AI startup Fractal Analytics's upcoming IPO will command steep valuations at the upper end of its price band, according to analysts. "At the upper band of ₹900, valuations look expensive…this reflects a scarcity premium for a listed AI platform," Swastika Investmart said. Notably, Fractal Analytics has cut its IPO size by 42%, reducing it from ₹4,900 crore to ₹2,834 crore.