The Indian primary market is poised for significant activity in the coming months, with approximately 14 initial public offerings (IPOs) expected to enter the fray. According to market analysts, these companies aim to collectively raise around ₹20,000 crore, signaling a potential revival in IPO momentum after a relatively quiet start to the year.
Upcoming IPOs: A Diverse Lineup
Among the prominent names awaiting launch are 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 diverse list spans sectors from analytics and finance to logistics and renewable energy, reflecting broad-based corporate interest in tapping public markets.
Recent IPO Activity and Current Launches
So far this year, only three companies have launched public offerings: Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies. Together, they raised approximately ₹4,765 crore, indicating a cautious approach from issuers and investors alike.
However, the pace is set to quicken with two firms announcing their IPO details today. Fractal Analytics and Aye Finance have both revealed their price bands and are scheduled to hit Dalal Street on Monday, February 9.
Aye Finance IPO Details
The Aye Finance IPO price band has been fixed between ₹122 and ₹129 per equity share, with a face value of ₹2. The subscription window opens on February 9 and closes on February 11. This ₹1,010 crore issue comprises a fresh equity issuance of ₹710 crore and an offer for sale (OFS) totaling ₹300 crore from existing investors, including Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG (an Alphabet subsidiary), LGT Capital, and Vikram Jetley. If priced at the upper limit, the company's valuation would reach approximately ₹3,184 crore.
Fractal Analytics IPO Details
Fractal Analytics has set its price band at ₹857 to ₹900 per equity share, with a face value of Re 1. Like Aye Finance, its subscription period runs from February 9 to February 11. The issue, valued at ₹2,834 crore, includes a fresh share issuance of ₹1,023.5 crore and an OFS component worth ₹1,810.4 crore.
Pipeline of Upcoming IPOs
Market experts highlight several other companies preparing to enter the primary market with detailed fund-raising plans:
- CIEL HR Services: Plans to raise around ₹400 crore through its IPO.
- Gaja Capital: Proposes to raise ₹656.2 crore.
- Shiprocket: Targeting an issue size of approximately ₹2,342 crore.
- AceVector: IPO to comprise a ₹300 crore fresh issue, along with an OFS component.
- Gaudium IVF and Women Health: IPO to include both fresh issue and OFS, though the exact issue size remains undisclosed.
- Rays of Belief (Mom’s Belief): Planning an IPO, with fund-raising and offer details yet to be announced.
IPO Market Outlook: A Shift Towards Discipline
Despite the flurry of activity, analysts caution that the IPO landscape is evolving. Mohit Gulati, CIO and Managing Partner of ITI Growth Opportunities Fund, offers a sobering perspective: "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."
Gulati further notes that SME IPOs may struggle this year, facing heightened scrutiny. On the main board, issuers will encounter tougher questions regarding business quality, cash flows, and valuation discipline. He predicts that pricing will be more grounded compared to recent years, emphasizing that "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."
This outlook underscores a potential shift towards a more mature and discerning IPO market, where investor confidence hinges on transparency and sustainable business models.
