AI and data analytics company Fractal Analytics’ IPO kicked off to a lukewarm investor response on Monday (February 9).
As of 13:27 IST, the issue received bids for 11.19 Lakh shares against 1.85 Cr, translating to a mere 6% subscription.
Retail individual investors (RIIs) have placed the highest number of bids till now, bidding for 8.08 Lakh shares against 32.36 Lakh shares on offer. These investors have subscribed their quota by 25%.
Non institutional investors’ (NIIs) category received just 5% subscription, receiving bids for 2.37 Lakh shares against 48.55 Lakh shares earmarked for these investors.
Fractal’s employees have placed bids for 77,280 shares against 7.77 Lakh shares reserved for them, translating to 10% subscription.
Meanwhile, qualified institutional buyers (QIBs) haven’t placed any bids as of now.
The company filed its red herring prospectus (RHP) for ₹2,833.9 Cr IPO last week, where the IPO will comprise a fresh issue of shares worth up to ₹1,023.54 Cr and the offer-for-sale (OFS) component of up to ₹1,810.4 Cr.
The company set the price band for its IPO at INR 857 to INR 900 per share. At the upper end of the price band, the issue values the company at about INR 15,480 Cr (about $1.7 Bn).
Ahead of opening its IPO today, the company had bagged ₹1,248.3 Cr from anchor investors on Friday. It allotted 1.39 Cr shares to anchor investors at ₹900 apiece.
Of this, 11 domestic mutual funds, including SBI, Motilal Oswal, UTI, Trust Mutual Fund, among others, lapped up 52.78 Lakh equity shares, translating to 38% of the anchor round.
Fractal is planning to deploy the net proceeds in research and development, sales and marketing for in-house AI incubator Fractal Alpha, pre-payment and scheduled repayment of borrowings of subsidiary Fractal USA, setting up a new office in India, and more.
On the financial front, Fractal’s profit declined about 3% to ₹70.9 Cr in H1 FY26 from ₹72.9 Cr in the year-ago period. Operating revenue grew 20% to ₹1,559 Cr from ₹1,300.7 Cr in H1 FY25.
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