TL;DR: The Core Insight
The Indian startup IPO landscape is buzzing. Fractal Analytics recently made a lackluster debut on the NSE (listing at a 2.7% discount to its issue price of ₹900) but closed with an overall oversubscription of 2.66X. Meanwhile, Razorpay has officially roped in Axis Capital, Kotak Mahindra Capital, JP Morgan, and Citi as its investment bankers for a massive public issue north of $700 million (₹6,340 Cr).
Vichaarak Perspective: The Post-Unicorn Maturation
The flat listing of Fractal Analytics, followed by the aggressive IPO prep from Razorpay and companies like Captain Fresh, signals a reality check for high-growth tech firms. The era of the "Growth at all costs" IPO is over; 2026 is the year of the "Resilience & Profitability" IPO.
Razorpay's move is particularly strategic. By choosing a mix of domestic and global investment bankers, they are signaling a "global-standard-but-Indian-at-heart" identity. For the Indian public market, this is a coming-of-age story. We are no longer just consumers of global tech; we are now the primary financiers and owners of our most innovative firms. The "lacklustre" Fractal debut is actually a positive sign—it shows that retail and institutional investors are now pricing value, not just hype.
FAQ: What You Need to Know
1. What happened with Fractal Analytics' IPO? The ₹2,833.9 Cr IPO was oversubscribed 2.66 times, but listed at ₹876 on the NSE (a 2.7% discount) and flat on the BSE. This reflects a cautious but interested market sentiment.
2. What are the details of Razorpay's upcoming IPO? Razorpay is eyeing a $700 million+ public issue involving both primary and secondary share sales. They have already appointed top-tier bankers from Axis, Kotak, JP Morgan, and Citi.
3. Why did Captain Fresh withdraw its DRHP? In late December 2025, Captain Fresh withdrew its papers due to delays in regulatory clearances for a European acquisition but plans to refile in early 2026 after approvals are secured.
Citations: Source: Inc42 (Indian Startup IPO Tracker 2026). Source: YourStory (Daily Roundup), February 26, 2026.