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Fractal Analytics IPO Last Day: GMP Falls; Should You Apply? Price, Lot Size, Recommendations
Fractal Analytics IPO Last Day: GMP Falls; Should You Apply? Price, Lot Size, Recommendations
Fractal Analytics IPO: The initial public offering (IPO) of Fractal Analytics Ltd is witnessing its last day of bidding today, February 11. The Rs 2,833.9-crore IPO, whose price band has been fixed in the range of Rs 857 to Rs 900 apiece, will be closed at 5 pm on February 11. Till 10:30 am on the final day of bidding on Wednesday, the IPO has got a muted 0.23x subscription, receiving bids for 41,21,808 shares as against 1,76,18,278 shares on offer.
Its retail category has got a 0.72x subscription so far, while its non-institutional investor (NII) quota got a 0.33x subscription. The qualified institutional buyers (QIB) category got 0.03x subscription.
Fractal Analytics IPO GMP Today
According to market observers, unlisted shares of Fractal Analytics Ltd were trading at Rs 907 apiece in the grey market, which is a 0.78 per cent premium over the upper IPO price of Rs 900. It indicates a subdued listing. Its listing will take place on February 16, Monday.
The GMP had stood at 1.44% on the first day of the IPO on Monday and 0.89% on the second day.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Fractal Analytics IPO: What Should Investors Do? Here's What Brokerages Say
ICICI Direct in its report said, “Fractal is building a comprehensive suite of AI solutions and products. However, when we benchmark its AI investments vs. peers on objective parameters such as R&D intensity, capex intensity, patent filings and AI revenue, Fractal ranks similar to its IT services peers, and lower vs. global AI and platform peers. Its revenue per employee and cost per employee metrics are also similar to its pure-play data analytics peer, LatentView Analytics, suggesting the underlying service and solutions portfolio is similar."
Fractal has a comprehensive suite of AI solutions, including its enterprise agentic AI platform, Cogentiq, and AI products – Asper.ai, Kalaido.ai, Vaidya.ai and Qure.ai. The company began its foray into AI and IP creation as early as 2012 and accelerated new AI product development 2023 onwards. The company serves clients across CPGR, TMT, healthcare and life sciences (HLS), BFSI, and other industries.
Giving a ‘subscribe' rating to the IPO, BP Wealth in its note said, “Fractal Analytics Limited (FAL), founded in 2000, is a globally recognised enterprise artificial intelligence company that partners with large global enterprises to deliver data-driven insights and enable better decision-making through end-to-end AI solutions. The company offers its full suite of AI capabilities across two segments. Firstly, Fractal.ai comprises AI services and products, primarily hosted on Cogentiq, its flagship agentic AI platform, which enables enterprises to accelerate product development and upgrades through a prebuilt suite of agents, tools, and connectors, supported by low-code capabilities and robust security, governance, auditability, and interoperability features. The second segment, Fractal Alpha, houses the company's AI businesses."
The company is well-positioned to capitalise on strong structural tailwinds in the global data, analytics, and AI (DAAI) market, which is witnessing rapid adoption as enterprises increasingly embed AI into core decision-making and operational processes, it added.
“At the upper end of the price band of Rs. 900 per share, the company is trading at a P/E of 110.0x based on its FY26 annualized earnings. Given the company's positioning within a rapidly expanding AI market and its improving profitability profile, we recommend a ‘Subscribe' rating to the issue from a medium-to long-term perspective," it added.
Another brokerage firm Ventura also gave its ‘subscribe' rating to the IPO. It said, “Fractal's growth is driven by increasing enterprise adoption of AI-led decision intelligence and expanding deployment of generative AI solutions across client use cases. However, execution risks, evolving technology cycles, and competitive pressures in the global AI and analytics services market remain key considerations. Overall, Fractal Analytics is positioned as a scaled enterprise AI platform with diversified industry exposure, strong revenue momentum, and improving profitability metrics."
Financials
Fractal's profitability improved materially in FY25. EBITDA increased to Rs 398 crore, with an EBITDA margin of 14.4%, compared to Rs 97.2 crore and 4.4% in FY24. Adjusted EBITDA stood at Rs 482.1 crore, with an adjusted EBITDA margin of 17.4%. Profit after tax (PAT) for FY25 was Rs 220.6 crore, compared to a loss of Rs 54.7 crore in FY24, with a PAT margin of 8.0%, while adjusted PAT stood at Rs 347.8 crore, translating into an adjusted PAT margin of 12.6%.
Fractal Analytics Mobilises Rs 1,248 Crore From Anchor Investors
Artificial intelligence (AI) solutions provider Fractal Analytics on Friday garnered Rs 1,248.26 crore from anchor investors, days before the opening of its initial public offering (IPO). The anchor book saw broad-based participation from a mix of leading domestic and global institutional investors, reflecting robust demand for the issue.
Fractal Analytics IPO: More Details
Fractal has scaled down the size of its IPO from the Rs 4,900 crore it had initially proposed.
The revised offer comprises a fresh issue of equity shares worth up to Rs 1,023.5 crore and an offer for sale (OFS) of Rs 1,810.4 crore, taking the total issue size to Rs 2,833.9 crore.
In its draft papers filed in August, the company had planned to raise Rs 4,900 crore through the public issue.
Those selling shares in the OFS include Quinag Bidco Ltd, TPG Fett Holdings Pte. Ltd, Satya Kumari Remala Rao, Venkateswara Remala and GLM Family Trust.
Fractal plans to use the proceeds from fresh issue to invest in its subsidiary, Fractal USA, for pre-payment or repayment of its borrowings; buy laptops; set up new offices in India; invest in research and development; support sales and marketing under Fractal Alpha; fund acquisitions and other strategic initiatives; and for general corporate purposes.
According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per for non-institutional investors and the remaining 10 per cent for retail investors.
Fractal, which was co-founded by Srikanth Velamakanni and Pranay Agrawal in 2000, supports large global enterprises across multiple industry verticals and business functions with data-driven insights and assists in decision-making through end-to-end AI solutions.
Backed by marquee investors like TPG, Apax, Gaja, Fractal is a leading pure play data and artificial intelligence company and has domain expertise spanning across consumer packaged goods & retail; technology, media and telecom; healthcare and life sciences and banking, financial services and insurance.
As per its industry report, it is uniquely placed among other industry players with active investments in expanding its AI and Gen AI software portfolio and R&D activities.
As on March 31, 2025, the firm served global companies which include Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Axis Capital and Goldman Sachs (India) Securities have been appointed by Fractal to manage its maiden public issue.
Source: News18
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