Fractal Industries is set to make its professional debut on the BSE SME platform following a successful public offering that concluded on February 18, 2026. The 49.00 crore INR IPO, composed entirely of a fresh issue of 2,268,600 equity shares, was priced at the upper band of 216 INR per share. Market data indicates a total subscription of 5.44 times, reflecting steady interest across investor classes. The Qualified Institutional Buyers (QIB) segment led with 5.95 times coverage, followed by Non-Institutional Investors (NII) at 7.91 times and Retail Individual Investors at 4.09 times. The company is expected to list on February 23, 2026. Current grey market indicators suggest modest listing gains of approximately 3%, pointing toward an opening price in the range of 222 INR to 223 INR. This sentiment aligns with a broader trend of cautious but positive movement within the SME sector this month. Fractal Industries operates a high-capacity garment manufacturing and supply chain business. Its Mumbai facility produces over 300,000 units monthly, supported by a strategic warehouse network across Gujarat, Maharashtra, Haryana, West Bengal, and Karnataka. The firm serves major e-commerce players including Myntra, Ajio, and Flipkart through three primary models: bulk sales, private label manufacturing (PPMP), and direct sales under its own brand, 7ate9, launched in May 2025. Financial performance has shown significant scaling. For the fiscal year ending March 31, 2025, the company reported a total income of 85.51 crore INR, a sharp rise from 50.01 crore INR in the previous year. Profit after tax (PAT) jumped significantly to 7.54 crore INR in FY25, compared to 2.27 crore INR in FY24. EBITDA for the same period stood at 11.15 crore INR with a margin of 13.04%. The momentum has continued into the current fiscal year. For the half-year ended September 30, 2025, Fractal reported a total income of 47.33 crore INR and a PAT of 6.78 crore INR, already nearing its previous full-year profit. The IPO proceeds are earmarked for essential growth drivers, with approximately 36.50 crore INR allocated to meet increasing working capital requirements. The company’s growth strategy focuses on its technologically integrated warehouse management system and expertise in apparel reverse logistics. While the business faces risks such as high client concentration—with the top five customers historically contributing a vast majority of revenue—its expansion into own-brand manufacturing and the high-growth e-commerce sector remains a primary draw for investors.