Fractal Analytics IPO: GMP slips as Day 1 bidding starts; check subscription status, price band and key details
- 9th February 2026
- 03:30 PM
- 3 min read
Summary
Fractal Analytics’ IPO opened for subscription on Monday, with grey market signals showing a premium of about ₹17 over the issue price. The company raised ₹1,248.26 crore from anchor investors ahead of the launch, while subscription levels remained muted in early Day-1 trade.Mumbai | February 9
Fractal Analytics Ltd. entered the primary market on Monday as its initial public offering opened for bidding. The issue, which will remain open until February 11, 2026, marks the company’s first appearance on Indian stock exchanges.
The analytics and artificial intelligence-led firm have set a price band of ₹857 to ₹900 per share and plans to raise ₹2,834 crore through the public issue.
Grey market premium today
As of 2 pm, Fractal Analytics shares were trading at a premium of around ₹17 in the grey market, according to market participants. At the upper end of the price band of ₹900, this implies a potential listing premium of about 1.9%, suggesting a tentative opening around ₹917, if current sentiment holds.
Note: GMP is an unofficial indicator and should not be considered a guarantee of listing performance.
Subscription remains muted on Day 1
As of 2:15 pm on Day 1, the Fractal Analytics IPO was subscribed 7% overall, according to NSE data.
Subscription snapshot
–Retail Individual Investors (RIIs): 27%
–Non-Institutional Investors (NIIs): 5%
–Employees: 11%
–Qualified Institutional Buyers (QIBs): No bids yet
Anchor investor participation
Ahead of the IPO, Fractal Analytics raised ₹1,248.26 crore from 52 anchor investors, providing early institutional backing to the issue.
The anchor book included domestic mutual funds and insurers such as SBI Mutual Fund, ICICI Prudential Mutual Fund, UTI Mutual Fund, Motilal Oswal Mutual Fund, LIC, HDFC Life Insurance Company, Bharti AXA Life Insurance Company, and SBI Life Insurance Company.
Global institutional investors also participated, including Morgan Stanley Investment Funds, Jupiter Global Fund, Goldman Sachs Bank Europe, Societe Generale through ODI structures, Ashoka WhiteOak Emerging Markets Funds, and Flumen Investment Trust.
Fractal Analytics IPO: 10 Key Things to Know Before the Offer Opens
Issue structure and key details
The IPO follows a book-building route, with a lot size of 16 shares. Retail investors can apply for a minimum of one lot and in multiples thereafter.
The company plans to raise ₹1,023 crore through the fresh issue of shares, while ₹1,810 crore will be raised via an offer for sale by existing shareholders.
The tentative allotment date is February 12, with shares likely to be credited to demat accounts on February 13. The stock is expected to list on the exchanges on February 16, subject to final approvals.
Valuation
At the upper price band of ₹900, Fractal Analytics is valued at close to 79 times its FY25 earnings on a post-issue basis. The company operates in a niche segment that blends AI-led services with decision intelligence platforms and internally developed software products.
With no directly comparable listed peer in India, valuation assessments rely largely on growth visibility and execution consistency. The pricing reflects expectations of continued demand for enterprise analytics and AI solutions, particularly from global clients.
At the same time, investors are likely to track margins, employee costs and scalability closely, given the talent-intensive nature of the business.
What markets will track next
The pace of institutional participation over the remaining days of the issue will be a key indicator of demand. Broader market sentiment, especially around technology stocks, could also influence subscription trends.
For now, listing expectations remain modest, in line with grey market cues.
For updates on IPO openings, listings and upcoming issues, visit our IPO section.
