In a landmark move for the Indian deep-tech ecosystem, Fractal Analytics officially announced on February 4, 2026, that its Initial Public Offering (IPO) will open for subscription on Monday, February 9, 2026.
As India’s first “pure-play” enterprise AI company to hit the public markets, Fractal has significantly recalibrated its offering, scaling down the issue size by 42% from its original plan to reflect current market valuations.
1. IPO Timeline & Structure
The IPO is a book-built issue totaling ₹2,833.9 crore, a strategic downsize from the ₹4,900 crore originally proposed in its draft papers.
| Event | Date |
| Anchor Bidding | Friday, February 6, 2026 |
| IPO Opens | Monday, February 9, 2026 |
| IPO Closes | Wednesday, February 11, 2026 |
| Basis of Allotment | Thursday, February 12, 2026 |
| Tentative Listing (NSE/BSE) | Monday, February 16, 2026 |
- Price Band: Fixed at ₹857 to ₹900 per equity share.
- Lot Size: Minimum of 16 shares (approx. ₹14,400 at the upper band).
- Composition: A fresh issue of ₹1,023.5 crore and an Offer for Sale (OFS) of ₹1,810.4 crore by existing shareholders. Notably, the promoters are not selling any shares in this offer.
2. Financial Turnaround & Revenue Profile
Fractal enters the market following a strong “bounce-back” year, transitioning from a loss-making entity to a profitable AI powerhouse.
- Revenue Growth: FY25 revenue hit ₹2,765 crore, a 26% surge driven by high demand for its agentic AI platform, Cogentiq.
- Profitability: The company swung from a net loss of ₹54.7 crore in FY24 to a ₹220.6 crore profit in FY25.
- Client Concentration: Serves Fortune 500 giants including Google, Microsoft, Apple, and Nvidia. Approximately 66% of its revenue is sourced from the Americas.
3. The “Valuation Realism” Adjustment
The decision to cut the IPO size by over 40% reflects a cautious approach by lead investors like TPG and Apax Partners.
- Lowered Ask: While pre-IPO deals valued Fractal at ~$2.44 billion, the current IPO price band values the firm at approximately ₹15,500 crore ($1.85 billion).
- Exit Scaling: TPG reportedly slashed its stake sale by 78% (from ₹2,000 crore to ₹450 crore), choosing to retain more equity rather than sell at what they consider a “suboptimal” valuation.
4. Use of Proceeds
The fresh capital of ₹1,023.5 crore is earmarked for scaling the company’s global footprint:
- Debt Repayment: ₹265 crore for its US subsidiary, Fractal USA.
- Innovation: ₹355 crore for R&D and sales in Fractal Alpha (the company’s business incubator).
- Infrastructure: ₹121 crore for new Indian offices and ₹57 crore for employee hardware (laptops).
Conclusion: A Bellwether for Deep-Tech
The Fractal Analytics IPO is the most anticipated tech listing of early 2026. By pricing the issue more conservatively, the company is aiming for a “successful listing pop” rather than a stalled debut. If the market receives this “pure-play AI” story well, it could open the floodgates for other Indian AI unicorns like Ola Krutrim or Sarvam AI to consider the public route later this year.
