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 offloading 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 Rs 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
