Fractal Analytics’ 70x IPO: Why India’s top AI bet is debuting at a 26% discount by Live mint | February 8, 2026 12:06 pm | Indian Stocks, Market, News India’s first pure-play AI IPO comes at a 26% discount. But behind the 70x multiple lie sticky global clients, volatile margins, and a founder-led model where one misstep could change the story. Is scarcity enough?