TPG Capital-backed data analytics and enterprise artificial intelligence (AI) company Fractal Analytics plans to launch its initial public offering in February following the Union Budget, two people familiar with the development told Moneycontrol.
This will be the second big tech IPO of 2026, following Amagi Media Labs Rs 1,788-crore share sale, which opened for subscription on January 13.
Fractal plans to raise up to Rs 4,900 crore through the IPO, which consists of a fresh offer of Rs 1,279.3 crore and a secondary sale of shares worth Rs 3,620.7 crore by its shareholders, including TPG Capital, as per the draft red herring prospectus of the company.
“Fractal is geared up for launch. They were initially planning to launch the deal this month itself, but they are now looking at a post-budget launch timeline. They would like to avoid launching such a big share sale in the market volatility that is usually seen around a major event such as the budget,” said one of the people cited above.
An email query sent to Fractal Analytics did not elicit a response till the time of publication.
Technology deals drove a record year for the Indian IPO market in 2025, with mega share sales from companies, including Groww, Pine Labs, Meesho, Physicswallah, Lenskart and Urban Company. The trend is likely to continue into 2026, with a strong pipeline of technology deals, including the likes of PhonePe.
Enterprise AI solutions
Founded in 2000, Fractal Analytics is a global enterprise AI company that works with large multinational corporations to power decision-making through data-driven insights and end-to-end AI solutions.
Fractal’s offerings are organised into two segments.
Fractal.ai houses its AI services and products. Products are largely hosted on Cogentiq, its flagship agentic AI platform. Cogentiq is designed to help enterprises and product owners build and upgrade AI-led products faster through pre-built agents, tools and connectors, alongside features such as low-code development, security, governance and auditability.
The second segment, Fractal Alpha, comprises independent AI businesses that target Fractal.ai’s core multinational clients as well as newer markets and geographies, each run by separate management teams.
The IPO proceeds will be used to repay or prepay borrowings at its US subsidiary. Funds will also be used for research and development, sales under Fractal Alpha, for a new office premises in India, acquisitions and for general corporate purposes.
The company positions its AI solutions around improving customer understanding, enhancing operational efficiency, accelerating product development, enabling sustainability and resilience, and strengthening executive decision-making.
In FY25, it reported a revenue of Rs 2,816 crore, up from Rs 2,241 crore in the previous year. Profit grew to Rs 220.6 crore from a loss of Rs 54.7 crore.
It served 113 large multinational clients, including global names across banking, consumer goods, retail, technology, healthcare and insurance.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
