Fractal Industries shares list at 6% premium over IPO price

Fractal Industries made its D-Street debut on Tuesday, listing at a premium of 6% on the BSE SME platform. The stock opened at Rs 229 in comparison to the issue price of Rs 216. The listing was broadly in line with the GMP expectation. Shares of the company were seen trading at a GMP of 3% just ahead of the debut, indicating modest gains for investors. The Rs 49 crore IPO, an entirely fresh issue of 22,68,600 shares, was priced at Rs 216 per share.

A 3% GMP over the issue price of Rs 216 translates into an indicative premium of around Rs 6-7 per share, suggesting a potential listing price in the range of Rs 222–223, subject to broader market conditions.

The IPO, which was open for subscription from February 16 to February 18, saw an overall subscription of 5.44 times. The QIB (excluding anchor) portion was subscribed 5.95 times, the NII segment 7.91 times and the retail category 4.09 times. Anchors had already subscribed to Rs 13.93 crore worth of shares ahead of the issue, with 6,45,000 shares allocated to them.


Fractal Industries operates as a full-service garment manufacturing and supply chain company. It designs, sources and manufactures apparel and provides warehousing and logistics services to e-commerce platforms such as Myntra, Ajio and Flipkart. The company operates a manufacturing facility in Mumbai with a monthly capacity of over 3,00,000 garments and has warehouses across multiple states.

Its business model includes outright sale of garments to marketplaces, manufacturing under marketplace private labels through a pure play marketplace model, and direct sales under its own brand “7ate9”, launched in May 2025.

On the financial front, the company reported total income of Rs 85.51 crore in FY25, compared with Rs 50.01 crore in FY24. Profit after tax stood at Rs 7.54 crore in FY25 versus Rs 2.27 crore in FY24. EBITDA for FY25 was Rs 11.15 crore, with an EBITDA margin of 13.04%. As of September 30, 2025, the company reported total income of Rs 47.33 crore and PAT of Rs 6.78 crore for the half-year.

Proceeds from the issue will be primarily used to fund working capital requirements amounting to Rs 36.50 crore, with the balance allocated towards general corporate purposes.

While the subscription numbers indicate healthy interest across categories, the relatively low GMP of 3% suggests that expectations of sharp listing gains are limited.