Fractal Analytics Ltd’s IPO opened for subscription on Monday, February 9, with a price band of ₹857–₹900 per share. The ₹2,833.9-crore issue will close on February 11, and the stock is scheduled to list on February 16.

On Day 1 till 10:25 am, the IPO saw muted demand with just 0.03x overall subscription. Retail investors subscribed 0.33x, while the NII segment was booked at 0.06x.

In the grey market, Fractal’s unlisted shares were trading at ₹913, a premium of 1.44% over the upper issue price, indicating a subdued listing outlook.

Brokerages including BP Wealth, Ventura, and ICICI Direct have largely recommended a ‘Subscribe’ rating, citing Fractal’s strong positioning in the fast-growing AI and data analytics space, diversified client base, and improving profitability, despite high valuations.

Fractal reported a sharp turnaround in FY25, with PAT of ₹220.6 crore compared to a loss in FY24, and raised ₹1,248 crore from anchor investors ahead of the IPO.

The IPO comprises a fresh issue of ₹1,023.5 crore and an OFS of ₹1,810.4 crore, with proceeds to be used for debt repayment, R&D, expansion, acquisitions, and general corporate purposes.