AI solutions provider Fractal Analytics IPO opens February 9; price band set at Rs 857–900 per share

AI solutions provider Fractal Analytics has set a price band of Rs 857 to Rs 900 per equity share for its upcoming initial public offering (IPO), a day after filing its red herring prospectus with SEBI.

The IPO will open for subscription on February 9 and close on February 11, while the anchor book is scheduled to open on February 6.

At the upper end of the price band, the company is targeting a valuation of about Rs 14,450 crore, or roughly $1.6 billion.

Fractal has reduced the size of its IPO by more than 40% compared to what it had proposed in its draft red herring prospectus. The issue is now sized at about Rs 2,834 crore and comprises a combination of a fresh issue of shares and an offer for sale by existing shareholders.

Proceeds from the fresh issue will be used for debt repayment, investments in technology and strategic initiatives, including research and development with a focus on generative artificial intelligence, setting up new offices in India, and general corporate purposes.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, the Mumbai-based company provides enterprise AI and analytics solutions to global clients across consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI.

As per the prospectus, TPG Fett Holdings Pte. Ltd. is the largest external shareholder with a 25.49% stake, followed by Quinag Bidco, owned by Apax Partners, which holds 18.64%. The GLM Family Trust owns 15.59%.

Fractal reported consolidated revenue of Rs 2,765 crore in FY25, up from Rs 2,196 crore in FY24. The company swung to a net profit of Rs 220.6 crore in FY25 from a loss of Rs 54.7 crore a year earlier.

In the first half of FY26, it posted revenue of Rs 1,559 crore and a profit of Rs 71 crore.