Despite a cautious stock market environment, India’s primary market is gearing up for action. As many as seven companies are expected to launch their Initial Public Offerings (IPOs) before the end of February, collectively aiming to raise around ₹14,000 crore, according to market sources.
This comes at a time when IPO activity has slowed down after a record-breaking 2025, making these upcoming listings especially important for investors tracking both listed and unlisted markets.
List of IPOs Expected in February
The companies planning to tap the primary market include:
- Fractal Analytics
- Aye Finance
- Indo MIM
- Clean Max Enviro Energy Solutions
- Gaja Alternative Asset Management
- Skyways Air Services
- PNGS Reva Diamond
These IPOs span sectors such as analytics & AI, MSME lending, manufacturing, renewable energy, asset management, aviation, and gems & jewellery—indicating broad-based fundraising interest despite market volatility.
Key IPO Highlights
Fractal Analytics IPO
Fractal Analytics, a global leader in advanced analytics and artificial intelligence, has already finalised its IPO dates.
IPO dates: February 9–11
Total issue size: ₹2,834 crore
Fresh issue: ₹1,023 crore
Offer for Sale (OFS): ₹1,810 crore
Price band: ₹857–900 per share
Notably, the company reduced its IPO size by over 40%, reflecting a cautious approach in the current market environment.
Aye Finance IPO
Aye Finance, which focuses on MSME lending, is also set to open its IPO during the same period.
IPO dates: February 9–11
Issue size: Around ₹1,000 crore
Price band: ₹122–129 per share
Retail allocation: Around 10%
Indo MIM & Clean Max Enviro
Indo MIM is expected to be the largest IPO, with an estimated size of ₹5,500 crore.
Clean Max Enviro Energy Solutions, a renewable energy-focused company, plans to raise about ₹3,600 crore, highlighting strong investor interest in green energy themes.
Other Upcoming IPOs
Gaja Alternative Asset Management: ₹656 crore
Skyways Air Services: ₹650 crore
PNGS Reva Diamond: ₹360 crore
IPO Market Still Recovering After 2025 Boom
After a historic 2025, where companies raised ₹1.76 trillion through IPOs, the primary market has slowed in early 2026. So far, only three IPOs—Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies—have hit the market, raising a combined ₹4,765 crore.
Market experts believe that easing global trade uncertainties and stabilising equity markets could gradually revive investor confidence in the coming weeks.
What This Means for Unlisted Share Investors
Many of these companies—especially in analytics, finance, renewable energy, and asset management—have been actively traded in the unlisted share market before their IPO announcements.
For informed investors, the pre-IPO (unlisted) phase often provides an opportunity to participate in high-growth companies before they go public, albeit with proper risk understanding.
Buy and Sell Unlisted Shares with Unlistify
At Unlistify, we help investors buy and sell unlisted shares in a transparent and compliant manner. Whether you are tracking upcoming IPO candidates or looking to exit pre-IPO holdings, our platform provides:
Access to verified unlisted shares
Market-driven pricing
End-to-end transaction support
Insights on upcoming IPO-ready companies
If you are exploring opportunities in pre-IPO and unlisted markets, Unlistify can be your trusted partner.
While listed markets remain volatile, the IPO pipeline for February signals renewed confidence among companies. For investors, this is a reminder to closely watch both primary and unlisted markets, as early positioning can make a meaningful difference over the long term.
📌 Stay updated with weekly unlisted share news and IPO insights—only on Unlistify.
