Fractal Analytics IPO subscribed 9% on Day 1; retail portion booked 0.35x
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The ₹2,833.90 crore initial public offering (IPO) of Fractal Analytics, being offered at a price band of ₹857–900 per share, was subscribed 9% on the first day of bidding, as per data available on the exchanges.
The data showed that the retail portion of the global analytics and artificial intelligence company was subscribed 0.35 times, as it received bids for 11,30,192 shares against 32,36,756 shares reserved for the category. The non-institutional investors (NIIs) category was booked 0.07 times, receiving bids for 3,48,912 shares compared with 48,55,134 shares on offer.
On the other hand, the qualified institutional buyers (QIBs) segment saw muted participation, with bids for just 224 shares against 97,10,268 shares reserved, translating into negligible subscription.
Meanwhile, the employee quota was subscribed 0.13 times, with bids received for 1,01,008 shares against 7,77,202 shares earmarked for employees.
Fractal Analytics IPO commands ₹12 GMP
Despite muted response on the first day of bidding, the shares of Fractal Analytics were commanding grey market premium (GMP) of ₹12 in the unlisted market. The Fractal Analytics IPO GMP indicates listing price at ₹912, a premium of 1.33% over the issue price.
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Fractal Analytics IPO comprises a fresh issue of 1.14 crore shares worth ₹1,023.50 crore and an offer for sale (OFS) of 2.01 crore shares aggregating to ₹1,810.40 crore by existing shareholders.
The IPO will close on February 11, while allotment of Fractal Analytics shares are expected to be finalised on February 12. The company is scheduled to list its shares on the BSE and NSE on February 16.
The lot size is 16 shares and in multiple thereafter, while minimum application amount for retail investor is ₹14,400 at the upper price band.
Raised ₹1,248.26 crore from anchor investors
Ahead of the opening of the IPO, the company raised ₹1,248.26 crore from anchor investors by allotting 1,38,69,499 equity shares to 52 anchor investors at ₹900 per share.
The anchor book saw strong participation from domestic institutional investors, especially mutual funds and insurance companies. Key mutual fund participants included 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. Insurance players such as Life Insurance Corporation of India (LIC), HDFC Life, SBI Life, Bharti AXA Life, and Edelweiss Life also participated.
The IPO attracted notable 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.
Several brokerage houses have given a positive outlook on the IPO and recommended investors to subscribe to the issue. These include Anand Rathi, BP Wealth, Arihant Capital, Ventura Securities, Swastika Securities, SMIFS, Sushil Finance, and Master Trust, among others.
As per its DRHP filed with Sebi, Fractal Analytics plans to utilise IPO proceeds for debt reduction, expansion, and growth initiatives. The company will invest ₹264.90 crore in its subsidiary, Fractal USA, towards prepayment or repayment of borrowings. It has earmarked ₹57.10 crore for purchasing laptops to strengthen technology and employee infrastructure, and ₹121.10 crore for setting up new office premises in India.
Additionally, ₹355.10 crore will be invested in research and development, along with sales and marketing under the Fractal Alpha platform. The remaining funds will support inorganic growth through potential acquisitions, strategic initiatives, and general corporate purposes.
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