IPO GMP: After a brief break in the primary market around the Union Budget, two mainboard initial public offerings (IPOs) – Fractal Analytics and Aye Finance opened for bidding yesterday, February 9, 2026.
India’s IPO pipeline for the coming months looks packed with some of the country’s most valuable and strategically important companies. From telecom giants and financial powerhouses to energy and infrastructure subsidiaries, several large names are preparing to go public. Some major names that are likely to launch their IPOs this year include Jio Platforms, Hero FinCorp, SBI Mutual Fund, NLC India Renewables, Indian Gas Exchange, Mahanadi Coal Fields, etc.
Both Fractal Analytics and Aye Finance opened for bidding on February 9 and will close on February 11. Fractal IPO price band is set at ₹857 to ₹900 per share, while Aye Finance has fixed its band at ₹122 ₹129 per share.
IPO GMP Trends
Gray market sentiment is stronger for Fractal Analytics as against that for Aye Finance.
Fractal IPO shares are currently commanding a substantial gray market premium (GMP) of ₹8, implying a likely listing price of ₹908, a 0.89% premium over the upper issue price of ₹900.
On the other hand, Aye Finance IPO shares are trading at a GMP of ₹0, indicating a potential listing price of around ₹129, same as its issue price.
IPO Subscription Status
Fractal Analytics IPO subscription status was 3% by the end of day 1. The retail portion was subscribed 11%, and NII portion was booked 2% and Qualified Institutional Buyers (QIBs) portion received no bids. Employee portion was booked 3%.
The issue received bids for 4.48 lakh shares against 1.76 crore shares on offer.
Aye Finance IPO subscription status was 13% by end of day 1. The retail portion was booked 28%, and NII portion was bid 1% and Qualified Institutional Buyers (QIBs) portion was subscribed 14%.
The company has received bids for 54.75 lakh shares against 4.25 crore shares on offer.
IPO Review
Brokerage firms have shared their assessments on the IPOs of Aye Finance Limited and Fractal Analytics, focusing on business fundamentals, valuation comfort, and long-term growth visibility.
As per Swastika Investmart, Aye Finance Limited is a non-banking financial institution offering business loans to micro, small, and medium enterprises. The brokerage said the company’s fundamentals looked strong, backed by consistent growth in revenue and profits, and viewed its valuation as reasonable compared with peers.
“The company suggests a P/E ratio of approximately 14x based on FY25 earnings, which is reasonably valued in comparison to some of its listed NBFC competitors. In summary, the IPO is a good fit for long-term investors who have confidence in the growth of MSME lending and possess a moderate risk tolerance for NBFC credit,” the brokerage stated.
Meanwhile, Geojit said investors could consider subscribing to the Fractal Analytics IPO despite relatively expensive valuations.
“At the upper price band of ₹900, Fractal is valued at a P/E of 70x for FY25 and a P/E of 109x(annualised) for FY26E, reflecting an expensive valuation. However, Fractal Analytics offers a compelling investment opportunity in India’s enterprise AI ecosystem, supported by a strong global client base, improving profitability, and exposure to a rapidly growing sector. Hence, we recommend a ‘Subscribe’ rating for high-risk investors with a long-term investment horizon,” it suggested.
Fractal IPO: Key Details
AI and analytics firm Fractal Analytics aims to raise ₹2,833.90 crore from its IPO. The issue is a combination of fresh equity issuance of 1.14 crore shares worth ₹1,023.50 crore and an offer for sale (OFS) of 2.01 crore shares aggregating to ₹Rs 1,810.40 crore.
The lot size for retail investors is 16 shares, requiring a minimum investment of ₹14,400 at the upper end. The IPO allotment is expected to be finalized on February 12, 2026, and the stock is likely to list on February 16, 2026 on both BSE and NSE. Axis Capital Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar.
The company proposed to utilize the net proceeds from the issue for multiple objectives, including an investment of ₹264.90 crore in its subsidiary, Fractal USA, towards the pre-payment and/or scheduled repayment, in full or in part, of its borrowings. It also planned to allocate ₹57.10 crore for the purchase of laptops and ₹121.10 crore for setting up new office premises in India. Additionally, ₹₹355.10 crore was earmarked for investments in research and development and sales and marketing under Fractal Alpha, while the remaining funds were intended to support inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.
Founded in March 2000, Fractal Analytics is a global enterprise AI and analytics company that helps large organizations make smarter, data-driven decisions. Backed by more than two decades of experience, the firm develops AI solutions by combining strong technical capabilities with deep domain and functional expertise.
Aye Finance IPO: Key Details
NBFC company Aye Finance is looking to raise ₹1,010 crore from the issue, which comprises of a fresh issue of 5.50 crore shares worth ₹710 crore and an OFS of 2.33 crore shares valued at ₹300 crores.
The lot size is 116 shares, requiring a minimum retail investment of ₹14,964. Allotment is likely on February 12, 2026, and listing is expected on February 16, 2026, on both BSE and NSE, same as Fractal IPO.
The net proceeds from the fresh issue were proposed to be utilized for multiple purposes. These included augmenting the company’s capital base to meet its future capital requirements, as well as enhancing its brand visibility and establishing a public market for its equity shares in India. The main objects clause and the objects incidental or ancillary thereto, as outlined in the company’s Memorandum of Association, also permitted the company to undertake its existing business activities and the initiatives proposed to be funded through the net proceeds of the offer.
Incorporated in 1993, Aye Finance Limited is a non-banking financial company that provides secured and unsecured loans to small businesses for working capital needs. Its product portfolio includes mortgage loans, ‘Saral’ Property Loans, and secured as well as unsecured hypothecation loans, primarily catering to micro-scale MSMEs. The company extends business loans for expansion purposes, backed by working assets or property, and serves borrowers across manufacturing, trading, services, and allied agriculture segments.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
