Fractal Analytics, an artificial intelligence-based solutions provider, made its stock market debut on Monday, 16 February, with a flat listing across exchanges.
On the Bombay Stock Exchange, the shares were listed at Rs 900 per share, matching the upper end of the IPO price band. As a result, investors who were allotted shares did not receive any immediate listing gains.
On the National Stock Exchange, the shares opened at Rs 876 per share, representing a discount of Rs 24, or approximately 3 percent, to the issue price. Investors on the NSE incurred a marginal loss at the time of listing.
The listing performance was largely in line with grey market indications. Ahead of the listing, the company’s unlisted shares were trading at around Rs 872 in the grey market. Grey market trends had indicated a possible listing at a discount of Rs 25 to Rs 30 to the issue price. The listing on Monday reflected these indications, and there were no unexpected gains for investors.
The IPO received an overall subscription of 2.81 times. According to NSE data, bids were received for 4,95,44,208 shares against 1,85,79,360 shares on offer.
In the retail investor category, the issue was subscribed 1.10 times. In the non-institutional investor category, the subscription stood at 1.11 times.
The qualified institutional buyers category recorded a subscription of 4.41 times.
The IPO opened for subscription on 9 February and closed on 11 February. The price band for the issue was fixed at Rs 857 to Rs 900 per share. Most investors were allotted shares at the upper price band of Rs 900 per share.
The company aimed to raise Rs 2,833.90 crore through the IPO. The issue comprised 1.14 crore fresh shares aggregating Rs 1,023.50 crore. In addition, 2.01 crore shares were offered through an offer for sale amounting to Rs 1,810.40 crore, with proceeds accruing to existing shareholders.
