The primary market is back in action after taking a breather in January, with two initial public offerings (IPOs) worth ₹3,844 crore set to open for bidding next week. Last month, only three companies—Shadowfax Technologies, Bharat Coking Coal Ltd. and Amagi Media Labs—tapped the primary market, collectively raising ₹4,765 crore.

Both the IPOs of Fractal Analytics and Aye Finance will open for bidding on February 9, offering investors exposure to the artificial intelligence and MSME lending themes. The shares of Fractal Analytics and Aye Finance are expected to be listed on the BSE and NSE on February 16, 2026.

Fractal Analytics, a global AI and advanced analytics firm, has fixed a price band of ₹857–₹900 per share for its ₹2,833.90-crore IPO. The issue, which closes on February 11, comprises a fresh issue of ₹1,023.50 crore and an offer for sale (OFS) worth ₹1,810.40 crore.

At the upper end of the price band, the company is eyeing a valuation of about ₹15,473.6 crore. The lot size is 16 shares, with a minimum retail investment of ₹14,400, and 10 per cent of the issue reserved for retail investors.

As per the DRHP filed with Sebi, Fractal Analytics said it proposes to utilise the net proceeds from the IPO for a mix of debt reduction, capacity expansion and growth initiatives. A major portion of the funds, ₹264.90 crore, will be invested in its subsidiary, Fractal USA, towards prepayment and/or scheduled repayment of borrowings, in full or in part.

The company also plans to allocate ₹57.10 crore for the purchase of laptops, aimed at strengthening its technology and employee infrastructure, while ₹121.10 crore will be used for setting up new office premises in India.

To fuel future growth, Fractal intends to invest ₹355.10 crore in research and development as well as sales and marketing under its Fractal Alpha platform. The remaining proceeds will be deployed towards funding inorganic growth through unidentified acquisitions and other strategic initiatives, along with general corporate purposes, the company said.

Aye Finance to raise ₹1,010 crore

On the other hand, Aye Finance, an NBFC focused on lending to micro-scale MSMEs, aims to garner ₹1,010 crore via the IPO route. The IPO includes a fresh issue of 5.50 crore shares aggregating to ₹710 crore and an offer for sale of 2.33 crore shares worth ₹300 crore.

The Aye Finance IPO is priced in the range of ₹122–₹129 per share, with a lot size of 116 shares. The minimum application amount for retail investors is ₹14,964 at the upper end of the band. The issue closes on February 11, with allotment expected on February 12.

Incorporated in 1993, Aye Finance provides secured and unsecured working capital loans, mortgage-backed loans, and hypothecation-based credit to micro and small enterprises across manufacturing, trading, services and allied agriculture segments. The company currently serves 5.86 lakh active customers across 18 states and three Union Territories, supported by a growing assets under management base.

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