Fractal Analytics, Aye Finance IPOs See Tepid Day 2 Response
•February 10, 2026
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Companies Mentioned
Why It Matters
The weak subscription highlights investor caution toward large‑ticket tech listings and mid‑tier NBFC IPOs in a selective primary‑market environment, signaling tighter capital‑raising conditions.
Key Takeaways
- •Fractal Analytics IPO subscribed 0.20 times overall.
- •Aye Finance IPO subscribed 0.16 times overall.
- •Retail investors led demand for both offerings.
- •Fractal cut issue size from 4,900 to 2,834 crore.
- •Aye Finance aims to expand micro‑enterprise loan portfolio.
Pulse Analysis
The Indian primary‑market has entered a period of restraint, as evidenced by the tepid response to two high‑profile listings. Both Fractal Analytics and Aye Finance recorded subscription levels well below one‑times, a stark contrast to the oversubscribed IPOs that characterized the previous year. Retail participation outperformed institutional interest, suggesting that sophisticated investors remain wary of large‑scale technology and non‑bank financial company offerings amid macro‑economic uncertainty.
Fractal Analytics, a leading AI solutions provider, responded to soft demand by slashing its issue size from the originally announced ₹4,900 crore to roughly ₹2,834 crore. The company raised over ₹1,200 crore from anchor investors and plans to allocate fresh‑issue proceeds toward expanding its U.S. subsidiary, R&D, and sales initiatives under the Fractal Alpha brand. The revised capital structure, which includes a significant offer‑for‑sale component, reflects a strategic shift to balance shareholder liquidity with growth funding while navigating a cautious investor base.
Aye Finance, positioned as a middle‑layer NBFC serving micro and small enterprises, also faced limited appetite, achieving only 0.16‑times subscription. The fresh‑issue capital will bolster its loan book and support expansion into underserved segments, a sector that remains critical for inclusive growth. However, the subdued demand underscores the challenges NBFCs face in attracting institutional capital, especially when broader market sentiment favors safer, lower‑risk assets. Both listings will be closely watched as bellwethers for future tech and financial services IPOs in India.
Fractal Analytics, Aye Finance IPOs see tepid day 2 response
Both issues were subscribed only about 0.14 times and 0.15 times, respectively
Updated – February 10, 2026 at 05:09 PM
Bengaluru
The initial public offerings of Fractal Analytics and Aye Finance continued to draw muted investor interest on the second day of bidding, with both issues subscribed only about 0.20 times and 0.16 times, respectively.
Fractal Analytics’ ₹2,834‑crore offer was subscribed 0.20 times, qualified institutional buyers subscribed 0.02 times, non‑institutional investors 0.27 times, retail investors 0.60 times and the employee portion 0.20 times.
Aye Finance’s ₹1,010‑crore IPO also saw an overall subscription of 0.16 times, led mainly by retail participation at 0.47 times, while QIBs subscribed 0.13 times and NIIs just 0.02 times.
Fractal Analytics, an artificial‑intelligence solutions provider, will close its issue on February 11 and is slated to debut on the stock exchanges on February 16. Ahead of the public issue, the company raised ₹1,248.26 crore from anchor investors. The IPO is priced in the band of ₹857 to ₹900 per share, which values the company at close to ₹15,500 crore at the upper end.
The company has downsized its public issue from the originally proposed ₹4,900 crore to about ₹2,833.9 crore. The revised structure includes a fresh issue worth up to ₹1,023.5 crore and an offer‑for‑sale of ₹1,810.4 crore. Shareholders off‑loading stock through the OFS include Quinag Bidco Ltd, TPG Fett Holdings Pte. Ltd, Satya Kumari Remala Rao, Venkateswara Remala and GLM Family Trust. Proceeds from the fresh issue are earmarked for investments in subsidiary Fractal USA, repayment or pre‑payment of borrowings, purchase of laptops, expansion of office infrastructure in India, research and development, sales and marketing initiatives under Fractal Alpha, acquisitions, and general corporate purposes. Market participants are watching the final‑day demand closely to gauge institutional appetite for large‑ticket technology listings amid a selective primary‑market environment.
Aye Finance’s IPO will also close on February 11, with listing scheduled on the BSE and NSE on February 16. The non‑banking financial company garnered ₹454.5 crore from anchor investors last week. Shares are being offered in a price band of ₹122 to ₹129, implying a valuation of ₹3,184 crore at the top end.
The offer consists of a fresh issue of equity shares aggregating up to ₹710 crore and an offer‑for‑sale of up to ₹300 crore by existing shareholders. Funds raised through the fresh issue will be used to bolster the company’s capital base to support future growth in its loan book and business expansion. Classified as a middle‑layer NBFC, Aye Finance focuses on lending to micro and small enterprises, a segment that remains underserved by traditional banks. Expectations around the issue hinge on whether institutional participation improves before closure, as investors weigh growth prospects in the MSE lending space against broader market conditions.
Published on February 10, 2026
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