Fractal Analytics concludes its **₹2,834 crore** initial public offering today, February 11, 2026. As the first pure-play AI firm to list in India, the issue represents a landmark moment for Dalal Street, though investor response remains measured. The price band is set between **₹857 and ₹900** per share. The offering is a combination of a fresh issue worth **₹1,023.50 crore** and an offer for sale of **₹1,810.40 crore** by existing shareholders. Retail investors can participate with a minimum investment of **₹14,400** for a lot of 16 shares. Subscription data as of the final day shows a cautious trend. Retail interest leads the categories, having reached approximately **60%** of its quota by the previous evening. However, Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) have shown significant restraint, with subscription levels at **2%** and **29%** respectively heading into the final hours. Grey market sentiment has softened throughout the bidding period. The Grey Market Premium (GMP) is currently hovering around **₹3 to ₹8**, translating to a modest **1%** upside over the upper price band. This suggests an estimated listing price near **₹903 to ₹908**. Financial performance highlights a major turnaround. In FY25, Fractal reported revenue of **₹2,765 crore**, reflecting a **26%** year-on-year increase. More importantly, the company swung to a net profit of **₹221 crore** following a loss in the prior fiscal year. EBITDA margins have also improved to roughly **14%**. Proceeds from the fresh issue are earmarked for strategic growth. The company plans to deploy **₹264.90 crore** for debt repayment in its US subsidiary and **₹355.10 crore** for research, development, and marketing within its Fractal Alpha division. Additional funds will support new office infrastructure in India and inorganic growth. Analysts maintain that while the valuation is premium—trading at a P/E multiple of approximately **70x**—the company offers unique exposure to the global AI market. India’s AI sector is projected to reach **$22 billion** by 2027, providing a strong tailwind for firms specializing in decision intelligence and agentic AI. Final allotment is expected to be finalized by **February 12, 2026**, with the official listing on the BSE and NSE scheduled for **February 16, 2026**. Experts advise a long-term perspective for those entering at these levels, given the volatility typical of high-growth technology sectors.