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Fractal Analytics, a Mumbai-based enterprise AI and analytics firm, set a price band of ₹857–900 per share for its initial public offering which opens for retail subscription on Feb. 9 and closes Feb. 11, with anchor bids on Feb. 6 and a tentative listing on Feb. 16.
The ₹2,833.9 crore issue (about $314 million) comprises a fresh issue of up to ₹1,024 crore and an offer-for-sale (OFS) of up to ₹1,810 crore by existing investors; the company cut the IPO size by over 40% from its earlier plan of ₹4,900 crore.
The move values Fractal at roughly ₹14,450–15,473 crore (~$1.6–1.86 billion) depending on calculations.
Unlisted shares have been trading in the grey market at a premium of around 10–11%, implying a potential listing above the band.
Book-running lead managers are Kotak Mahindra, Morgan Stanley India, Axis Capital and Goldman Sachs (India). Proceeds will be used to repay debt at its U.S. subsidiary, fund R&D (including generative AI work on Fractal Alpha), expand offices and infrastructure, and support inorganic growth.
The firm is backed by investors including TPG, Apax and Gaja and derives a majority of revenue from U.S. clients.
















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