Fractal Analytics shares list at 3% discount to IPO price on bourses

Shares of Fractal Analytics, which recently closed its Rs 2,840 crore mainboard IPO, delivered a subdued debut on D-Street on Monday. The stock opened at Rs 876 on the NSE, a 2.6% discount to the IPO price, while on the BSE it listed flat at Rs 900.

The debut was largely in line with grey market indications, which had pointed to a weak listing. The stock was quoting at a negative grey market premium (GMP), signalling that shares were expected to list below the issue price of Rs 900 in the unofficial market.

While GMP is not an official indicator, it often reflects near-term listing expectations. A negative premium suggests the stock could list at a discount, although final performance will depend on broader market conditions and institutional support on debut.


The IPO, which opened from February 9 to February 11, was subscribed 2.81 times overall. Qualified institutional buyers (QIBs) showed strong interest, subscribing their portion 4.41 times. However, retail participation was muted at 1.1 times, while the non-institutional investor (NII) category was subscribed 1.11 times. The employee quota saw a subscription of 0.65 times.

The issue comprised a fresh issue of Rs 1,029.76 crore and an offer for sale (OFS) of Rs 1,810.4 crore by existing shareholders. Ahead of the IPO, the company raised Rs 1,248.25 crore from anchor investors.

At the issue price of Rs 900, Fractal Analytics commands a pre-listing market cap of around Rs 15,474 crore. On a post-issue basis, the stock is valued at over 100 times FY25 earnings, reflecting premium pricing compared to traditional IT services peers.

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Business profile and financials

Fractal Analytics is positioned as a global enterprise AI and analytics firm. It operates through two main segments -- Fractal.ai, which provides AI services and products through its agentic AI platform Cogentiq, and Fractal Alpha, which houses standalone AI-focused businesses targeting high-growth markets.

The company serves marquee global clients including Citibank, Costco, Mondelez, Nestle and Philips.

For FY25, Fractal reported total income of Rs 2,816 crore and profit after tax of Rs 220.6 crore. EBITDA stood at Rs 398 crore, translating into an EBITDA margin of 14.4%. For the six months ended September 2025, revenue was Rs 1,594.3 crore and PAT stood at Rs 70.9 crore, with margins moderating compared to the full-year performance.

Use of proceeds

The company plans to use net proceeds towards debt repayment at its US subsidiary, investment in research and development, expansion of office infrastructure, sales and marketing under Fractal Alpha, and potential acquisitions.

While the company is seen as a play on the fast-growing AI and analytics segment, the negative GMP suggests near-term caution among traders despite the strong anchor participation.

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