These companies will raise around ₹20,000cr via IPO soon
What's the story
As many as 14 companies are gearing up to launch their initial public offerings (IPOs) in the coming months. These firms are expected to raise around ₹20,000 crore from the primary market. The list of upcoming IPOs includes Fractal Analytics, Aye Finance, Allchem Lifescience, Executive Centre India, and CIEL HR Services among others.
Market activity
Three firms have launched IPOs this year
So far this year, only three companies, Bharat Coking Coal, Amagi Media Labs and Shadowfax Technologies, have launched their public offerings. The trio has raised a total of around ₹4,765 crore. Fractal Analytics and Aye Finance have announced their IPO price bands today and will hit the D-Street on February 9.
IPO details
A look at Fractal Analytics, Aye Finance's upcoming issues
Aye Finance has fixed its IPO price band at ₹122-129 per equity share. The ₹1,010 crore issue includes a fresh equity issuance of ₹710 crore and a share divestment of ₹300 crore from existing investors such as Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG, LGT Capital and Vikram Jetley. Meanwhile, Fractal Analytics has set its IPO price band at ₹857-900 per equity share.
IPO structure
Other companies preparing for their IPOs
Fractal Analytics's ₹2,834 crore issue will comprise a fresh share issuance of ₹1,023.5 crore and an Offer For Sale (OFS) portion worth ₹1,810.4 crore. Other companies preparing for their IPOs include CIEL HR Services (₹400 crore), Gaja Capital (₹656.2 crore), Shiprocket (about ₹2,342 crore), AceVector (₹300 crore fresh issue plus OFS component), and Gaudium IVF and Women Health whose exact issue size is yet to be disclosed.
Market forecast
Primary market outlook
Mohit Gulati, CIO and Managing Partner of ITI Growth Opportunities Fund, expects a tough year for the IPO market in 2026. He said, "The market has lost patience with indiscipline—blatant PE dumping and aggressive exit-led IPOs won't fly anymore." Gulati added that well-run firms with credible growth and sensible pricing will still get capital while everything else risks falling off a cliff.