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₹900 - 900
Fractal Analytics Ltd
IT - SoftwareIPO
₹900 - 900
Founded in 2000, we are a globally recognized enterprise AI company with a vision to power human decisions in our clients' enterprises. We support large global enterprises with data-driven insights and assist them in their decision making through our end-to-end AI solutions, which we build by leveraging our technical, domain and functional capabilities developed over our operating history of over 25 years. As of September 30, 2025, our full suite of AI solutions is organized under two segments: Fractal.ai (comprising AI services and AI products primarily hosted on Cogentiq, an agentic AI platform designed to help enterprises accelerate their business transformation and decision systems through a pre-built suite of agents, tools, and connectors with inter-operability features) and Fractal Alpha (comprising independent AI businesses, either incubated or acquired, providing subscription or licensable offerings).
Lot16Min Invest₹14,400Face Value₹1Issue Size₹2,834 CrFresh Issue₹1,024 CrOffer for Sale₹1,810 CrListing Price₹876CMP₹728
Timeline
9 Feb
Bidding opens
11 Feb
Bidding closes
12 Feb
Allotment
13 Feb
Refund & demat credit
16 Feb
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹2,834 Cr3.15 Cr shares
Fresh Issue₹1,024 Cr
Offer for Sale₹1,810 Cr
Face Value₹1
Lot Size16 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,4001-13 lots
sNII₹2,01,600from 14 lots
bNII₹10,08,000from 70 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerMorgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrQuinag Bidco LtdOTH97,87,778880.90TPG Fett Holdings Pte. Ltd.OTH50,00,000450.00Satya Kumari Remala and Rao Venkateswara RemalaOTH3,27,77729.50GLM Family TrustOTH50,00,000450.00Total2,01,15,5551,810.40
Shareholding
CategoryPre IPOPost IPOPromoter Group18.17%16.05%Public81.83%83.95%
Objects of the Issue
- Investment in 1 of the Subsidiry Fractal USA, pre-payment and/or repayment, full or part, its borrowings
- Purchase of laptops
- Setting-up new office premises in India
- Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,985 | 2,196 | 2,765 | 3,300 | 3,452 |
| Operating ProfitCr | -116 | 73 | 350 | 508 | 549 |
| OPM% | -5.9 | 3.3 | 12.7 | 15.4 | 15.9 |
| PBTCr | 313 | -31 | 238 | 307 | 351 |
| PATCr | 194 | -55 | 221 | 287 | 321 |
| EPS | 67 | -16 | 14 | 18 | 20 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 3 | 3 | 3 | 17 | - |
| ReservesCr | 1,340 | 1,403 | 1,743 | 3,168 | - |
| BorrowingsCr | 326 | 363 | 429 | 418 | - |
| Fixed AssetsCr | - | - | 701 | 801 | - |
| Total AssetsCr | 2,249 | 2,392 | 2,858 | 4,407 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -31 | 160 | 397 | 409 | - |
| Investing Cash FlowCr | 125 | -150 | -181 | -1,422 | - |
| Financing Cash FlowCr | -57 | -145 | -22 | 938 | - |
| Net Cash FlowCr | 30 | -136 | 194 | -76 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Leading Player in a large and growing AI market.
- Long-standing and growing relationships with marquee, global clients contributing to a diversified revenue base.
- Deep and integrated technical, domain, and functional expertise.
- Track record of inventing and investing to benefit clients.
- Experienced founders-led management team focused on building Fractal for the long term.
Strategies · as stated in the DRHP
- Acquire and grow "must win clients", or "MWCs"
- Expand capabilities by investing in AI research and product innovation.
- Continue to build a great place to work
- Partner with leading technology companies
- Accelerate our capabilities through acquisitions
Risks · as stated in the DRHP
- Security breaches, cyber-attacks, computer viruses and hacking activities may cause material adverse effects on the company's business, financial performance and results of operations and expose the company to liability, which could adversely affect its business and the company's reputation.
- The company's success depends on its ability to attract, retain and expand relationships with the company's clients.The company derived 54.2% of its revenue from operations in the company's Fractal.ai segment from the company's top-10 clients, of which one client contributed 8.2% of its revenue, in the six months ended September 30, 2025. The company also derived 79.6% of its revenue from operations in the company's Fractal.ai segment from its existing "Must Win Clients" ("MWC") in the six months ended September 30, 2025. If the company cannot maintain and expand its relationships with the company's existing client base or add new clients, the company's business, financial condition, cash flows and results of operations may be adversely affected.
- The company's focus industries - consumer packaged goods and retail ("CPGR"), technology, media and telecom ("TMT"), healthcare and life sciences ("HLS"), and banking, financial services and insurance ("BFSI") contributed 37.5%, 27.2%, 17.0%, and 12.2%, respectively in the six months ended September 30, 2025 to the company's revenue from operations in the Fractal.ai segment. Any decrease in demand for AI solutions in these industries could adversely affect its business, financial condition and results of operations.
- The company's had a net loss in Fiscal 2024 and losses before exceptional items and tax expense in Fiscals 2024 and 2023. There is no assurance that the company will not incur losses in the future as the company expands the company's operations.
- The Company, Subsidiaries, and two of its Directors are involved in certain legal proceedings. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.
- The company deriveds 64.9%, 64.1%, 65.2%, 61.9% and 66.0% of its revenue from operations from the United States of America for the six months ended September 30, 2025, six months ended September 30, 2024, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. The company's global operations involve challenges and risks that could increase its expenses, adversely affect the company's results of operations and require increased time and attention from its management.