Fractal Analytics officially enters the Indian stock market today, February 9, 2026, marking a landmark moment as the country’s first pure-play artificial intelligence company to list. The IPO is open for subscription until February 11, with the company aiming to raise 2,834 crore through a combination of a 1,023.5 crore fresh issue and an 1,810.4 crore offer for sale. Investors can participate within a price band of 857 to 900 per share. The minimum application size is set at one lot of 16 shares, requiring an investment of 14,400 at the upper price limit. Shares are expected to be listed on both the BSE and NSE on February 16, 2026. The company has demonstrated a massive financial turnaround, reporting a net profit of 220.6 crore in FY25, a significant recovery from the 54.7 crore loss recorded in FY24. This growth is supported by a 26% year-on-year surge in revenue, reaching 2,765 crore. Adjusted PAT margins currently stand at a healthy 12.6%. The IPO proceeds are earmarked for strategic expansion, including 355 crore for research, development, and marketing under its Fractal Alpha division. Additionally, 265 crore will be utilized to settle debt for its US subsidiary, while other funds will support new infrastructure and inorganic growth opportunities. Market sentiment remains cautious but optimistic. While the IPO is valued at roughly 70 times its price-to-earnings ratio—reflecting a "scarcity premium" for a specialized AI firm—grey market activity suggests an initial premium of approximately 10%. Global demand for Enterprise Data, Analytics, and AI (DAAI) services is driving interest, with the sector projected to grow at a 16.7% CAGR to reach 23 lakh crore by 2030. Fractal’s deep integration with over 120 Fortune 500 clients, including Google and Microsoft, provides a stable revenue foundation despite high geographic concentration in the US market. Analysts view the offering as a high-risk, high-reward opportunity. The company’s long-term success will depend on navigating rapid technological shifts and maintaining its 114% net revenue retention rate. For those with a 3–5 year outlook, this listing represents a primary vehicle for exposure to the maturing generative AI cycle in India.