands, Ukraine, India, Singapore, South Africa, UAE, and Australia.
In preparation for its IPO, Fractal Analytics has been actively expanding its capabilities in generative AI, with offerings like Fractal GPT, Flyfish, and Arya, and Kalaido.ai.
The company's revenue for the fiscal year ended March 2024 (FY24) was Rs 2,196 crore, with a loss of Rs 54.7 crore. However, by March 2025, the company's total income was ₹2,816.20 crore and a profit of ₹220.6 crore.
The upcoming IPO is viewed as a significant milestone for Fractal Analytics, positioning it as the country's first pure-play AI-focused listed firm.