The IPOs of Fractal Analytics and Aye Finance, both launched on February 9, 2026, are showing muted grey market premiums (GMP). Weak subscription numbers and cautious investor sentiment suggest limited listing gains. Analysts highlight structural challenges in India’s IPO market, with valuations under pressure and retail participation subdued.
India’s IPO market witnessed two major launches this week—Fractal Analytics (₹2,833.9 crore issue) and Aye Finance (₹1,010 crore issue). Despite strong brand visibility, both IPOs have seen lackluster subscription levels and muted GMP trends, raising doubts about listing-day performance.
Fractal Analytics, priced at ₹857–₹900 per share, saw overall subscription at just 0.03 times on Day 1, with retail participation at 0.11 times. Aye Finance faced similar challenges, reflecting cautious investor sentiment amid concerns over valuations and profitability. Analysts note that the IPO market in 2026 has shifted away from inflated valuations, with investors demanding stronger fundamentals.
Key Highlights
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Fractal Analytics IPO: ₹2,833.9 crore issue, GMP muted, weak subscription.
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Aye Finance IPO: ₹1,010 crore issue, subdued investor demand.
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Market Sentiment: Retail and institutional investors cautious; GMP signals limited listing gains.
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Valuation Concerns: Analysts warn against aggressive pricing in current market conditions.
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Timeline: Both IPOs close on Feb 11, listing scheduled for Feb 16, 2026.
This trend underscores a structural reset in India’s IPO market, where investor discipline and realistic valuations are becoming critical for success.
Sources: Mint, Economic Times, Moneycontrol, Chittorgarh, Times Now Navbharat