**MARKET BRIEF: FRACTAL ANALYTICS IPO** **Launch Details & Pricing** Fractal Analytics is set to open India’s first pure-play AI IPO for subscription on **February 9, 2026**, closing on **February 11**. The price band is fixed at **₹857–₹900** per share. Anchor investor bidding is scheduled for **February 6**. **Issue Size & Valuation** The total issue size has been reduced by approximately **42%** to **₹2,834 crore**, down from earlier estimates of nearly **₹4,900 crore**. At the upper price band, the company targets a valuation of roughly **₹15,500 crore** ($1.8 billion). The offer includes a fresh issue of **₹1,023.5 crore** and an Offer for Sale (OFS) of **₹1,810.4 crore**. **Grey Market Sentiment** Unlisted market activity remains robust. The Grey Market Premium (GMP) is currently hovering between **₹180–₹210**, indicating a potential listing gain of **20–23%** over the issue price. This premium reflects strong investor appetite for AI-driven assets despite a generally subdued primary market in early 2026. **Financial Performance** Fractal reported revenue from operations of **₹1,559 crore** for H1FY26, a **20%** increase year-on-year. However, net profit for the same period dipped slightly by **2.7%** to **₹70.9 crore**. FY25 revenue stood at **₹2,765 crore** with a net profit of **₹221 crore**, signaling a turnaround from previous losses. **Investor Profile** The IPO provides a partial exit for major private equity backers, including **TPG**, **Apax Partners**, and **Gaja Capital**. The company counts Fortune 500 clients like **Google**, **Microsoft**, and **Nvidia** among its customer base, reinforcing its position in the global enterprise AI sector.