Updated Feb 11, 2026 10:27 IST
The IPOs of Fractal Analytics and Aye Finance have not been able to win the confidence of investors even till the second day…
highlights
- The IPOs of Fractal Analytics and Aye Finance were subscribed only 20% and 16% respectively till the second day.
- QIB participation has been weak and GMP is also very modest.
- Both the issues will close on February 11 and the listing is scheduled for February 16.
The Rs 2,834 crore IPO of Fractal Analytics, which provides AI solutions, was subscribed only 20% till the second day. According to NSE data, bids came for only 36,40,320 shares against 1,85,79,360 shares. Retail investors filled 60% of the quota, while non-institutional investors (NIIs) took 27%. The biggest slowdown was seen from QIB i.e. big institutional investors, where only 2% subscription came.
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However, the company had already raised Rs 1,248.26 crore from anchor investors. The price band is fixed at Rs 857 to Rs 900 per share, due to which the valuation of the company comes to around Rs 15,500 crore. Earlier the company was planning to raise Rs 4,900 crore, but later the issue size was reduced to Rs 2,834 crore.
Fractal Analytics IPO GMP
Talking about GMP, it is around Rs 7. Compared to the upper price band of Rs 900, the estimated listing price works out to be around Rs 907, i.e. a potential premium of only 0.78%. This indicates that there is not much enthusiasm in the gray market also.
What will Fractal Analytics do with the IPO money?
The funds raised from the IPO will be used in Fractal USA for investment, debt repayment, opening of new offices, research and development, marketing and possible acquisitions. The company will be listed in the market on 16 February. Fractal, founded in 2000, provides AI-based data solutions to global companies like Microsoft, Apple, Amazon, Meta and Tesla.
Aye Finance IPO also did not get response
The story of Rs 1,010 crore Aye Finance IPO is no different. By the second day it was subscribed only 16%. Bids came for 72,85,960 shares against the total of 4,55,32,785 shares. 47% subscription was received in retail category, 13% in QIB and only 2% in NII. This figure was 12% on the first day, which means there was not much growth seen on the second day also.
The company has raised Rs 454.5 crore from anchor investors. The price band has been fixed at Rs 122 to Rs 129, which puts the company’s valuation at the upper end at Rs 3,184 crore. The IPO comprises a fresh issue of Rs 710 crore and OFS of Rs 300 crore. With the amount raised, the company will strengthen its capital and expand its business.
What does Aye Finance do?
Aye Finance provides loans to micro and small enterprises. It has around 5.9 lakh active customers across 18 states and 3 union territories and AUM of Rs 6,027.6 crore. Its listing will also take place on 16 February.
What will happen on the last day?
Both IPOs are closing on 11 February. Usually, on the last day, QIBs and big investors take entry, due to which the subscription suddenly increases. But the data so far shows that investors are cautious about valuations and the current market situation.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.
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