Image Source: The Economic Times
India’s primary market gears up for a busy week as three IPOs worth ₹3,871 crore open for subscription. Leading the charge is Fractal Analytics with a ₹2,834 crore issue, followed by Aye Finance at ₹1,010 crore, and Marushika Technology on the SME platform with ₹27 crore.
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Fractal Analytics IPO:
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Backed by global investors Apax Partners and TPG, Fractal Analytics is a pure AI company making its maiden public issue.
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The IPO size is ₹2,834 crore, priced at ₹857–₹900 per share.
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Structure: Fresh issuance worth ₹1,023.5 crore and an offer-for-sale of ₹1,810.4 crore.
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Subscription window: February 9–11, 2026.
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Listing: Scheduled for February 16, 2026 on BSE/NSE.
Aye Finance IPO:
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Aye Finance, a retail-focused NBFC, is raising ₹1,010 crore.
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Subscription window: February 9–11, 2026.
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Listing: Expected on February 16, 2026.
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Focus: Expanding lending operations to MSMEs and strengthening digital platforms.
Marushika Technology IPO (SME Platform):
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Smaller in scale, Marushika Technology’s IPO aims to raise ₹27 crore.
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Subscription window: February 12–14, 2026.
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Listing: SME exchange, providing opportunities for niche investors.
Market Context
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The combined fundraising of ₹3,871 crore signals strong investor appetite in India’s IPO market.
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Fractal Analytics’ entry is particularly significant as it represents India’s growing AI and analytics ecosystem, aligning with global trends in data-driven innovation.
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Aye Finance’s IPO reflects the expansion of financial inclusion, targeting underserved MSMEs.
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Marushika Technology’s SME listing highlights the vibrancy of smaller enterprises tapping capital markets.
Why It Matters
This IPO wave underscores India’s diverse capital market growth—from cutting-edge AI firms to financial services and SME innovators. For investors, it offers a mix of high-growth tech exposure, stable financial sector opportunities, and niche SME participation. The timing, ahead of the India AI Impact Summit, adds strategic relevance to Fractal’s debut.
Sources: Moneycontrol, The Economic Times, Hindustan Times, Press Information Bureau
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