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AI and decision-intelligence company Fractal Analytics has set the price band for its IPO, which is set to open on Monday (February 9), at INR 857 to INR 900 per share.

At the upper end of the price band, the IPO values the company at about INR 15,480 Cr (about $1.7 Bn).

Anchor bidding for the issue will take place on Friday (February 6), while the IPO will close on Wednesday (February 11). The shares are expected to list on the exchanges on February 16 (Monday).

The company filed its red herring prospectus (RHP) for INR 2,833.9 Cr IPO yesterday. The public issue will comprise a fresh issue of shares worth up to INR 1,023.54 Cr, representing a 30% cut from the DRHP. Additionally, the offer-for-sale (OFS) component has been halved to up to INR 1,810.4 Cr.

Investors including Apax Partners, TPG Capital, Satya Kumari Remala, Rao Venkateswara Remala, and GLM Family Trust will sell their stakes via the OFS.

The IPO proceeds will be used for research and development, sales and marketing for in-house AI incubator Fractal Alpha, pre-payment and scheduled repayment of borrowings of subsidiary Fractal USA, setting up a new office in India, and more.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawala, Fractal is an enterprise AI and analytics company that helps businesses improve decision-making using data science, machine learning and GenAI.

Its clientele is spread across consumer packaged goods and retail (CPGR), technology, media, and telecommunications (TMT), healthcare and life sciences (HLS), and banking, financial services and insurance (BFSI). It counts the likes of Citi Bank, Costco, Franklin Templeton, Mars, Mondelez, and Nestle among its clients.

Since its inception, the company has raised more than $800 Mn from investors like TA Associates, Khazanah Nasional, Apax Partners, TPG Capital Asia, Gaja Capital, among others. In July last year, Fractal’s early backer Apax Partners sold shares worth $170 Mn to a consortium of 22 institutional investors at a valuation of $2.4 Bn.

On the financial front, Fractal’s profit declined about 3% to INR 70.9 Cr in H1 FY26 from INR 72.9 Cr in the year-ago period. Operating revenue grew 20% to INR 1,559 Cr from INR 1,300.7 Cr in H1 FY25.

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