Seven IPOs worth nearly ₹14,000 crore set to roll out in February
- 4th February 2026
- 11:10 AM
- 4 min read
Summary
As many as seven companies are preparing to tap the primary market in February, seeking to raise nearly ₹14,000 crore. The pipeline spans analytics, NBFCs, manufacturing, renewable energy, private equity, logistics and jewellery retail, marking a pick-up in IPO activity after a subdued start to the year.Mumbai | February 4
India’s primary market could see increased activity in February, with as many as seven companies lining up initial public offerings (IPOs) worth a combined ₹14,000 crore, according to people familiar with the developments. The launches come after a slow start to 2026, following a record fundraising year in 2025.
The IPO pipeline includes Fractal Analytics, Aye Finance, Indo MIM, Clean Max Enviro Energy Solutions, Gaja Alternative Asset Management, Skyways Air Services and PNGS Reva Diamond, several of which are at advanced stages of preparation.
Fractal Analytics locks issue details
Fractal Analytics has finalised its IPO timeline, with the issue scheduled to open on February 9 and close on February 11. The company plans to raise ₹1,023 crore through a fresh issue, while the offer-for-sale (OFS) component is expected to be about ₹1,810 crore.
The total issue size has been reduced to ₹2,834 crore from the earlier proposed ₹4,900 crore, reflecting recalibrated expectations amid volatile market conditions. The price band has been set at ₹857–900 per share. Fractal provides advanced analytics and artificial intelligence-led solutions to global enterprises across industries.
Aye Finance targets ₹1,010 crore issue
Aye Finance is expected to open its IPO during the same February 9–11 window. The NBFC plans to raise ₹1,010 crore through the issue, according to people aware of the matter. The company is backed by prominent investors including Alphabet’s CapitalG.
The price band has been set at ₹122–129 per share, with the retail portion pegged at around 10% of the issue. Aye Finance focuses on lending to micro and small enterprises, particularly businesses operating in semi-urban and underserved markets.
Indo MIM eyes largest IPO of the month
Indo MIM is expected to be the largest IPO in the February pipeline, with an issue size of about ₹5,500 crore. The company is a global leader in Metal Injection Moulding (MIM), supplying precision components to automotive, industrial, medical and consumer sectors.
The IPO is expected to launch in the second half of February. A significant portion of the proceeds, around ₹720 crore, is likely to be used for debt reduction, with the remainder earmarked for general corporate purposes, sources said.
Clean Max scales down issue amid valuation pressure
Clean Max Enviro Energy Solutions, backed by Brookfield, is preparing to launch its IPO after receiving SEBI approval in late 2025. The company is now targeting a revised issue size of ₹2,900–3,300 crore ($350–$400 million), significantly lower than the originally filed ₹5,200 crore.
The issue is expected to be a mix of fresh issue and offer for sale. The fresh issue component was earlier planned at around ₹1,500 crore. The company is targeting a mid-to-late February launch. Clean Max provides renewable energy solutions, primarily solar power, to commercial and industrial customers under long-term contracts.
Gaja, Skyways and PNGS Reva Diamond too line up
Gaja Alternative Asset Management is positioned to become India’s first listed pure-play private equity firm, with an expected IPO size of about ₹656 crore.
Skyways Air Services, a logistics and air freight forwarding company, is planning an IPO of around ₹650 crore. The issue will include a fresh issue of 3.29 crore shares and an OFS of 1.33 crore shares, according to filings.
PNGS Reva Diamond, a retail-focused jewellery company branching out from the 190-year-old P.N. Gadgil & Sons legacy, is now expected to raise up to ₹450 crore, higher than earlier estimates of ₹360 crore. The proceeds will be used to fund the rollout of 15 exclusive retail stores by FY2028.
Primary market remains cautious
So far in 2026, only three companies- Bharat Coking Coal, Amagi Media Labs and Shadowfax Technologies, have launched IPOs, raising a combined ₹4,765 crore. Market participants said issuers are adopting a calibrated approach, balancing fundraising needs with evolving investor sentiment.
For all IPO-related updates, follow PL Capital.
