At the issue price of ₹900, Gulu Mirchandani’s GLM Trust offloaded 50 Lakh shares worth ₹450 Cr via the OFS component of the IPO
VC firm Apax Partners also raked in 5.2X returns on its investment by offloading 97.8 Lakh shares via the OFS
US-based TPG Inc. registered 1.4X return at an average cost of acquisition of ₹642 per share
Early backers of AI SaaS firm Fractal Analyticswhich is set to list on Monday (February 16), realised hefty returns from its initial public offering.
At the issue price of ₹900, one of Fractal’s earliest backers Gulu Mirchandani’s GLM Trust offloaded 50 Lakh shares worth ₹450 Cr via the offer-for-sale (OFS) component of the IPO. Notably, Onida’s founder chairman Mirchandani invested ₹2.74 Cr in Fractal back in 2004
Till 2024, he also served as the non-executive director on Fractal’s board. After the dilution, GLM Trust will continue to hold 2.1 Cr shares in the company,valued at ₹1,933 Cr.
VC firm Apax Partners also raked in 5.2X returns on its investment by offloading 97.8 Lakh shares via the OFS. At the upper price band, the investor will register a windfall of ₹880.9 Cr. After the sale, Apax continues to hold 2.2 Cr shares in the SaaS company worth ₹1,969 Cr.
Meanwhile, US-based TPG Inc. registered 1.4X return at an average cost of acquisition of ₹642 per share. The investor sold 50 Lakh shares, earning up to ₹450 Cr via OFS. The investor continues to hold 3.8 Cr shares worth ₹3,446 Cr post share sale.
Apart from this, two early angel investors — Satya Kumari Remala and Rao Venkateswara Remala — cumulatively bagged 450X multiple on their investment. The investors infused capital in Fractal by purchasing 17,367 equity shares back in 2000. Via OFS, they sold 3.3 Lakh shares in the company and earned ₹ 29.5 Cr at the upper price band. They continue to hold 2 Lakh shares worth ₹18 Cr.
Fractal’s IPO was oversubscribed 2.66X during the final day of bidding. Investors cumulatively placed bids for 4.95 Cr shares against 1.86 Cr shares open for subscription.
The IPO received major traction from Qualified institutional buyers (QIBs) who oversubscribed their reserved quota by 4.18X. The QIBs placed bids for 4.06 Cr shares against the 97.1 Lakh shares reserved for them.
However, Fractal’s employees placed bids for only 4.8 Lakh shares, against 7.7 Lakh shares offered to them. These investors only subscribed to their quota by 61%.
Fractal, founded in 2000, helps businesses use data, machine learning and AI to make better decisions, and earns revenue through long-term partnerships instead of one-time projects. It serves large enterprises including Nestle, Mars, Apple, Microsoft, among others.
As per the RHP, the company is looking for an IPO size of ₹2,833.9 Cr IPO, setting a price of ₹857–₹900 per share. At the upper end of the band, Fractal’s valuation stands at around ₹15,480 Cr ($1.75 Bn).
On the financial front, Fractal recorded a 2.7% decline in its net profit to ₹70.9 Cr for the six months ended September 30, 2025 (H1 FY26) from ₹72.9 Cr in the same period last year.
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