Fractal Analytics IPO
Market Sentiment
Market Lot Size
IPO Details
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Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 2,043.70 | 2,241.90 | 2,816.20 | 1,594.30 |
| Expense | 2,225.20 | 2,250.60 | 2,575.50 | 1,446.20 |
| Profit (PAT) | 194.40 | 54.70 | 220.60 | 70.90 |
| Total Assets | 2,248.70 | 2,392.00 | 2,857.60 | 2,965.40 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Tata Elxsi | 62.00 | 55.80 | 42,000 |
| Happiest Minds | 48.00 | 12.50 | 12,000 |
| Mphasis | 32.00 | 85.00 | 52,000 |
Promoters: Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 16,05,56,718 | 18.19% |
| Promoter Holding Post Issue | 17,19,28,940 | 55.00% |
Company Information
Founded in March 2000, Fractal Analytics is one of the leading global AI and analytics companies. It helps large businesses make smart decisions. For more than 20 years, it has been creating AI solutions by combining strong technical skills with in-depth knowledge of the business. Fractal business has been divided into 2 main parts: Fractal.ai, which offers AI services and products through its platform Cogentiq, and Fractal Alpha, which includes independent AI businesses to drive innovation across various industries. The company includes a total of 4500 employees across 17 offices worldwide as of early 2025. Strong leadership in the fast-growing AI market, long-term client partnerships, deep technical and domain expertise, a transparent work culture, and a solid record of innovation are some of the major strengths of the company.
| Purpose | Amount (Cr) |
|---|---|
| Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings | 264.90 |
| Purchase of laptops | 57.10 |
| Setting-up new office premises in India | 121.10 |
| Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha | 355.10 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes | - |
Resources & Documents
Fractal Analytics Ltd., Level 7, Commerz II,, International Business Park, Oberoi Garden City, Off W. E. Highway, Goregaon (E),, Mumbai, Maharashtra, 400063
Fractal Analytics has set a price band of Rs 857–Rs 900 per share for an issue size of Rs 2,834 crore in the ai & data analytics sector. The stock listed with a 2.67% discount versus its issue price on February 16, 2026.
Founded in March 2000, Fractal Analytics is one of the leading global AI and analytics companies. It helps large businesses make smart decisions. The company operates in the ai & data analytics space.
The issue is promoted by Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal with Kotak Mahindra Capital Co.Ltd., Axial Capital Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of… (Rs 265 crore) and Purchase of laptops (Rs 57 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand, down Rs 50 from the previous session. Final subscription data records overall subscription at 5.52x, retail at 4.09x, QIB at 5.95x, NII at 8.27x.
At the upper end of the price band, the issue is priced at a post-issue P/E of 83.33x — a premium to the industry average of 55.00x. On fundamentals, the company is posting revenue growth of 22.0%, a profit margin of 15.8%, return on equity of 20.5% in its most recent reported period. Listed peers in this segment include Mphasis (P/E 32.00x, market cap Rs 52,000 crore) and Tata Elxsi (P/E 62.00x, market cap Rs 42,000 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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