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AI solutions provider Fractal Analytics’s IPO booked nearly 2.66 times at the time of bid closure on the final day. While the overall demand doesn’t appear strong, bids from Qualified Institutional Buyers (QIBs) witnessed over 4X oversubscription.
According to exchange data, QIBs subscribed 4.18X, followed by Non-Institutional Investors (NIIs) at 1.06 times. The retail investor quota saw muted demand, with subscriptions reaching only 1.03X.
Importantly, employee quota saw meagre subscription at 0.6X.
Fractal's initial public offering was open for subscription from February 9 and 11, with a price band of Rs 857-900 per share and a minimum investment requirement of Rs 13,712.
As per the RHP, Fractal has trimmed its issue size by 42% to Rs 2,834 crore, compared to the Rs 4,900 crore IPO proposed in its draft red herring prospectus (DRHP) last year.
The revised IPO will include a fresh issue of shares worth Rs 1,023.5 crore and an offer for sale (OFS) of Rs 1,810.4 crore by existing shareholders. The company plans to use the fresh issue proceeds to support inorganic growth, invest in subsidiaries, and meet working capital needs.
Ahead of its IPO opening for subscription, Fractal raised Rs 1,248 crore from anchor investors. The anchor book saw participation from a mix of leading domestic mutual funds and global institutional investors, including SBI Small Cap Fund, LIC, Morgan Stanley, and Goldman Sachs.
Founded in 2000, Fractal provides artificial intelligence and advanced analytics solutions to global enterprises across sectors such as consumer goods, retail, healthcare, technology and financial services. The company derives a majority of its revenue from the US.
On the financial side, Fractal reported consolidated revenue of Rs 2,765 crore in FY25 from Rs 2,196 crore in FY24. Its net profit stood at Rs 220.6 crore in FY25, compared to a loss of Rs 54.7 crore in FY24. For the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.