MC EXCLUSIVE Seven IPOs worth Rs 14,000 crore lined up before February end

IPO News

• Seven IPOs may raise Rs 14,000 crore by February end despite muted market activity.
• Fractal Analytics, Aye Finance IPOs open Feb 9-11; Indo MIM plans Rs 5500 crore issue.
• Primary market cooled after record 2025; only three IPOs launched in 2026 so far

Did our AI summary help?

As many as seven initial public offerings could soon hit the primary market, with companies looking to raise a combined Rs 14,000 crore before the end of February, according to two sources close to Moneycontrol.

The IPOs in the pipeline include Fractal Analytics, Aye Finance, Indo MIM, Clean Max Enviro Energy Solutions, Gaja Alternative Asset Management, Skyways Air Services, and PNGS Reva Diamond, the sources said.

Fractal Analytics Ltd has already finalised its IPO timeline. The issue will open for subscription on February 9 and close on February 11. The company plans to raise about Rs 1023 crore through a fresh issue, while the offer-for-sale component is expected to be around Rs 1810 crore. The total issue size has been cut by over 40% to Rs 2,834 crore from Rs 4,900 crore. The firm has set a price band of Rs 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.

Another IPO expected to follow is that of Aye Finance, which is planning to raise around Rs 1000 crore, with the retail portion pegged at about 10 percent, according to a person aware of the matter. Aye Finance will also open on February 9 and close on February 11. The firm has set a price band of Rs 122-129 a share.

Indo MIM is expected to be the largest offering in the pipeline, with an IPO size of about Rs 5500 crore, a second person close to the development said. This will be followed by Clean Max Enviro Energy Solutions, which is planning to raise around Rs 3600 crore through its public issue.

The remaining three firms in the pipeline include Gaja Alternative Asset Management, which is expected to raise about Rs 656 crore, Skyways Air Services, which is planning an IPO of around Rs 650 crore, and PNGS Reva Diamond, which is looking to raise about Rs 360 crore, according to people familiar with the matter.

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.

Primary market activity has cooled sharply in recent weeks, with January seeing only three IPOs so far, as sustained volatility in equity markets has prompted several companies to stay on the sidelines. After a record year in 2025, when companies raised Rs 1.76 trillion through IPOs, fundraising activity in 2026 has remained muted.

So far this year, only three companies — Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies — have launched public issues, collectively raising about Rs 4765 crore, according to data tracked by Moneycontrol.