Market Brief: Fractal Analytics IPO Finalization The allotment process for the Fractal Analytics IPO is officially scheduled for completion today, February 12, 2026. This landmark issue represents India’s first pure-play enterprise AI firm to enter the public markets, drawing significant attention toward the evolving technology landscape on the BSE and NSE. The 2,833.90 crore offering concluded its subscription phase on February 11 with a final subscription rate of 2.81 times. While the debut was steady, the demand across categories showed a tiered interest level. Qualified Institutional Buyers (QIBs) led the momentum with a subscription of 4.41 times, followed by the retail segment at 1.10 times and non-institutional investors at 1.11 times. Market participants are currently focused on the Grey Market Premium (GMP), which signals a cautious entry. The latest grey market data indicates a premium of approximately 7 to 8 per share, representing a modest 0.8% to 1% gain over the upper price band of 900. This suggests a potential listing price near the 907 to 908 range, pointing toward a relatively flat to stable debut. Investors can verify their allotment status through the official portal of the registrar, MUFG Intime India, or via the BSE and NSE websites using their PAN or application number. For those not receiving an allotment, the refund process is set to initiate on February 13, 2026. Successful applicants will see the shares credited to their demat accounts by February 13, ahead of the official listing date on February 16, 2026. The company’s financial profile shows a robust recovery, reporting a revenue of 2,765 crore in FY25 and a return to profitability with a net profit of 221 crore. The fresh capital of 1,024 crore raised through this issue is earmarked for strategic growth, including debt repayment for its US subsidiary, investment in research and development for the Fractal Alpha business, and the expansion of domestic office infrastructure. While valuation remains a point of discussion among analysts—with the issue priced at a P/E multiple of approximately 79 times based on annualized FY26 earnings—the company’s deep-rooted relationships with Fortune 500 clients and a Net Revenue Retention rate of 121.3% provide a strong fundamental foundation for long-term tracking.