AI solutions provider Fractal Analytics has fixed a price band of ₹857–900 per equity share for its upcoming initial public offering (IPO), a day after filing its red herring prospectus (RHP) with the capital markets regulator.
According to the RHP, the public issue will open for subscription on February 9 and close on February 11, while the anchor book will open on February 6. At the upper end of the price band, Fractal’s valuation is expected to be around $1.6 billion.
the company has reduced its IPO size by about 42% compared to the amount proposed in its draft red herring prospectus (DRHP). The revised IPO comprises a combination of a fresh issue and an offer for sale (OFS) by existing shareholders.
The company plans to utilise proceeds from the fresh issue towards repayment of debt, investments in technology and strategic initiatives, and general corporate purposes, as per the filing.
Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal provides AI-powered decision science and analytics solutions to global enterprises across sectors such as consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI. Its client roster includes global majors such as Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla.
As per the shareholding details in the RHP, TPG FETT is the largest external shareholder with a 25.49% stake, followed by Quinag Bidco, an Apax Partners entity, which holds 18.64%. GLM Family Trust owns 15.59% of the company.
The IPO is being managed by Axis Capital, Citigroup, Morgan Stanley, and Kotak Mahindra Capital Company as book-running lead managers. Fractal’s equity shares are proposed to be listed on both the BSE and NSE.
On the financial front, Fractal reported consolidated revenue of ₹2,765 crore in FY25, up from ₹2,196 crore in FY24. The company posted a net profit of ₹220.6 crore in FY25, compared to a loss of ₹54.7 crore in the previous year. For H1 FY26, it reported revenue of ₹1,559 crore and a profit of ₹71 crore.
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