The nonlinear fragmentation population balance formulation has been elevated in recent years from a prototype for studying nonlinear integro-differential equations to a vehicle for analyzing and understanding several physicochemical processes of technological interest. The so-called pure collisional fragmentation, which is the particular mode of nonlinear fragmentation induced by collisions between particles, is studied here. It is shown that the corresponding population balance equation admits large time asymptotic (self-similarity) solutions for homogeneous fragmentation and collision functions (kernels). The self-similar solutions are given in closed form for some simple kernels. Based on the shape of the self-similar solutions the method of moments with Gamma distribution approximation is employed for transient solution (from initial state to establishment of the asymptotic shape) of the collisional fragmentation equation. These solutions are presented for several sets of parameters and their behavior is discussed rather extensively. The present study is similar to the one has already been performed for the case of the much simpler linear fragmentation equation [G. Madras, B.J. McCoy, AIChE J. 44 (1998) 647].