Fractal Analytics raises Rs 1,248 Cr from anchor investors ahead of IPO
The Mumbai-based company allotted 1,38,69,499 equity shares to 52 anchor investors. Of the total allocation, about 38% or 52,77,680 shares were allotted to 11 domestic mutual funds across 22 schemes.
The anchor book included participation from global institutional investors, including Morgan Stanley Investment Funds, Ashoka WhiteOak Emerging Markets Funds, Jupiter Global Fund, Goldman Sachs Bank Europe, Societe Generale – ODI, Flumen Investment Trust, Optimix Wholesale Global Emerging Markets Share Trust, Neo Prime Fund, and Neo Secondaries Fund.
Domestic institutional investors, such as SBI Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, UTI Mutual Fund, Trust Mutual Fund, Bandhan Mutual Fund, Invesco Mutual Fund, Baroda BNP Paribas Mutual Fund, and Sundaram Mutual Fund, also participated.
Insurance companies participating in the anchor round included LIC, HDFC Life Insurance, SBI Life Insurance, Bharti AXA Life Insurance, and Edelweiss Life Insurance.
Recently, Fractal revised its IPO size to about Rs 2,833.9 crore, down from roughly Rs 4,900 crore. According to the company’s red herring prospectus, the offer comprises a fresh issue of shares worth Rs 1,023.5 crore and an offer for sale of approximately Rs 1,810.4 crore by existing shareholders.
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Selling shareholders include Quinag Bidco, TPG Fett Holdings, and GLM Family Trust, among others. Promoters are not selling shares in the offer. The structure means a larger share of proceeds will accrue to existing investors monetising part of their holdings, while the fresh issue is intended to support working capital and general corporate purposes.
The IPO will open for subscription on February 9 and close on February 11, with a price band of Rs 857–Rs 900 per share. Investors can bid for a minimum of 16 shares and in multiples thereafter.
Qualified institutional buyers will be allocated at least 75% of the net offer, while non-institutional investors and retail investors will account for up to 15% and 10%, respectively. The issue also includes an employee reservation portion capped at Rs 60 crore.
Fractal Analytics provides AI-powered analytics and decision science solutions to enterprise clients across consumer goods, technology, healthcare, and financial services sectors, with the US representing its largest revenue market.
For FY25, it reported revenue from operations of 2,765.4 crore and a profit after tax of Rs 220.6 crore. EBITDA stood at Rs 398 crore, translating to a margin of 14.4%, while adjusted EBITDA was Rs 482.1 crore.
The company generated an operating cash flow of Rs 397 crore during the period, though it reported a negative operating cash flow of Rs 21.4 crore for the six months ended September 2025.
As of September 30, 2025, Fractal reported cash and cash equivalents of Rs 110.2 crore and liquid mutual fund investments of Rs 671.7 crore.
Kotak Mahindra Capital, Morgan Stanley India, Axis Capital, and Goldman Sachs (India) Securities are the book-running lead managers to the issue.
Edited by Suman Singh
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