Seven Companies Prepare IPOs Worth ₹14,000 Crore Ahead of February Close

As many as seven companies are preparing to launch initial public offerings (IPOs) before the end of February, with the proposed issues together targeting fundraising of nearly ₹14,000 crore, according to people familiar with the matter.

The companies planning public issues include Fractal Analytics, Aye Finance, Indo MIM, Clean Max Enviro Energy Solutions, Gaja Alternative Asset Management, Skyways Air Services, and PNGS Reva Diamond, according to individuals aware of the timelines and issue structures.

Fractal Analytics Finalises Issue Schedule

Fractal Analytics IPO has finalised the timeline for its public issue. The IPO will open for subscription on February 9 and close on February 11, according to people tracking the development.

The company plans to raise around ₹1,023 crore through a fresh issue of shares, while the offer-for-sale component is expected to be about ₹1,810 crore. This brings the total issue size to ₹2,834 crore, which is over 40% lower than the earlier proposed size of ₹4,900 crore. The price band for the issue has been fixed at ₹857–900 per share.

Fractal Analytics operates in advanced analytics and artificial intelligence, providing data-driven solutions to global enterprises across sectors.

Aye Finance To Open Issue Alongside Fractal

Aye Finance IPO is also scheduled to open its IPO on February 9 and close on February 11, according to a person aware of the matter. The company is looking to raise around ₹1,000 crore through the public issue, with the retail portion estimated at about 10% of the total size. The price band for the Aye Finance IPO has been set at ₹122–129 per share, the person said.

Indo MIM, Clean Max Among Larger Offerings

Indo MIM is expected to be the largest offering among the upcoming IPOs, with an IPO size estimated at around ₹5,500 crore, according to another person familiar with the discussions. Clean Max Enviro Energy Solutions is also preparing a sizeable public issue and is planning to raise approximately ₹3,600 crore through its IPO, people aware of the matter said.

Smaller IPOs in the Pipeline

The remaining three companies planning IPOs include Gaja Alternative Asset Management, which is expected to raise around ₹656 crore, Skyways Air Services, which is looking at a public issue of about ₹650 crore, and PNGS Reva Diamond, which is planning to raise close to ₹360 crore, according to people tracking the filings and preparations.

Primary Market Activity Remains Subdued in 2026

Primary market activity has slowed in recent weeks amid volatility in equity markets. Only three IPOs were launched in January, as many companies postponed their IPO plans owing to fluctuating market conditions.
However, 2025 turned out to be the best year for IPO fundraising, as companies raised around ₹1.76 trillion through public issues, as per data collected by market trackers.

So far in 2026, only three companies, namely Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies, have made their IPO launches, collectively raising around ₹4,765 crore, according to a report by Moneycontrol. The upcoming slate of IPOs indicates a possible pickup in primary market activity before February ends, as companies move ahead with planned listings after a cautious start to the year.