As many as 14 initial public offerings could soon hit the primary market, with companies looking to raise a combined ₹20,000 crore before the end of February, according to latest market analyst reports. The expanded pipeline includes Fractal Analytics, Aye Finance, Allchem Lifescience, Executive Centre India, CIEL HR Services, Gaja Alternative Asset Management, Shiprocket, Skyways Air Services, Clean Max Enviro Energy Solutions, PNGS Reva Diamond, and Indo MIM. This represents a significant development after a muted start to 2026, with only three IPOs launched so far this year. Primary market activity has slowed in recent weeks amid volatility in equity markets, with only three IPOs launched in January as many companies postponed their IPO plans owing to fluctuating market conditions.
Fractal Analytics Ltd has already finalised its IPO timeline, with the issue opening for subscription on February 9 and closing on February 11. The company plans to raise about ₹1,023 crore through a fresh issue, while the offer-for-sale component is expected to be around ₹1,810 crore. The total issue size has been cut by over 40% to ₹2,834 crore from ₹4,900 crore. The firm has set a price band of ₹857-900 a share for the issue. Fractal Analytics is a global player in advanced analytics and artificial intelligence, helping enterprises drive digital transformation and data-led decision-making. The IPO has already gained strong market attention with a grey market premium of ₹187, representing approximately 20.8% premium above the issue price. As per The Economic Times, the IPO is being positioned as India's first pure-play artificial intelligence listing, with investor interest remaining strong ahead of the issue. Ahead of the IPO opening, Fractal Analytics has already raised ₹1,248 crore via its anchor book on February 6.
Aye Finance is planning to raise around ₹1,010 crore, with the retail portion pegged at about 10 percent, according to sources familiar with the matter. The issue will open for public subscription on February 9 and close on February 11 with a price band of ₹122-129 per share. The company has already raised ₹454.5 crore from anchor investors including Bank of India, Nippon Life India, Goldman Sachs, Societe Generale, BNP Paribas, New York State Teachers Retirement System, and Ashoka India. The ₹1,010 crore issue consists of a fresh equity issuance amounting to ₹710 crore and a share divestment totaling ₹300 crore from existing investors like Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG (a subsidiary of Alphabet), LGT Capital, and Vikram Jetley. If priced at the upper limit of the range, the company's valuation stands at approximately ₹3,184 crore. The company is a well-known NBFC focused on lending to micro-enterprises and small businesses across India, expected to attract strong interest due to its presence in MSME lending. The IPO is scheduled to list on February 16, 2026. Axis Capital, IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book running lead managers.
The third IPO - Marushika Technology - will be from the SME segment, with the IT and telecom infrastructure solutions provider intending to raise ₹26.97 crore via public issue of 23.05 lakh shares. The offer will open on February 12 with price band of ₹111-117 per share, and close on February 16. Meanwhile, all four companies scheduled for market debut next week are from the SME segment, with Brandman Retail and Grover Jewells listing on February 11. Their IPOs were subscribed nearly 107 times and 18 times during February 4-6, respectively. Biopol Chemicals and PAN HR Solutions will close their public issues on February 10, with both IPOs opening on February 6 and subscribing 81 percent and 12 percent, respectively. These specialty chemicals maker and manpower solutions provider will list on February 13.
Indo MIM is expected to be the largest offering among the upcoming IPOs, with an IPO size estimated at around ₹5,500 crore, according to another person familiar with the discussions. Clean Max Enviro Energy Solutions is also preparing a sizeable public issue and is planning to raise approximately ₹3,600 crore through its IPO, people aware of the matter said. Shiprocket is targeting an issue size of about ₹2,342 crore and CIEL HR Services plans to raise around ₹400 crore through its IPO. These two companies represent the most significant fundraising opportunities in the current pipeline, with Indo MIM potentially becoming the largest IPO of the month. The upcoming slate of IPOs indicates a possible pickup in primary market activity before February ends, as companies move ahead with planned listings after a cautious start to the year.
Market participants said easing trade-related uncertainty could help revive risk appetite at a time when the primary market has struggled to regain momentum after a busy 2025. Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund, said "I'm structurally bearish on the IPO market in 2026. The market has lost patience with indiscipline—blatant PE dumping and aggressive exit-led IPOs won't fly anymore. Real money has been lost over the last cycle, both by retail investors and institutional funds, and that changes behaviour. The era of euphoric valuations and easy pump-and-dump listings is behind us." He added that 2026 is a year of consolidation, not celebration, with well-run companies with credible growth and sensible pricing still getting capital. So far this year, only three companies — Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies — have launched public issues, collectively raising about ₹4,765 crore. With 14 mainboard IPOs expected in February 2026, the primary market is set for heavy action, offering multiple opportunities for investors to participate in the IPO market.
