Upcoming IPOs: Fractal Analytics, Aye Finance To Open This Week; One SME Issue And Four Listings To Watch

Upcoming IPOs: The primary market has seen limited action in 2026, as only a handful of companies have launched their public issues so far. Just three mainboard initial public offerings (IPOs) have hit the market, including the Rs 1,068.78-crore Bharat Coking Coal IPO, the Rs 1,788.62-crore Amagi Media Labs IPO, and the Rs 1,907.27-crore Shadowfax Technologies IPO. Together, the three companies have raised Rs 4,764.67 crore.

On the other hand, the small and medium enterprises (SME) segment has seen relatively better action, with as many as 24 IPOs raising a cumulative Rs 1,110.09 crore so far this year.

The coming week from February 9 to February 13 is expected to see two mainboard IPOs, Fractal Analytics and Aye Finance. In the SME segment, Marushika Technology is set to open its IPO during the week. Meanwhile, PAN HR Solutions and Biopol Chemicals, which opened last week, will continue to remain open for subscription and are expected to list by the week’s end. Further, two more SME IPOs are scheduled to debut on the exchanges during the week.

Upcoming IPOs This Week

The following companies will open their IPOs this week:

Fractal Analytics IPO (Mainboard): Issue Size, Price Band, Allotment, Listing Dates

The Fractal Analytics IPO will open for subscription on February 9, 2026, and close on February 11, 2026. The company is set to raise Rs 2,833.90 crore through a book-built issue, which includes a fresh issue of 11.37 million equity shares aggregating to Rs 1,023.50 crore and an offer for sale of 20.12 million shares worth Rs 1,810.40 crore.

The company has fixed the price band at Rs 857–900 per share, with a lot size of 16 shares. At the upper end of the band, retail investors will need to invest a minimum of Rs 14,400 to apply for the IPO.

The allotment of shares is likely to be finalised on February 12, 2026 and the stock is scheduled to list on the BSE and NSE on February 16, 2026. Kotak Mahindra Capital and Axis Capital are the book-running lead managers, while MUFG Intime India is the registrar to the issue.

Fractal Analytics IPO Objectives: The company plans to use the net proceeds to strengthen its balance sheet and fund growth initiatives. This includes investing in its US subsidiary to repay or prepay borrowings, funding capital expenditure in India, and stepping up investments in research, development, sales and marketing. A portion of the proceeds will also be used for acquisitions, strategic initiatives, and general corporate purposes.

About Company: Founded in 2000, Fractal Analytics is a global enterprise AI and analytics firm that works with large organisations to enable data-led decision-making through AI-driven solutions, as per its red herring prospectus.

Aye Finance IPO (Mainboard): Issue Size, Price Band, Allotment, Listing Dates

The Aye Finance IPO will open for subscription on February 9, 2026, and close on February 11, 2026. The company aims to raise Rs 1,010 crore through a fresh issue of 55 million equity shares aggregating to Rs 710 crore and an offer for sale (OFS) of 23.30 million shares worth Rs 300 crore.

The price band for the issue has been fixed at Rs 122–129 per share, with a lot size of 116 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,964 to apply for the IPO.

The allotment of shares is expected to be finalised on February 12, 2026, while the stock is expected to list on the BSE and NSE on February 16, 2026. Axis Capital, IIFL Capital Services, JM Financial, and Nuvama Wealth Management are the book-running lead managers to the issue, while Kfin Technologies is acting as the registrar.

Aye Finance IPO Objectives: The company plans to use the net proceeds from the fresh issue to strengthen its capital base and meet future capital requirements arising from the growth of its business and asset base, as stated in its red herring prospectus.

About Company: Incorporated in 1993, Aye Finance is a non-banking financial company focused on providing secured and unsecured small business loans to micro and small enterprises across manufacturing, trading, services and allied agriculture sectors.

Marushika Technology IPO (SME)

The Marushika Technology SME IPO will open for subscription on February 12, 2026, and close on February 16, 2026. The company plans to raise Rs 26.97 crore through a book-built issue, comprising an entirely fresh issue of 2.30 million equity shares.

The price band for the issue has been fixed at Rs 111–117 per share, with a lot size of 1,200 shares. At the upper end of the price band, retail investors are required to invest a minimum of Rs 2,80,800, as applications must be made for at least two lots, that means for 2,400 shares.

The allotment of shares is expected to be finalised on February 17, 2026, while the stock is scheduled to list on the NSE SME platform on February 19, 2026. NEXGEN Financial Solutions is the book-running lead manager to the issue, Skyline Financial Services is acting as the registrar, and Nikunj Stock Brokers has been appointed as the market maker.

Marushika Technology IPO Objectives: The company plans to use the net proceeds to repay or prepay certain borrowings, fund its working capital requirements, and meet general corporate purposes, as stated in its offer document.

About Company: Marushika Technology is engaged in the distribution of IT and telecom infrastructure products. The company provides solutions across data centres, networking, telecom systems, surveillance, cybersecurity and power management, along with installation and maintenance services. It also offers smart infrastructure solutions such as access control, parking, lighting and waste management.

Other IPOs To Watch

In the SME segment, the PAN HR Solutions IPO and the Biopol Chemicals IPO will be available for subscription until February 10, 2026. Both issues opened on February 6, 2026. PAN HR Solutions is scheduled to list on the BSE SME platform, while Biopol Chemicals will debut on the NSE SME platform on February 13.

Apart from these, Brandman Retail IPO and Grover Jewells IPO are expected to debut on NSE SME on February 11.