Upcoming IPOs: Around 14 initial public offerings are expected to enter the primary market soon, with companies aiming to generate approximately ₹20,000 crore in the coming months, as per market analysts.
Among the IPOs awaiting launch are Fractal Analytics, Aye Finance, Allchem Lifescience, Executive Center India, CIEL HR Services, Gaja Alternative Asset Management, Shiprocket, Skyways Air Services, Clean Max Enviro Energy Solutions, PNGS Reva Diamond, and Indo MIM, according to market analysts.
So far this year, only three companies — Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies — have launched public offerings, collectively raising approximately ₹Rs 4,765 crore.
Two firms, Fractal Analytics and Aye Finance, announced their IPO price band today (Tuesday, February 4) and are set to hit the D-Street on Monday, February 9.
Aye Finance IPO
Aye Finance IPO price band has been fixed in the range of ₹122 ₹129 per equity share of the face value of ₹2. The Aye Finance IPO date of subscription is scheduled for Monday, February 9 and will close on Wednesday, February 11.
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 ₹Rs 3,184 crore.
Fractal Analytics IPO
Fractal Analytics IPO price band has been fixed in the range of ₹857 to ₹900 per equity share of the face value of Re 1. The Fractal Analytics IPO date of subscription is scheduled for Monday, February 9 and will close on Wednesday, February 11.
The issue, valued at ₹2,834 crore, will include a fresh share issuance amounting to ₹1,023.5 crore, alongside an Offer For Sale (OFS) portion worth ₹₹1,810.4 crore.
Upcoming IPOs in the Pipeline
According to the market experts, several companies are preparing to tap the primary market with fund-raising plans and offer structures as follows:
CIEL HR Services: Plans to raise around ₹400 crore through its IPO.
Gaja Capital: Proposals to raise ₹656.2 crores.
Shiprocket: Targeting an issue size of about ₹2,342 crores.
AceVector: IPO to comprise a ₹300 crore fresh issue, along with an offer for sale (OFS) component.
Gaudium IVF and Women Health: IPO to include a fresh issue and OFS, with the exact issue size yet to be disclosed.
Rays of Belief (Mom’s Belief): Planning an IPO, with fund-raising and offer details yet to be announced.
IPO Market Outlook
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 behavior. The era of euphoric valuations and easy pump-and-dump. listing is behind us.
SME IPOs, in particular, will struggle badly this year—many simply won’t survive sustained scrutiny. On the main board, issuers will face far tougher questions on business quality, cash flows, and valuation discipline. Pricing will be far more grounded than what we saw in recent years.
2026 is a year of consolidation, not celebration. Well-run companies with credible growth and sensible pricing will still get capital. Everything else risks falling off a cliff.”
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
