Fractal Analytics IPO Update: February Launch Likely, Issue Size Reduced

Enterprise artificial intelligence firm Fractal Analytics Limited is preparing to launch its initial public offering (IPO) worth approximately ₹2,800 crore in the first week of February, according to a CNBC-TV18 exclusive report, citing sources familiar with the company’s listing plans.

The IPO timing comes after the company received regulatory clearance from the Securities and Exchange Board of India (SEBI) on November 18, 2025, clearing the path for Fractal Analytics to access the capital markets.

IPO Size Reduced From Earlier Plan

As per the Draft Red Herring Prospectus (DRHP) filed earlier, Fractal Analytics had initially planned a larger public issue of up to ₹4,900 crore. However, the company has now scaled down the issue size to around ₹2,800 crore, as reported by CNBC-TV18.

Market sources indicate that the reduction reflects a recalibration of capital requirements and prevailing market conditions, rather than any change in the company’s business outlook or regulatory status.

Fresh Issue and Offer for Sale Breakdown

According to the DRHP details:

• The Fresh Issue component consists of equity shares with a face value of ₹1 each, aggregating up to ₹1,279.3 crore

• The Offer for Sale (OFS) component comprises equity shares aggregating up to ₹3,620.7 crore

• The total offer size under the DRHP stands at ₹4,900 crore, although the actual IPO launch size is now expected to be lower, at around ₹2,800 crore, as per the CNBC-TV18 exclusive

The final allocation between fresh issue and OFS in the reduced-size IPO will be disclosed in the Red Herring Prospectus (RHP) closer to the issue launch.

Promoters and Company Background

Fractal Analytics Limited was founded in 2000 and is promoted by:

• Srikanth Velamakanni

• Pranay Agrawal

• Chetana Kumar

• Narendra Kumar Agrawal

• Rupa Krishnan Agrawal

The company operates as a global enterprise AI and analytics firm, serving clients across industries such as banking and financial services, healthcare, retail, consumer goods, and technology. Fractal works with Fortune 500 companies to deploy artificial intelligence at scale for decision-making, customer engagement, and operational efficiency.

IPO Quota and Reservation Structure

As outlined in the DRHP, the IPO allocation structure will follow standard SEBI norms:

• Qualified Institutional Buyers (QIBs):
  Not less than 75% of the Net Offer will be allocated to QIBs
  Within this, 5% of the QIB portion will be reserved for mutual funds

• Non-Institutional Investors (NIIs):
  Not more than 15% of the Net Offer
  One-third of this portion will be allocated to bidders applying between ₹2 lakh and ₹10 lakh

• Retail Individual Investors (RIIs):
  Not more than 10% of the Net Offer

• Employee Reservation:
  The employee reservation portion will not exceed 5% of the post-offer equity share capital, as disclosed in the DRHP

Final allocation numbers will be disclosed once the RHP is filed with SEBI.

IPO Timeline

According to the CNBC-TV18 exclusive report, Fractal Analytics is targeting:

• IPO opening: First week of February 2026 (tentative)

• Listing: Subject to final regulatory filings and market conditions

The company has not yet officially announced the exact IPO dates.

Conclusion

With SEBI approval in place, a revised issue size, and a February launch window, Fractal Analytics is entering the final phase of its IPO journey. The offering is expected to be one of the notable technology listings of early 2026, marking another major enterprise AI company’s entry into India’s public markets.

 

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