The initial public offering of **Fractal Analytics**, India’s first pure-play artificial intelligence firm to hit the mainboard, opened for subscription today, **February 9, 2026**. The company aims to raise **₹2,833.90 crore** through this issue, which remains open for bidding until **February 11, 2026**. The price band for the offer is fixed at **₹857 to ₹900** per equity share. At the upper end of this range, the company is valued at a market capitalization of approximately **₹15,474 crore**. The issue consists of a fresh equity issuance worth **₹1,023.50 crore** and an offer for sale (OFS) totaling **₹1,810.40 crore** from existing shareholders. Early participation on the first day showed a cautious start. In the opening hours, the total subscription stood at roughly **2%** to **3%**. Retail individual investors led the early activity with **11%** subscription in their category, while non-institutional investors (NIIs) stood at **2%**. Bids from qualified institutional buyers (QIBs) are expected to aggregate closer to the final day of the issue. Prior to the public opening, Fractal Analytics successfully secured **₹1,248.26 crore** from **52 anchor investors**. This group included high-profile global and domestic names such as Morgan Stanley, Goldman Sachs, SBI Mutual Fund, and LIC, indicating significant institutional interest despite the slow start in general bidding. Proceeds from the fresh issue are earmarked for several strategic initiatives. These include **₹264.9 crore** for debt repayment at its US subsidiary, as well as capital for R&D, sales and marketing under its Fractal Alpha division, and potential inorganic acquisitions to bolster its AI capabilities. The unofficial grey market reflects a measured outlook. Shares are currently trading at a premium (GMP) of approximately **₹13 to ₹35**, representing a modest gain of **1.5%** to **4%** over the issue price. Analysts suggest this reflects a "wait-and-watch" sentiment as the market evaluates the company's valuation against its specialized AI business model. Fractal's financial performance has shown a recent turnaround, with FY25 revenue reaching **₹2,765 crore**, a **26%** year-on-year increase. The company reported a profit after tax of **₹221 crore** for the same period, recovering from a loss in the previous fiscal year. Market experts generally view the stock as a long-term play on the enterprise AI theme. While the company lacks direct listed peers in India, its valuation is considered high compared to traditional IT services, placing the focus on its ability to scale high-margin AI products and platforms. The basis of allotment is expected to be finalized on **February 12**, with shares tentatively scheduled to list on the BSE and NSE on **February 16, 2026**. Minimum investment for retail participants starts at **₹14,400** for one lot of **16 shares**.