Fractal Industries IPO
smelistedAbout the company
Incorporated in 2000, Fractal Industries is engaged in designing, sourcing, and manufacturing of garments and also provides warehousing and supply chain services to large e-commerce platforms like Myntra, Ajio, and Flipkart. The company operates under three primary methods of business: the outright sale model, the pure play marketplace (PPMP) model, and direct sale-own brand manufacturing. The PPMP model is the main revenue generator among these, accounting for approximately 92.76% of total revenue as of September 30, 2025. On a product line basis, shirts constitute the major part of the business, generating 78.74% of revenue for the period ended September 30, 2025, followed by trousers at 15.04%. The company is equipped with an installed manufacturing capacity of 44,40,000 units with a capacity utilisation of 62.16% for the period ended September 30, 2025. On the sourcing end, Maharashtra is the largest supplier of raw materials, giving 39.99% of the total procurement value, followed by Gujarat at 17.28% and Karnataka at 17.10% as of September 2025.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 18 Feb | ₹0 | ₹216 | 0 |
| 17 Feb | ₹0 | ₹216 | 0 |
| 16 Feb | ₹0 | ₹216 | -4 |
| 15 Feb | ₹4 | ₹220 | 0 |
| 14 Feb | ₹4 | ₹220 | -2 |
| 13 Feb | ₹6 | ₹222 | +1 |
| 12 Feb | ₹5 | ₹221 | 0 |
| 11 Feb | ₹5 | ₹221 | 0 |
Strengths
- Operates in apparel manufacturing and supply-chain services for online retail partners
- Business tied to real product demand rather than purely financial or digital models
- Positioned within the growing e-commerce ecosystem
- Clear use of IPO proceeds for business expansion and working capital
- Potential for growth if client relationships deepen and order volumes rise
Risks
- SME listing can mean lower liquidity and sharper price swings after listing
- Performance linked to trends in fashion demand and online retail cycles
- Smaller scale business may face tougher competition from larger players
- Possible reliance on a limited set of large clients
- As a newly listed firm, public-market governance and consistency are yet to be tested
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed16 Feb 2026Bidding starts for all investor categories
IPO Closes
Completed18 Feb 2026Last day to place your bid
Basis of Allotment
Completed19 Feb 2026Share allotment finalised
Refund Initiation
Completed20 Feb 2026Refunds credited for non-allottees
Credit to Demat
Completed20 Feb 2026Allotted shares credited to demat account
Listing on Exchange
Completed24 Feb 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 600 | ₹129,600 | 1 | ₹129,600 | 1 lot only |
| HNI | 2 | 1200 | ₹259,200 | 2 | ₹259,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,163,896 | 24.5 | 0 | 0.00x | 100% |
| NII | 15% | 349,169 | 7.35 | 0 | 0.00x | 100% |
| Retail | 35% | 814,727 | 17.15 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
