The primary market is gearing up for some action in the next few weeks. As many as seven companies are expected to launch their IPOs before February wraps up, looking to collectively mop up close to ₹14,000 crore.
The lineup includes Fractal Analytics, Aye Finance, Indo MIM, Clean Max Enviro Energy Solutions, Gaja Alternative Asset Management, Skyways Air Services, and PNGS Reva Diamond.
Fractal Analytics Takes the Lead
Fractal Analytics has already announced its dates—the IPO opens on February 9 and closes on February 11. The company is raising ₹1,023 crore through fresh equity, while existing shareholders are offloading shares worth around ₹1,810 crore. The total issue size stands at ₹2,834 crore, scaled down from an earlier plan of ₹4,900 crore. The price band has been fixed at ₹857–900 per share.
Fractal Analytics works in the AI and advanced analytics space, helping global companies make sense of data to drive better business decisions and digital transformation.
However, Grey Market Premium (GMP) for Fractal Analytics has dropped sharply from ₹200 to ₹60, signaling cooling sentiment among pre-listing traders. This could indicate that investor enthusiasm has tapered off ahead of the official listing.
Aye Finance Also Opens on Feb 9
Aye Finance is planning an IPO of around ₹1,000 crore. About 10% of the issue will be reserved for retail investors. The IPO will run simultaneously with Fractal—February 9 to 11—with a price band of ₹122–129 per share.
Indo MIM to Be the Biggest
Among all the upcoming issues, Indo MIM is set to be the largest, targeting around ₹5,500 crore. Close behind is Clean Max Enviro Energy Solutions, aiming to raise approximately ₹3,600 crore.
The smaller issues include Gaja Alternative Asset Management (₹656 crore), Skyways Air Services (₹650 crore), and PNGS Reva Diamond (₹360 crore).
Will Investors Return?
Market watchers believe that as global trade concerns ease and uncertainty fades, retail and institutional investors may show renewed interest in IPOs. This wave comes after a bit of a slowdown in new listings following a strong start to 2025.
With nearly ₹14,000 crore up for grabs, the next few weeks will be crucial in testing investor appetite in the primary market.
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