Upcoming IPOs: 14 companies eye ₹20,000 crore-plus fundraise in next few months

Upcoming IPOs: Around 14 initial public offerings are expected to hit the Indian 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 Centre India, CIEL HR Services, Gaja Alternative Asset Management, Shiprocket, Skyways Air Services, Clean Max Enviro Energy Solutions, PNGS Reva Diamond, and Indo MIM.

So far this year, only three companies — Bharat Coking Coal, Amagi Media Labs, and Shadowfax Technologies — have launched IPOs, collectively raising approximately ₹4,765 crore.

Two firms, Fractal Analytics and Aye Finance, announced their IPO price band today (Tuesday, February 4) and are set to open for bidding on Monday, February 9.

Aye Finance IPO

Aye Finance IPO, worth ₹1,010 crore, has announced the price band for its upcoming share sale at ₹122 to ₹129 per share of the face value of ₹2 each.

Aye Finance IPO is available for bidding from February 9 to February 11. The issue consists of a fresh equity issuance amounting to ₹710 crore and a stake divestment totalling ₹300 crore from existing investors like Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG (a subsidiary of Alphabet), LGT Capital, and Vikram Jetley. At the upper limit of the range, the company's valuation stands at approximately ₹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. This public offer, worth ₹2,834 crore, is also scheduled to open on February 9 and close on February 11.

The issue 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

Apart from these, several other companies are also preparing to tap the primary market, with offer structures as follows:

• 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 about ₹2,342 crore.
• 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, but 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 behaviour. The era of euphoric valuations and easy pump-and-dump listings is behind us."

SME IPOs, in particular, will struggle badly this year, he cautioned. Many simply won’t survive sustained scrutiny, Gulati said, adding that mainboard issuers will face far tougher questions on business quality, cash flows, and valuation discipline. He expects the pricing to 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,” he opined.

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.