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The Indian primary market is buzzing as Fractal Analytics, the country’s first pure-play artificial intelligence and decision sciences firm, enters the final stretch of its ₹2,834 crore Initial Public Offering (IPO). As the subscription window closes today, February 11, 2026, institutional and retail investors are weighing the company’s massive global footprint against a cooling grey market premium.
For a sector often clouded by hype, Fractal brings a seasoned 25-year track record. But with the Fractal Analytics IPO GMP showing signs of volatility, the big question for the Business Outreach community is: Does this AI pioneer offer long-term value, or is the valuation a bridge too far?
The Fractal Analytics IPO Breakdown: Key Figures
Before diving into the strategy, let’s look at the hard numbers driving this market debut:
- Total Issue Size: ₹2,833.90 Crore
- Price Band: ₹857 to ₹900 per share
- Lot Size: 16 Shares (Minimum investment of ₹14,400)
- Listing Date: Tentatively scheduled for February 16, 2026, on BSE and NSE.
- Fresh Issue vs. OFS: The IPO includes a fresh equity issue of ₹1,023.5 crore and an Offer for Sale (OFS) of ₹1,810.4 crore.
Why Everyone is Talking About the ‘Decision Intelligence’ Leader
Unlike many startups that chase trends, Fractal Analytics has spent decades perfecting “Decision Intelligence.” By blending AI with design thinking and behavioural science, they don’t just provide data; they provide answers.
The company boasts a “who’s who” of global clients, including Google, Microsoft, and P&G. With over 65% of its revenue flowing from the United States, Fractal is essentially a global tech player listed in India. This geographic diversification makes the Fractal Analytics share price a proxy for global AI spending.
Current Subscription Status: A Tale of Two Tiers
As of Day 3, the response has been a mix of caution and calculated interest. While the retail subscription status has shown steady momentum, institutional players (QIBs) typically wait until the final hours to place their bets.
Early reports suggest a subscription rate of approximately 23% by mid-day on the final day, with retail investors leading the charge. This “wait-and-watch” approach by big-ticket investors is likely tied to the cooling Grey Market Premium (GMP), which currently stands at a modest ₹7, suggesting a flat-to-marginal listing gain.
Where is the Money Going?
Investors often worry that IPO proceeds will exit through the pockets of founders. However, Fractal has a clear roadmap for its fresh issue of ₹1,023.5 crore:
- Debt Reduction: Repaying borrowings for its US subsidiary.
- Infrastructure: Setting up new, high-tech office spaces in India.
- R&D & Marketing: Fueling Fractal Alpha, their specialised unit for high-growth AI products.
- Hardware: A significant chunk is earmarked for upgrading tech infrastructure, including high-end laptops for their 4,500+ global workforce.
Should You Subscribe? The Analyst’s Take
Most market analysts have tagged the Fractal Analytics IPO as a “Subscribe for Long-Term.” At the upper price band of ₹900, the company is valued at a P/E multiple of roughly 79x (FY25 earnings).
- The Bull Case: As the first pure-play AI listing in India, Fractal enjoys a “scarcity premium.” Its turnaround from a loss in FY24 to a profit of ₹220 crore in FY25 signals that the business is scaling efficiently.
- The Bear Case: High client concentration (relying on a few big names) and the rapid evolution of Generative AI pose risks. If a major client pulls back, the impact on the bottom line could be sharp.
How to Check Fractal Analytics IPO Allotment Status
If you have already placed your bid, the Fractal Analytics IPO allotment date is expected to be February 12, 2026. You can check your status on the registrar’s portal, MUFG Intime India, or via the NSE/BSE websites.
Final Word for Investors
Fractal Analytics is not just another tech IPO; it’s a litmus test for the appetite for AI in the Indian markets. While the GMP might not promise a “double-your-money” listing day, the company’s fundamental strength suggests it could be a cornerstone holding for those betting on the future of enterprise intelligence.
