Fractal sets Feb 9–11 dates for ₹2,834 crore AI IPO

Fractal Analytics will open subscriptions for its long-awaited initial public offering on February 9 and close on February 11, 2026, in a deal billed as India’s first pure‑play AI listing. Fractal Analytics set the subscription window for its initial public offering, targeting roughly ₹2,833.9 crore via a mix of new shares and a sale by existing investors.

Key Dates And Size

The three-day bookbuild runs from February 9 to February 11, 2026, after an anchor allotment on February 6, 2026. The company has set a price band of ₹857–₹900 per share and now aims to raise about ₹2,833.9 crore, comprising a fresh issue of approximately ₹1,023.5 crore and an offer-for-sale of about ₹1,810.4 crore. Fractal has trimmed the offer size to ₹2,834 crore from the ₹4,900 crore indicated in its draft filing last year. A tentative listing is targeted for February 16, 2026, subject to customary approvals and timelines.

Why It Matters

The offering would mark a milestone for India’s capital markets: the first domestic listing of a pure-play enterprise AI firm at scale. At the top of the price band, Reuters’ calculations peg Fractal’s implied equity value near ₹14,450 crore (about $1.6 billion). The float lands as investment bankers expect 2026 to be an active year for Indian primary markets despite uneven risk appetite. For investors, the deal offers a high-profile way to bet on enterprise AI adoption across sectors such as consumer goods, retail, healthcare, and financial services.

What To Watch

Proceeds from the fresh issue are earmarked to strengthen operations, including repaying debt at the company’s U.S. subsidiary, expanding office space in India, and funding research and development with an emphasis on generative AI. Demand across institutional tranches will be closely watched, as will pricing outcomes within the band. If timelines hold, shares are expected to debut on Indian exchanges on or about February 16, 2026.

Sources

• India's first AI IPO: Fractal Analytics announces for Rs 2,834 crore public issue — The Economic Times (February 4, 2026)
• Fractal Analytics sets IPO price band, eyes ₹14,450 crore valuation — Reuters (February 4, 2026)
• India’s first AI unicorn fractal files for $560 Million IPO — Bloomberg (August 12, 2025)
• Investor relations | financial results & reports — Fractal Analytics (accessed February 7, 2026)