Shares of Fractal Analytics and Aye Finance made a subdued debut on the domestic stock exchanges on Monday, reflecting cautious investor sentiment amid lacklustre trading in the broader market. While artificial intelligence and advanced analytics company Fractal Analytics opened at a discount to its issue price, MSME-focused lender Aye Finance witnessed a flat listing.

The shares of Fractal Analytics kicked off trading at ₹876 apiece on the National Stock Exchange (NSE), marking a discount of 2.67% to its issue price of ₹900. On the other hand, Aye Finance shares debuted at ₹129, listing at par with the initial public offering (IPO) price.

On the BSE, Fractal Analytics shares debuted flat at ₹900 apiece, with a market capitalisation (m-cap) of ₹15,476.86 crore, while Aye Finance shares listed flat with a valuation of ₹3,183.52 crore.

Meanwhile, equity benchmarks – Sensex and Nifty – were trading flat with a negative bias in the first hour of trade.

Listing in line with street expectations

The listing of Fractal Analytics Limited and Aye Finance Limited was broadly in line with Street expectations, as both stocks were trading at a discount in the grey market ahead of their debut. Fractal Analytics shares were commanding a grey market premium (GMP) of minus ₹28 prior to listing, indicating an expected listing price of around ₹872, a discount of nearly 3.1% to the issue price.

In a similar trend, the last GMP for Aye Finance’s IPO stood at minus ₹3, signalling an expected listing at around ₹127, down 2.33% from the IPO price.

IPOs receive muted response

The public issues of Fractal Analytics and Aye Finance received muted response from investors, which opened for subscription between February 9-11.

Fractal Analytics’ IPO managed to sail through on the final day of bidding, with the issue subscribing 2.66 times overall, largely supported by strong participation from institutional investors. In contrast, Aye Finance’s public issue witnessed moderate demand and was subscribed 97% by the close of the subscription period.

Fractal Analytics saw robust interest from qualified institutional buyers (QIBs), with the segment subscribing 4.18 times. Meanwhile, participation from non-institutional investors (NIIs) and retail individual investors (RIIs) remained modest, with both categories seeing marginal oversubscription. The company aimed to raise ₹2,833.90 crore through a combination of fresh issue and offer for sale, with a price band of ₹857–₹900 per share.

On the other hand, Aye Finance’s ₹1,010-crore IPO saw moderate institutional participation, with the QIB portion subscribing 1.50 times. However, retail demand remained subdued at 0.77 times, while the NII segment witnessed weak traction, subscribing just 0.05 times. The issue comprised a fresh issue of ₹710 crore and an offer for sale worth ₹300 crore, priced in the band of ₹122–₹129 per share.

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