Fractal Analytics Ltd. has received SEBI approval for its Initial Public Offer (IPO) on November 18, 2025. With this approval, the company can move ahead with the next steps to launch the IPO, depending on market conditions and other required clearances. The approval will remain valid for 12 months.
The IPO will be a Book Build Issue worth ₹4,900 crore. It includes a fresh issue of ₹1,279.30 crore and an offer for sale (OFS) of ₹3,620.70 crore by existing shareholders. The company plans to list its shares on both NSE and BSE. Kotak Mahindra Capital is the lead manager, and MUFG Intime India is the registrar. The IPO dates, price band, and lot size will be announced later.
Fractal Analytics IPO Objectives
- Existing shareholders, including Quinag Bidco Ltd. and TPG Fett Holdings Pte. Ltd., will sell shares worth ₹36,207 million. The company will not get any money from this portion.
- The company will receive ₹12,793 million, which will be used for its growth plans and business needs. Of this, the company will use ₹2,649 million for reducing borrowings of its subsidiary, Fractal USA. Moreover, ₹3,551 million for building technology and expanding market reach.
- Funds for laptops, new office setups, acquisitions, and general corporate use (together capped at 35% of gross proceeds).
About Fractal Analytics
Fractal Analytics, founded in 2000, is a global enterprise AI company that helps large organisations make better, data-driven decisions. It provides end-to-end AI solutions across industries such as consumer goods, retail, technology, healthcare, and financial services.
The company operates through two segments: Fractal.ai, which delivers AI services and products built on its agentic AI platform Cogentiq, and Fractal Alpha, which runs independent AI businesses targeting global enterprise clients. Fractal supports companies with customer insights, operational efficiency, product innovation, sustainability, and executive decision-making.
Fractal works with major global brands, including several “Magnificent Seven” companies. It is known for strong R&D capabilities, creating models like Kalaido.ai and Vaidya.ai, and consistently earns top industry and workplace recognitions.
Industry Outlook
- Organisations across sectors are increasingly embedding AI into core operations to enhance decision-making, streamline processes, and improve productivity. This widespread shift towards data-driven transformation supports sustained demand for Fractal’s AI and analytics solutions.
- Businesses are accelerating their transition to cloud-based AI platforms, which allow them to deploy advanced analytics without heavy infrastructure investment. This trend significantly broadens Fractal’s potential client base and strengthens demand for its cloud-enabled AI products.
- With data growing exponentially due to digitalisation, IoT, and customer interactions, companies require sophisticated analytics capabilities to derive meaningful insights. This increases reliance on specialist AI firms like Fractal that can convert complex data into actionable intelligence.
How To Apply for the Fractal Analytics IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Fractal Analytics IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Fractal Analytics IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Fractal Analytics IPO
Registered Office: Fractal Analytics Ltd., Level 7, Commerz II, International Business Park, Oberoi Garden City, Off W. E. Highway, Goregaon (E), Mumbai, Maharashtra, 400063
Phone: +91 22 6850 5800
Email: investorrelations@fractal.ai
Fractal Analytics IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 75% of the Net Issue |
| Retail Investors | Not less than 10% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 15% of the Net Issue |
Fractal Analytics IPO Lot Size Details
To be announced.
Fractal Analytics IPO Promoter Holding
The company’s promoters are Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal.
| Particulars | Percentage |
| Promoter Holding (Pre-Issue) | 18.30% |
| Promoter Holding (Post-Issue) | To be updated |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Fractal Analytics IPO
| KPI | FY 2025 |
| Revenue Growth (%) | 25.9% |
| PAT Margin (%) | 8.0% |
| Adjusted PAT Margin (%) | 12.6% |
| EBITDA Margin (%) | 14.4% |
| Adjusted EBITDA Margin (%) | 17.4% |
Fractal Analytics IPO Prospectus
Fractal Analytics IPO Registrar and Lead Managers
Fractal Analytics IPO Lead Managers
- Kotak Mahindra Capital Co.Ltd.
Registrar for Fractal Analytics IPO
- MUFG Intime India Pvt.Ltd.
Financial Performance of Fractal Analytics
| Metric | FY 2025 | FY 2024 | FY 2023 |
| Revenue from Operations (₹ Million) | 27,654 | 21,963 | 19,854 |
| Cash Flow from Operations (₹ Million) | 3,970 | 1,595 | (306) |
| Profit / (Loss) for the Year (₹ Million) | 2,206 | (547) | 1,944 |
| EBITDA (₹ Million) | 3,980 | 972 | 4,368 |
| Adjusted PAT (₹ Million) | 3,478 | (45) | 540 |
Fractal Analytics Peer Comparison
There are no listed companies in India or globally that follow a business model directly comparable to theirs.
Strengths and Opportunities for Fractal Analytics IPO
- Positioned in a fast-growing US$310 billion global data-AI services market.
- Strong 18% revenue CAGR, outperforming global third-party DAAI market growth.
- Serves marquee global clients, including top CPG, TMT and HLS companies.
- High client stickiness with 121% net revenue retention in Fiscal 2025.
- Deep technical expertise across GenAI, computer vision, data engineering and cloud.
- Robust R&D focus with 24 patents and significant ongoing investments.
- Scalable AI product suite across Cogentiq platform enhancing cross-industry adoption.
- Experienced founders-led team with 25-year track record and global recognition.
Risks and Threats for Fractal Analytics IPO
- Heavy dependence on Americas region, contributing 66% of total segment revenues.
- Client concentration risk with top 10 clients forming nearly 54% revenues.
- Fractal Alpha segment continues reporting losses, pressuring consolidated profitability and margins.
- EBITDA margin volatility observed, falling sharply in FY24 before partial recovery.
- Limited operating history in product-led business increases uncertainty around scaling profitability.
- High employee costs and attrition risk impacting delivery capability and margins.
- Cybersecurity vulnerabilities and historical ransomware incident highlight operational and reputational risks.
- Significant competition from global consulting, IT services and AI-specialist firms persists.
