Fractal Analytics IPO
Fractal Analytics Limited (FRACTAL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 16 February 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -0.8% (likely range -6% to +11%), day's high +5.0%, chance of a gain 33%. Actual: -2.7% at the open, -0.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 97,10,268 | 4,05,55,344 | 4.18x | |
| NII (HNI) total | 48,55,134 | 51,27,088 | 1.06x | |
| Big NII (above ₹10 lakh) | 32,36,756 | 38,05,904 | 1.18x | |
| Small NII (₹2-10 lakh) | 16,18,378 | 13,21,184 | 0.82x | |
| Retail | 32,36,756 | 33,21,504 | 1.03x | |
| Employees | 7,77,202 | 4,75,952 | 0.61x | |
| Total | 1,85,79,360 | 4,94,79,888 | 2.66x |
Bids on NSE and BSE together, as published by NSE, as of 11 Feb 2026, 07:00 PM. Shares offered exclude the anchor portion. 6% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Fractal Analytics's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| KalpataruJun 2025 | 3.12x | 1.31x | 1.29x | 2.26x | ₹1,703 Cr | 0.0% | +9.4% |
| Juniper HotelsFeb 2024 | 2.96x | 0.85x | 1.28x | 2.08x | ₹1,895 Cr | +1.4% | +11.5% |
| BlueStone Jewellery and LifestyleAug 2025 | 4.28x | 0.55x | 1.35x | 2.70x | ₹1,541 Cr | -1.4% | +9.1% |
| Pine LabsNov 2025 | 4.00x | 0.30x | 1.22x | 2.46x | ₹3,902 Cr | +9.5% | +28.5% |
| Paradeep PhosphatesMay 2022 | 3.01x | 0.82x | 1.37x | 1.75x | ₹1,637 Cr | +4.8% | +12.5% |
| Shadowfax TechnologiesJan 2026 | 3.81x | 0.84x | 2.31x | 2.72x | ₹2,004 Cr | -9.2% | -3.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| Goldman Sachs (India) Securities | 16 | +18.4% | 69% |
| Axis Capital | 107 | +20.4% | 73% |
Offer documents (NSE)
Frequently asked
What is the Fractal Analytics IPO price band and lot size? ₹857–900 per share, with a lot of 16 shares, so the smallest retail bid is ₹14,400.
How many times has it been subscribed? 2.66x overall: QIB 4.18x, NII 1.06x, retail 1.03x, employees 0.61x.
How did it list? It opened at ₹876, -2.7% against the issue price of ₹900, and closed its first day -5.9%.
