On February 11, 2026, the initial public offering (IPO) of AI solutions provider Fractal Analytics concluded its three-day bidding process with an overall subscription of 2.66 times. While the issue saw a slow start on the first two days, a late surge from institutional investors ensured the ₹2,834-crore offering crossed the finish line successfully.
The subscription was primarily driven by the Qualified Institutional Buyers (QIB) category, which saw a late-hour rush to cover the undersubscription seen earlier in the week.
Final Subscription Breakdown
The final numbers reflect a stark contrast between institutional conviction and retail caution, likely due to the company’s steep valuation of over 100x P/E.
| Investor Category | Subscription (Times) |
| Qualified Institutional Buyers (QIBs) | 4.18x |
| Non-Institutional Investors (NIIs) | 1.06x |
| Retail Individual Investors (RIIs) | 1.03x |
| Employees | 0.61x (Undersubscribed) |
| Overall Subscription | 2.66x |
Key IPO Details & Post-Issue Timeline
With the bidding window closed, the focus has shifted to the allotment process and the stock’s debut on the exchanges.
- Issue Size: ₹2,834 crore (Resized from the initial ₹4,900 crore).
- Price Band: ₹857 – ₹900 per share.
- Allotment Date: Expected to be finalized today, February 12, 2026.
- Listing Date: Tentatively scheduled for February 16, 2026, on both the BSE and NSE.
- Registrar: MUFG Intime India Private Limited.
Grey Market Sentiment: A Tepid Outlook
Despite the full subscription, the Grey Market Premium (GMP) has slumped significantly during the bidding period.
- Current GMP: As of February 12, the shares are trading at a modest premium of ₹2 to ₹7, suggesting a flat-to-marginal listing gain (less than 1%).
- Historical Context: This is a sharp drop from the ₹180 premium seen in early February, indicating that investors are wary of the “AI bubble” and the high asking price relative to the company’s moderate profit margins.
Where will the Funds Go?
Fractal plans to utilize the ₹1,023.5 crore raised from the fresh issue for:
- Debt Repayment: For its US subsidiary, Fractal USA.
- Infrastructure: Purchasing laptops and setting up new high-tech offices in India.
- R&D & Marketing: Funding its “Fractal Alpha” incubator for standalone AI products.
- Acquisitions: Strategic inorganic growth through unidentified acquisitions.
