Kolkata: The two mainboard public issues after the budget — Fractal Analytics IPO and Aye Finance IPO — had less than decent success with the subscription level on the first two days of he bidding process Feb 9 and 0. Today, Feb 11 is the last day of the bidding process. Till the second day of bidding window, Aye Finance IPO got 0.17 times overall subscription — 0.49 times in the retail category, 0.14 times in QIB (Ex Anchor) category and 0.02 times in the NII category. On the other hand, Fractal Analytics IPO was subscribed 0.09 times overall — 0.18 times in the retail category, 0.03 times in QIB (Ex Anchor) and 0.15 times in the NII category.

Significantly, Fractal Analytics is the first Indian AI firm to tap the market. It intends to mop up Rs 2,833.90 crore through a combination of fresh issue of 1.14 crore shares amounting to Rs 1,023.50 crore and an OFS segment of 2.01 crore shares amounting to Rs 1,810.40 crores. The Aye Finance IPO wants to raise Rs 1,010-crore through a fresh issue of 5.50 crore shares amounting to Rs 710.00 crores and an OFS part of 2.33 crore shares aggregating to Rs 300.00 crores.

Fractal Analytics IPO GMP, Aye Finance IPO GMP

According to investorgain, Fractal Analytics IPO on early morning of Feb 11 stood at Rs 7. At this level it signals an estimated listing price of Rs 907 and a listing gain of 0.78%. Significantly, the GMP of the issue kept declining steadily from the level of Rs 180 on Feb 3. What must be noted is that SBI Securities has flagged they have valuation concerns about the Fractal Analytics issue though it acknowledged the fact that the firm has a sound skill pool and an impressive list of clients.

On the other hand, Aye Finance IPO GMP in early morning of Feb 11 stood at zero. It was at Rs 5 on Feb 4 but quickly came down to zero and has not risen since. With the price band of 129, the estimated listing price is therefore Rs 129 and the listing gain 0.00%. However, it must be kept in mind that GMP is an unofficial gauge that quickly changes with time and cannot guarantee listing gain.

Fractal Analytics key dates

Bid closes: Today, Feb 11, 2026

Allotment: Feb 12

Refund: Feb 13

Credit of shares to demat account: Feb 13

Listing: Feb 16, 2026

Aye Finance key dates

Bid closes: Feb Today, 11, 2026

Allotment: Feb 12

Refund: Feb 13

Credit of shares to demat account: Feb 13

Listing: Feb 16

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