Synopsis: Fractal Analytics (NSE: FRACTAL) made a disappointing stock market debut on February 16, 2026, listing at ₹876—a 2.67% discount to its ₹900 issue price. Simultaneously, MSME-lender Aye Finance (NSE: AYEF) saw a flat listing at ₹129. The muted performance was triggered by a “Zero GMP” signal in the grey market and a massive ₹1.3 Lakh Crore wipeout in the Nifty IT index just 48 hours prior, severely dampening the appetite for new-age tech and finance issues.
On Monday, February 16, 2026, the primary market faced a reality check as India’s first pure-play AI major, Fractal Analytics, and micro-lender Aye Finance made their Dalal Street debuts. While Fractal Analytics shares opened at ₹876 on the NSE (a discount of ₹24), it fared slightly better on the BSE, listing flat at ₹900. Aye Finance followed a similar trajectory, listing at par at ₹129 across both exchanges.
The lacklustre debut comes in the wake of a systemic sell-off in the Nifty IT and Nifty Bank indices. The “Anthropic Shock”—where new AI agents threatened the business models of legacy IT firms—has made investors wary of high-valuation tech companies, even those directly in the AI space like Fractal.
Why did Fractal Analytics and Aye Finance list at a discount?
The primary driver was the “Zero-to-Negative GMP” signal. Ahead of the listing, Fractal’s grey market premium slipped to -₹28, while Aye Finance hovered at ₹0. This indicated that the Aam Aadmi and HNI investors had little confidence in immediate listing gains, leading to a “muted” subscription of just 2.66 times for Fractal and an even lower 0.97 times for Aye Finance.
Additionally, the “1-2-1” rule of market conditions played a role: one massive sectoral crash (IT), two global macro fears (US rates), and one weak subscription turnout. For Aye Finance, the rising Gross NPA (from 2.49% to 4.85%) and high exposure to the vulnerable MSME sector further cooled institutional demand.
IPO Listing Performance (Feb 16, 2026)
| Company | Issue Price | Listing Price (NSE) | Gain / Discount (%) |
| Fractal Analytics | ₹900 | ₹876 | 2.67% ↓ |
| Aye Finance | ₹129 | ₹129 | Flat (0%) |
| Fractal M-Cap | ₹15,476 Cr | ₹14,909 Cr | (At Open) |
The “Analyst Consensus” on Fractal and Aye Finance
Brokerages are advising a “Wait and Watch” strategy as these stocks find their feet in a volatile secondary market.
- Capital Mind: Analysts suggest that Fractal Analytics is a “high-conviction AI play” but cautioned that its 78.9x P/E ratio was too aggressive for a market currently fleeing tech-heavy valuations.
- Swastika Investmart: On Aye Finance, experts noted that the 1.45x Price-to-Book valuation is reasonable, but the company must prove its asset quality resilience in a “higher-for-longer” interest rate environment.
- Technical View: Chartists believe Fractal must hold the ₹850 level to avoid further bleeding, while Aye Finance needs to cross ₹135 to trigger a fresh round of buying.
Also Read: HDFC Bank and Reliance Share Price Crash: Why ₹7 Lakh Crore Wealth Eroded in a Single Session
The Bottom Line
The discounted listing of Fractal Analytics and the flat debut of Aye Finance signal the end of the “easy listing gain” era in 2026. Investors are no longer rewarding companies solely for having “AI” or “Fintech” in their names; instead, they are demanding valuation discipline and clear cash flow visibility.
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