The subscription window for the Fractal Analytics IPO officially closes today at 5:00 PM IST. As of 10:00 AM, the issue has seen a gradual build-up in demand. While the first two days saw a muted overall subscription of roughly 0.20x (20%), market analysts expect a typical "last-day surge" from institutional buyers and high-net-worth individuals.
The ₹2,833.90 crore IPO is a mix of a fresh issue (₹1,023.50 crore) and an Offer for Sale (₹1,810.40 crore). Before the public launch, the company successfully raised ₹1,248.26 crore from 52 anchor investors, including LIC, Morgan Stanley, and several leading domestic mutual funds, at the upper price band of ₹900.
Fractal plans to use the fresh capital to clear debt in its US subsidiary, upgrade technology hardware, and fuel R&D under its "Fractal Alpha" incubator. Despite a net loss in FY24, the company reported a significant turnaround in FY25 with a Profit After Tax (PAT) of ₹220.60 crore, driven by a 26% growth in revenue.
Key IPO Details & Final Day Timetable
| Feature | Details |
| Price Band | ₹857 – ₹900 per share |
| Today's Status | Closing Day (UPI Cut-off 5:00 PM) |
| Overall Subscription | ~0.20x (As of Day 3 morning) |
| Lot Size | 16 Shares (Min. Investment ₹14,400) |
| Grey Market Premium | ₹8 to ₹13 (Indicating a ~1.5% premium) |
| Allotment Date | February 12, 2026 (Tomorrow) |
| Tentative Listing | February 16, 2026 (NSE & BSE) |
Important Note for Investors
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Today's Action: This is the last chance to bid. If you are applying via UPI, ensure you approve the mandate before the 5:00 PM deadline to avoid application rejection.
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Valuation Watch: At the ₹900 cap, Fractal is valued at a P/E ratio of approximately 70x based on FY25 earnings. While this is significantly higher than traditional IT service firms (like TCS or Infosys), proponents argue that its 121% Net Revenue Retention (NRR) and AI-first model justify the "tech premium."
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Muted GMP: The Grey Market Premium has cooled significantly from early February highs of ₹180 to just ₹13 today. This suggests the market expects a "sober" listing rather than a blockbuster multibagger opening.
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Profitability Consistency: While the FY25 turnaround was impressive, investors should monitor H1 FY26 results, which showed a slight dip in profit due to seasonal tax impacts.
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Client Concentration: A risk factor to note is that Fractal's top 10 clients generate over 54% of its revenue, making it sensitive to contract renewals from major Fortune 500 partners.
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