Fractal Analytics IPO Details Issue Price, GMP Rates, Lot Size Allotment Details

Fractal Analytics IPO: India’s First AI Unicorn Goes Public

A Comprehensive Analysis of the ₹2,834 Crore Public Issue

Fractal Analytics Limited, India’s pioneering artificial intelligence unicorn, is set to make history as it prepares for its Initial Public Offering (IPO) on February 9, 2026. This landmark event marks the first pure-play AI company to go public in India, offering investors a unique opportunity to participate in the rapidly growing AI and analytics sector.

Founded in 2000 by IIM Ahmedabad alumni Srikanth Velamakanni and Pranay Agrawal, Fractal has evolved from a data analytics startup to a global AI powerhouse serving Fortune 500 companies across multiple continents. With backing from marquee investors like TPG, Apax Partners, and Gaja Capital, the company has demonstrated remarkable growth and resilience in the competitive AI landscape.

Fractal Analytics IPO Key Details 2026 at a Glance

Issue Structure and Reservation of Fractal Analytics IPO 2026

Offer for Sale: Selling Shareholders

The Offer for Sale (OFS) component of ₹1,810.40 crore comprises shares being sold by existing institutional and individual shareholders:

Objects of the Issue: Use of Proceeds of  Fractal Analytics IPO

The net proceeds from the fresh issue of ₹1,023.50 crore will be utilized for the following purposes as per the Red Herring Prospectus (RHP):

Book Running Lead Managers and Registrar

Book Running Lead Managers:

1. Kotak Mahindra Capital Company Limited
2. Axis Capital Limited
3. Morgan Stanley India Company Private Limited
4. Goldman Sachs (India) Securities Private Limited

Registrar to the Issue:

MUFG Intime India Private Limited

Company Overview

Fractal Analytics Limited was founded in March 2000 by a visionary group of IIM Ahmedabad alumni and has since transformed into a global leader in enterprise artificial intelligence and analytics. The company operates at the strategic intersection of data, analytics, and artificial intelligence, empowering Fortune 500 companies and large global enterprises to make data-driven decisions across critical business functions.

Read More About Fractal Analytics Products & Services.

Promoters and Leadership

The company is promoted by:

• Srikanth Velamakanni
• Pranay Agrawal
• Chetana Kumar
• Narendra Kumar Agrawal
• Rupa Krishnan Agrawal

Business Segments

Fractal.ai: This flagship segment delivers comprehensive AI services and products primarily through its proprietary agentic AI platform, Cogentiq. The platform offers enterprise-grade solutions including customer analytics, operational analytics, product development analytics, sustainability-focused analytics, and advanced decision support systems. Cogentiq is designed to simplify AI product development with integrated tools, robust governance frameworks, low-code capabilities, and enterprise-level security.

Fractal Alpha: This segment comprises independent, product-led AI businesses that operate under separate management structures. These entities focus on growth markets and are managed autonomously to drive innovation across diverse industries and geographies. The Fractal Alpha portfolio includes subscription-based and licensable AI solutions tailored to specific market needs.

Global Presence and Client Base

Fractal Analytics maintains a strong global footprint with offices across multiple countries including the United States, United Kingdom, India, Canada, Australia, United Arab Emirates, Singapore, and Ukraine. The company serves 113 “Must Win Clients” (MWCs) including renowned global enterprises such as Citibank, Nestlé, Mars, Philips, Costco, Franklin Templeton, Mondelez, and Nationwide. The company’s top 10 clients have maintained relationships averaging over eight years, contributing approximately 53.8% of Fractal.ai’s revenue in FY25.

Industry Focus

Fractal’s expertise spans across five key industry verticals:

• Consumer Packaged Goods and Retail (CPGR)
• Technology, Media, and Telecom (TMT)
• Healthcare and Life Sciences (HLS)
• Banking, Financial Services, and Insurance (BFSI)
• Manufacturing and Industrial

Financial Performance Analysis

Fractal Analytics has demonstrated remarkable financial transformation and consistent growth trajectory, particularly in recent fiscal years. The company’s turnaround from losses to profitability showcases its operational efficiency and market positioning.

Key Financial Highlights

Revenue Growth: Fractal demonstrated a robust 25.9% year-on-year revenue growth from FY24 to FY25, increasing from ₹2,196.30 crore to ₹2,765.40 crore. This growth rate exceeds the overall global Data, Analytics, and AI (DAAI) market growth of 11.0% during the same period, highlighting the company’s competitive positioning.

Profitability Turnaround: The company achieved a remarkable 503% improvement in Profit After Tax (PAT), swinging from a loss of ₹54.70 crore in FY24 to a profit of ₹220.60 crore in FY25. This dramatic turnaround demonstrates improved operational efficiency, cost optimization, and business model maturity.

Research & Development Investment: As of FY25, Fractal invested ₹143.6 crore in research and development, representing approximately 5.2% of its revenue. The company holds 28 registered patents and has 38 patent applications pending, demonstrating its commitment to innovation in AI technologies.

Market Opportunity and Growth Potential

Fractal Analytics operates in the rapidly expanding global Data, Analytics, and Artificial Intelligence (DAAI) market. According to third-party industry estimates referenced in the company’s DRHP, the global third-party DAAI market was valued at approximately $143 billion in FY25 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 16.7% to reach approximately $310 billion by FY30.

The company has consistently outperformed the market, recording revenue growth at 18.0% between FY23 and FY25, compared to the overall global DAAI market growth of 11.0% during the same period. This superior growth trajectory positions Fractal as a market leader capable of capturing increasing market share in the AI transformation wave sweeping across industries.

Competitive Strengths

1. Leadership in High-Growth AI Market

Fractal operates as an end-to-end provider across the entire DAAI value chain, positioning itself strategically within one of the fastest-growing technology sectors globally. The company’s comprehensive AI solutions span from data engineering to advanced analytics and deployment.

2. Blue-Chip Client Portfolio

The company maintains long-standing relationships with marquee global clients across multiple industries. As of FY25, Fractal works with numerous top-20 companies by revenue within its focus sectors. The top 10 clients have maintained relationships averaging over eight years, demonstrating high client satisfaction and retention.

3. Deep Technical and Domain Expertise

With over 25 years of operational history, Fractal has developed integrated technical, domain, and functional expertise. The company combines AI, engineering, and design capabilities with industry-specific knowledge, enabling it to deliver tailored solutions across multiple enterprise functions including sales, marketing, supply chain, and finance.

4. Innovation and Proprietary Technology

Fractal has developed proprietary AI platforms including foundation models such as Kalaido.ai, Vaidya.ai, and Fathom-R1-14B. The company maintains a strong intellectual property portfolio with 28 registered patents and 41 pending applications, alongside initiatives like Project Ramanujan that contribute to AI research advancement.

5. Talent and Culture

The company has received “Great Place to Work” certification across seven countries and maintains a Net Promoter Score (NPS) of 77, indicating high client satisfaction. Fractal’s employee-centric culture has enabled it to attract and retain top-tier data scientists, AI engineers, and domain experts.

Key Risk Factors

Client Concentration Risk

The company’s top 10 clients contributed 53.8% of Fractal.ai’s revenue in FY25, presenting significant concentration risk. Any failure to retain, renew, or grow relationships with these key clients could materially impact business performance and financial results.

Industry Concentration

Fractal derives substantial revenue from limited focus industries, particularly Consumer Packaged Goods and Retail (CPGR). Economic downturns or industry-specific challenges in these sectors could adversely affect the company’s revenue streams.

Intense Competition

The AI and analytics sector faces intense competition from global consulting firms, technology giants, and specialized AI companies. Competitive pressures could impact pricing, market share, and profit margins.

Technology Evolution

The rapid evolution of AI technology requires continuous investment in research and development. Failure to keep pace with technological advancements could render current solutions obsolete and impact competitive positioning.

Outstanding Debt

As of November 30, 2025, the company had outstanding financial indebtedness of ₹279.6 crore. While part of the IPO proceeds will be used for debt repayment, failure to service remaining obligations could impact operations and financial health.

Grey Market Premium (GMP) of Fractal Analutics IPO

As of the publication of this analysis, the Grey Market Premium (GMP) for Fractal Analytics IPO is in declined mode as compare to previous day. Currently on 5th Feb its trending on 1005 previously it was on 1080 INR. But still its 11% profit or listing gain might be possible. The GMP typically becomes active once the price band is announced and investors begin unofficial trading of IPO applications in the grey market.

Important Note: Grey market premiums are unofficial indicators and should not be the sole basis for investment decisions. Investors should carefully evaluate the company’s fundamentals, financial performance, and market conditions before making investment decisions.

Investment Considerations

Positive Factors

• First pure-play AI company IPO in India, offering unique market exposure
• Strong revenue growth of 25.9% YoY and dramatic profitability improvement
• Blue-chip client base with long-term relationships (8+ years average)
• Operates in high-growth global DAAI market ($143B to $310B by FY30)
• Backed by marquee investors (TPG, Apax Partners, Gaja Capital)
• Strong intellectual property portfolio (28 patents, 41 applications)
• Recognized industry leader by Everest Group and Forrester
• Outperforming market growth (18% vs. 11% market CAGR)

Risk Factors to Consider

• High client concentration risk (53.8% from top 10 clients)
• Industry concentration in CPGR sector
• Intense competition from global consulting firms and tech giants
• Rapid technology evolution requiring continuous R&D investment
• Outstanding debt of ₹279.6 crore as of November 2025
• Pricing not yet announced; valuation assessment pending

How to Apply for Fractal Analytics IPO

Investors can apply for the Fractal Analytics IPO through multiple channels:

1. UPI (Unified Payments Interface)

Apply through your stock broker’s platform using UPI. This is the recommended method for retail investors as it provides instant payment blocking and quick application processing.

2. ASBA (Application Supported by Blocked Amount)

Apply through your bank’s net banking facility. The application amount will be blocked in your bank account until allotment or refund.

3. Through Brokers

Major discount brokers like Zerodha, Upstox, Groww, Angel One, and full-service brokers like HDFC Securities, ICICI Direct, and Kotak Securities offer IPO application facilities through their platforms.

Chek Comprasion of Upstox Vs Groww Vs Kite

Fractal Analytics IPO Timeline and Important Dates

Conclusion

The Fractal Analytics IPO represents a landmark moment for India’s capital markets as the first pure-play AI unicorn to go public. With a reduced but still substantial issue size of ₹2,834 crore, the company offers investors exposure to the high-growth artificial intelligence and analytics sector through a well-established player with strong fundamentals.

The company’s impressive financial turnaround, strong revenue growth trajectory, blue-chip client base, and positioning in a rapidly expanding global market make it an attractive investment proposition. However, investors must carefully weigh these positives against concentration risks, competitive pressures, and the yet-to-be-announced pricing before making investment decisions.

As with all IPO investments, potential investors should thoroughly review the Red Herring Prospectus (RHP) available on the SEBI website and consult with financial advisors to assess suitability based on their individual risk appetite, investment horizon, and portfolio objectives.

Disclaimer

This blog post is for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold securities. Investment in IPOs involves substantial risk, including the risk of loss of entire principal. The information contained herein has been compiled from publicly available sources including SEBI filings, company disclosures, and media reports believed to be reliable, but no representation or warranty is made regarding its accuracy or completeness.

Past performance is not indicative of future results. The price band, lot size, and other final terms are subject to announcement by the company and its book-running lead managers. Investors are strongly advised to carefully read the Red Herring Prospectus and all related documents before making any investment decision and consult with qualified financial advisors, tax consultants, and legal advisors as appropriate.

The author and publisher are not registered investment advisors and do not provide personalized investment advice. All investment decisions should be made based on individual circumstances, financial situation, and investment objectives after careful consideration of risks.

Information is current as of February 3, 2026, and is subject to change.

Important Contact Information

Registrar: MUFG Intime India Private Limited

Phone: +91-22-4918 6270

Company Website: https://fractal.ai