After a quiet start to 2026, the primary market is gearing up for a major revival. Despite recent market volatility, seven companies are lined up to launch their Initial Public Offerings (IPOs) before the end of February, collectively aiming to raise a staggering ₹14,000 crore.

The move marks a significant test of investor appetite following a record-breaking 2025, where Indian firms raised ₹1.76 trillion through public listings.

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The February Pipeline: Major Players

The upcoming list of issuers includes a diverse mix of AI, finance, and green energy firms. Two major issues are already scheduled to kick off the flurry next week:

• Fractal Analytics: The AI and data giant will open its subscription on February 9. The company has set a price band of ₹857–₹900 per share, looking to raise ₹2,834 crore. Interestingly, the firm slashed its original issue size by 40% to adapt to current market conditions.
• Aye Finance: Backed by Alphabet (Google’s parent company), this NBFC is also set to open on February 9. It aims to raise approximately ₹1,010 crore with a price band of ₹122–₹129.

The Heavyweights and Niche Players

The largest offering in the current pipeline comes from Indo MIM, with a projected issue size of ₹5,500 crore. It is followed closely by Clean Max Enviro Energy Solutions, which plans to raise ₹3,600 crore.

Other notable firms expected to hit the market this month include:

• Gaja Alternative Asset Management: ~₹656 crore
• Skyways Air Services: ~₹650 crore
• PNGS Reva Diamond: ~₹360 crore

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Market Sentiment: Cooling Down After a Record 2025

While the pipeline is robust, the pace of the primary market has cooled significantly compared to last year. So far in 2026, only three IPOs have successfully launched as sustained equity market volatility forced many companies to wait on the sidelines.

Market analysts believe that as trade-related global uncertainties ease, risk appetite may return, potentially making this February “rush” the catalyst for a stronger second quarter.