IPO · AI & Deep Tech

Fractal Analytics files IPO, cuts size by 42%

By Startup Enthusiast · 3 February 2026

What they do

Fractal Analytics provides AI and decision-intelligence solutions for enterprises

It filed an INR 2,833.9 Cr IPO, reduced from INR 4,900 Cr, opening February 9

The IPO includes a fresh issue of INR 1,023.54 Cr and an offer for sale of INR 1,810.4 Cr

Fractal Analytics filed a red herring prospectus for an INR 2,833.9 Cr IPO, 42% smaller than the initial INR 4,900 Cr plan.
The IPO includes a fresh issue of INR 1,023.54 Cr and an offer for sale (OFS) of INR 1,810.4 Cr.
The price band is INR 857-900 per share, valuing the company at about INR 15,480 Cr ($1.75 Bn) at the upper end.
Anchor investors, including 11 domestic mutual funds, raised INR 1,248.3 Cr by allotting 1.39 Cr shares at INR 900 each.
Selling shareholders are Quinag Bidco (Apax Partners), TPG Fett Holdings, GLM Family Trust, Satya Kumari Remala, and Rao Venkateswara Remala.
Apax Partners reduced its OFS from INR 1,462.6 Cr to INR 880 Cr, and TPG cut its OFS by 78% from INR 1,999.6 Cr to INR 450 Cr.
The IPO opened for bidding on February 9 and closed on February 11, with listing on February 16 on NSE and BSE.

The fresh issue proceeds are earmarked for R&D and sales/marketing for Fractal Alpha (INR 355.1 Cr), debt repayment of US subsidiary (INR 264.9 Cr), new offices (INR 121.1 Cr), and laptops (INR 57.1 Cr).
H1 FY26 revenue grew 20% YoY to INR 1,559 Cr, but net profit dipped slightly to INR 70.9 Cr.

Fractal Analytics provides AI and decision-intelligence solutions for large enterprises.
The company serves sectors like CPGR (consumer packaged goods and retail), TMT (technology, media, telecom), HLS (health and life sciences), and BFSI (banking, financial services, insurance).
In H1 FY26, CPGR contributed 37.5% of revenue, TMT 27.2%, and HLS 17%.
It has acquired several AI businesses: Samya AI, Neal Analytics, Analytics Vidhya, Senseforth AI, Final Mile, and 4u Consultation.
The company's website highlights AI-led transformation, AI foundations, and human-centered adoption, and mentions a Q3 FY26 revenue growth of 21% and PAT of over INR 100 Cr.

The company plans to use INR 355.1 Cr of fresh issue proceeds for R&D and sales/marketing of Fractal Alpha.
It will use INR 264.9 Cr to repay borrowings of its US subsidiary Fractal USA.
INR 121.1 Cr will be spent on new offices in India, and INR 57.1 Cr on purchasing laptops.

TPG Fett Holdings (seller) — Largest external shareholder with 25.50% stake; sold shares worth INR 450 Cr in OFS.
GLM Family Trust (seller) — Second largest external shareholder with 15.60% stake; sold shares worth INR 450 Cr in OFS.
Quinag Bidco (Apax Partners) (seller) — Sold shares worth INR 880 Cr in OFS.
Satya Kumari Remala (seller) — Selling shareholder in the OFS.
Rao Venkateswara Remala (seller) — Selling shareholder in the OFS.