Update | February 10, 18:04 IST

Fractal Analytics’ IPO saw a marginal improvement in demand by the end of the second day of bidding and was subscribed 20%. It received bids for 36.4 Lakh shares against a total issue size of nearly 1.86 Cr shares.

The qualified institutional buyers’ (QIBs) category continued to see muted demand and was subscribed 2%. These investors placed bids for 2.4 Lakh shares against 97.1 Lakh shares on offer, largely driven by foreign institutional investors.

The non-institutional investors’ (NII) segment saw better traction and was subscribed 27%. Bids above ₹10 Lakh led the category with 29% subscription, while bids between ₹2 lakh and ₹10 Lakh were subscribed 23% times.

Retail investors continued to be the most active. The portion reserved for them was subscribed 60%, getting bids for 19.4 Lakh shares against 32.4 Lakh shares reserved.

The portion reserved for employees was subscribed 20%, getting bids for 1.57 Lakh shares against 7.77 Lakh shares on offer.

Original | February 10, 14:36 IST

Fractal Analytics Limited’s initial public offering (IPO) continued to see weak demand on its second day of bidding. As of 14:15 IST, the issue received bids for 25.57 Lakh shares against 1.86 Cr shares up for subscription, translating to a 14% subscription of the public float.

Retail individual investors (RIIs) led investor interest, subscribing their quota by 55%. These investors have placed bids for around 17.72 Lakh shares against 32.38 Lakh shares on offer, with most bids coming at the cut-off price.

The non-institutional investor (NII) segment saw a subscription of 13%, with these investors bidding for shares between ₹2 Lakh and ₹10 Lakh subscribed to their quota by 19% while investors bidding for shares worth over ₹10 Lakh were subscribed to their quota by 10%.

The qualified institutional buyers (QIBs) portion remained largely untouched. Against 97.1 Lakh shares set aside for these investors, bids were received for just 1,344 shares.

The employee-reserved portion was subscribed 0.18 times, with bids for about 1.41 Lakh shares against 7.77 Lakh shares reserved. Important to highlight that the company has earmarked a discount of ₹85 per equity share to eligible employees bidding for this portion.

Fractal filed its RHP last week for a ₹2,833.9 Cr IPO. The issue includes a fresh issue worth up to ₹1,023.5 Cr and an offer for sale of up to ₹1,810.4 Cr.

The company has fixed the price band at ₹857-₹900 per share. At the upper end of the band, the IPO values Fractal at around ₹15,480 Cr ($1.75 Bn)

Ahead of opening the IPO, Fractal raised ₹1,248.3 Cr from anchor investors by allotting 1.39 Cr shares to anchor investors at ₹900 apiece. Of this, 11 domestic mutual funds, including SBI, Motilal Oswal, UTI and Trust Mutual Fund, picked up about 52.8 Lakh shares, accounting for 38% of the anchor allocation.

The company plans to use the net proceeds to fund research and development, expand sales and marketing for its AI incubator Fractal Alpha, repay borrowings of its US subsidiary, set up a new office in India, and for other general purposes.

On the financial front, Fractal’s profit fell around 3% to ₹70.9 Cr in the first half of FY26, compared to ₹72.9 Cr in the same period last year. Operating revenue rose nearly 20% to ₹1,559 Cr from ₹1,300.7 Cr in H1 FY25.

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