Fractal Analytics IPO: Date, Price, LOT Size,Everything You Need to Know
Fractal Analytics Limited, a global leader in AI-powered analytics and decision sciences, is gearing up for India's first major pure-play enterprise AI IPO. Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, Fractal has evolved into a unicorn serving Fortune 500 clients across financial services, healthcare, retail, and technology sectors with specialized AI platforms and consulting services.
The Fractal Analytics IPO, following recent SEBI approval, targets approximately ₹4,900 crore through a fresh issue of ₹1,279 crore and an offer for sale (OFS) of ₹3,621 crore. Valued at over $3-3.5 billion (₹25,000+ crore), the IPO positions Fractal as a bellwether for India's deep-tech listings, with proceeds funding R&D, global expansion, and strategic acquisitions.
This comprehensive guide covers Fractal Analytics IPO details; from timelines and structure to financials, business model, sector outlook, and key investor considerations for this landmark AI debut.
Fractal Analytics IPO Dates & Launch Details
- IPO opening date: To be announced
- IPO closing date: To be announced (Typically three days after opening)
- Basis of allotment: To be announced (Within 3 working days post closure)
- Refund initiation: To be announced (Shortly after basis of allotment)
- Expected listing date: To be announced (Usually within a week following allotment finalisation)
Lead Book Running Managers: Kotak Mahindra Capital Co.Ltd
Registrar: MUFG Intime India Pvt.Ltd.
Fractal Analytics Price Band & Investment Details
- Price band: To be announced (Face value: ₹1 per share)
- Minimum lot size: To be announced
- Minimum investment: To be announced
- Maximum retail investment: To be announced
Fractal Analytics IPO Structure
Detail | Information |
|---|---|
Issue Type | Fresh Capital + Offer for Sale (OFS) |
Total Issue Size | Approx ₹4,900 crore |
Fresh Issue Value | Approx ₹1,279 crore |
OFS Shares | Approx ₹3,621 crore |
Reservations | QIB: up to 75%, NII: 15%, Retail: 10% |
Listing Exchanges | |
Registrar | MUFG Intime India Pvt.Ltd. |
Lead Manager | Kotak Mahindra Capital Co.Ltd |
About Fractal Analytics
Fractal Analytics delivers AI, data analytics, and engineering solutions to global enterprises, embedding proprietary platforms like Qure.ai (healthcare imaging) and Eugenie.ai (anomaly detection) directly into client workflows. With a focus on decision sciences, the company serves sectors including banking, CPG, healthcare, and telecom through long-term engagements.
Key Highlights:
- Serves Fortune 500 clients with recurring revenue from annuity contracts and platform licensing
- Invests ~6% of revenue in R&D (₹144 crore in 2025), developing vertical AI solutions
- Global delivery model with strong India talent base and US/Europe client concentration
- Platform-led growth shifting from consulting to scalable SaaS-like revenue streams
- Backed by TPG, Apax Partners; unicorn status achieved in 2022 with $800M+ raised
Fractal's asset-light, IP-driven model differentiates it from traditional IT services, positioning it for high-margin AI adoption across enterprises.
Fractal Analytics Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
FY ‘25 | 2,765.40 | 220.60 |
FY ‘24 | 2,196.30 | -54.70 |
FY ‘23 | 1,985.40 | 194.40 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
FY ‘25 | 397.00 | 314.20 |
FY ‘24 | 159.50 | 135.00 |
FY ‘23 | -30.60 | -64.50 |
Key Highlights:
- Fractal Analytics delivered robust revenue growth of 39% YoY in FY25 to ₹2,765 crore from ₹1,985 crore in FY23, reflecting strong demand for AI platforms and decision analytics across Fortune 500 clients in healthcare, finance, and retail sectors.
- Net profit swung dramatically from a FY24 loss of ₹54.7 crore to a healthy ₹220.60 crore in FY25 (+503% turnaround), driven by operational leverage, higher-margin platform revenues, and improved cost efficiencies after one-off adjustments impacted the prior year.
- Cash generation strengthened significantly with operating cash flow jumping to ₹397 crore in FY25 (up 149% from FY24), while free cash flow turned robustly positive at ₹314 crore, demonstrating Fractal's transition from growth investments to sustainable profitability.
- EBITDA margins expanded from 10.6% in FY24 to a healthy 17.6% in FY25, underscoring the shift toward scalable SaaS-like platform revenues and reduced project-based consulting dependency, positioning the company for continued margin expansion.
- A strong balance sheet with positive cash flows supports aggressive R&D (~6% of revenue) and global expansion plans, while the IPO's fresh capital provides additional firepower for AI product development and strategic acquisitions.
Fractal's financial turnaround, healthy cash generation, and margin trajectory signal enterprise readiness for its landmark AI IPO.
Sector & Market Context
India's AI and analytics market grows at 25-30% CAGR, fueled by enterprise digital transformation and global offshoring. Fractal leads as a high-end specialist amid peers like Mu Sigma, LatentView, and global giants (Accenture, Palantir). Rising AI budgets, regulatory tailwinds for data sovereignty, and India's talent pool position Fractal advantageously.
Key Considerations for Investors
Strengths
- Differentiated AI platforms with deep domain expertise beyond generic IT services
- Fortune 500 client stickiness via embedded solutions and recurring revenue
- Strong R&D base and global delivery from India's cost advantages
- Improving profitability metrics post-FY24 adjustments
Risks
- US/Europe client concentration exposes to tech spending cycles
- Competition from Big Tech consulting arms and specialised AI firms
- Talent attrition risks in high-demand AI engineering space
Opportunities
- Enterprise AI adoption acceleration across verticals
- Platform monetisation scaling margins long-term
- M&A firepower post-IPO for tuck-in acquisitions
IPO Structure
- Issue type: Combination of fresh issue and offer for sale (OFS) by existing shareholders
- Fresh issue size: Approximately ₹1,279 crore to fund R&D, product development, global sales expansion, strategic acquisitions, and balance sheet strengthening
- Offer for sale size: About ₹3,621 crore by shareholders including TPG and Apax-linked investors to provide liquidity
- Promoter holding: Founders and promoters will retain significant equity and continue to lead the company’s growth
- Filing route: Confidential pre-filing with SEBI, allowing flexibility on timing and price band based on market conditions
- Listing: Dual listing planned on NSE and BSE to ensure liquidity and broad investor access
- Investor allocation: Reserved allotments for Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and retail investors under SEBI norms
About the Company
Founded in 2000, Fractal Analytics pioneered analytics outsourcing before pivoting to AI platforms. Today, it powers enterprise decisions globally through IP-led solutions, leveraging India's talent for high-value outcomes in a $100B+ market.
Conclusion
Fractal Analytics IPO offers investors a unique opportunity to invest in one of India's leading enterprise AI companies. The company has shown strong revenue growth and is moving toward solid profitability with its cutting-edge AI platforms. While there are risks related to market cycles and competition, Fractal is well positioned to benefit from the growing demand for AI in business decisions. Investors should closely watch how the company executes on expanding its client base and improving profits.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
When is the Fractal Analytics IPO expected to open?
Fractal has SEBI approval as of November 2025 and is targeting a launch window around December 2025 or early 2026, subject to market conditions and final exchange clearances.
What is the expected size and structure of the Fractal Analytics IPO?
Fractal Analytics IPO is planned at about ₹4,900 crore, consisting of a fresh issue of roughly ₹1,279 crore and an offer for sale of around ₹3,621 crore by existing shareholders such as TPG and Apax‑linked entities.
What valuation is Fractal Analytics targeting through its IPO?
Recent reports and investor commentary suggest a potential IPO valuation above USD 3–3.5 billion, or more than ₹25,000 crore, up from a pre‑IPO valuation of about USD 2.4 billion in prior secondary transactions.
How has Fractal Analytics performed financially in recent years?
Fractal’s revenue from operations grew from about ₹1,985 crore in FY23 to nearly ₹2,196 crore in FY24, with further strong growth into FY25, while consolidated net profit turned into a modest loss in FY24 due to exceptional items, even as EBITDA improved.
What are Fractal’s main business lines and services?
The company provides AI, data science, and analytics solutions to large enterprises, including decision analytics, computer vision, and marketing science, as well as vertical platforms such as healthcare imaging and anomaly detection for manufacturing and utilities.
Who are the key investors selling shares in the IPO?
The offer for sale will see partial stake sales by TPG‑linked entities, Apax Partners’ Quinag Bidco, and certain early individual and family office investors, while founders are expected to retain significant holdings.
How will Fractal use the proceeds from the fresh issue?
Net proceeds from the fresh issue are earmarked for funding R&D and product development, expanding global sales and marketing, potential strategic acquisitions, and general corporate purposes including balance sheet strengthening.
What differentiates Fractal from traditional IT services companies?
Fractal focuses on high‑end analytics and AI, with a platform‑driven approach and deep domain specialisation, rather than generic IT outsourcing, allowing it to position as a strategic decision partner to clients and potentially command higher margins over time.
What are the main risks for investors in the Fractal Analytics IPO?
Key risks include exposure to global tech‑spending cycles, pressure from large tech and consulting competitors, talent retention challenges in AI, and the possibility that high R&D spending may weigh on short‑term profitability.
How can investors track Fractal Analytics IPO subscription and allotment status?
Once the issue opens, investors can track subscription numbers on NSE and BSE websites and check allotment status on the registrar’s portal, or on reliable platforms such as m.Stock.