Fractal Analytics, AYE Finance, PAN HR Solutions, Biopol Chemicals lead IPO pipeline in February

The trend in the IPO activity in February 2026 appears almost similar to last month when three Indian companies raised nearly Rs 4,765 crore via mainboard IPOs.  While Shadowfax Technologies raised Rs 1,907.27 crore, Amagi Media Labs collected Rs 1,788.62 crore. Another firm Bharat Coking Coal managed to raise Rs 1,071.11 crore last month. 

Last year, over 100 firms came up with mainboard IPOs raising an estimated Rs 1.76 lakh crore. Adding to that number the SME segment share sale, the amount goes up to Rs 1.95 lakh crore. 

Here's a look at the ongoing and upcoming IPOs on Dalal Street in February, which could further boost IPO market sentiment in the coming months. 

Fractal Analytics IPO 

Fractal Analytics IPO is a book build issue of size of Rs 2,833.90 crore. Fractal Analytics is a global enterprise AI and analytics firm. The company crafts AI solutions by blending its deep technical know-how with domain and functional expertise.

The share sale is a combination of fresh issue of 1.14 crore shares aggregating to Rs 1,023.50 crore and offer for sale of 2.01 crore shares aggregating to Rs 1,810.40 crore.

The IPO is in progress as its bidding opened for subscription on February 9, 2026 and will close on February 11, 2026. The allotment for the Fractal Analytics IPO is likely to be finalised on February 12, 2026. The shares of Fractal Analytics will list on BSE and NSE with a tentative listing date of February 16, 2026.

The price band of the IPO is fixed at Rs 857 to Rs 900 per share. The lot size for an application is 16 shares.

Kotak Mahindra Capital Co.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.

AYE Finance IPO 

The ongoing IPO is a book build issue worth Rs 1,010.00 crore. The IPO is a combination of fresh issue of 5.50 crore shares aggregating to Rs 710.00 crore and offer for sale of 2.33 crore shares aggregating to Rs 300 crore.

Aye Finance is an NBFC, which offers secured and unsecured small business loans for working capital, including mortgage loans, ‘Saral’ Property Loans, secured and unsecured hypothecation loans, primarily to micro-scale MSMEs.

The bidding for the IPO opened on February 9, 2026 and will close on February 11, 2026. The allotment for the IPO is expected to be finalised on February 12, 2026. Aye Finance shares will list on BSE, NSE with a tentative date fixed on February 16, 2026.

The price band for the IPO is fixed at Rs 122 to Rs 129 per share. The lot size for an application is 116 shares. Axis Capital is the book running lead manager and Kfin Technologies is the registrar of the issue.

PAN HR Solutions IPO 

The SME IPO is a book build issue of Rs 17.04 crore. The issue is a combination of fresh issue of 0.18 crore shares aggregating to Rs 14.04 crore and offer for sale of 0.04 crore shares aggregating to Rs 3 crore.

PAN HR Solutions is an end-to-end human resource, staffing, and payroll service provider. Operating with a B2B model, the company specialises in recruitment, facility management, compliance audits, and payroll for various industries. 

The bidding for the IPO opened on Feb 6, 2026 and will close on February 10, 2026 (today). The allotment for the PAN HR Solutions IPO is likely to be finalised on February 11, 2026. The shares of PAN HR Solutions IPO will list on BSE SME with a tentative listing date fixed on February 13, 2026.

Price band of the IPO is fixed at Rs 74 to Rs 78 per share. The lot size for an application is 1,600 shares. 

Fractal Industries IPO 

The SME IPO is a book build issue of Rs 49 crore. The issue is entirely a fresh issue comprising 0.23 crore shares worth Rs 49 crore.

Fractal Industries is a full-service garment manufacturing and supply chain company. The company designs, source, and manufactures garments, and provides end-to-end warehousing and logistics services to e-commerce platforms such as Myntra, Ajio, and Flipkart.

Fractal Industries IPO will open for subscription on February 16, 2026 and close on February 18, 2026. The allotment for the Fractal Industries IPO is likely to be finalised on February  19, 2026. Fractal Industries IPO will list on BSE SME with a tentative listing date fixed on February 23, 2026.

The price band for the IPO is fixed at Rs 205 to Rs 216 per share. The lot size for an application is 600 shares. 

Marushika Technology IPO 

The SME IPO is a book build issue worth Rs 26.97 crore. The IPO is entirely a fresh issue of 0.23 crore shares. The firm is engaged in the distribution of IT and telecom infrastructure products. The company delivers wide range of IT products and services such as set up data centers, networking, telecom systems, surveillance, cybersecurity, and power management. 

Marushika Technology IPO will open for subscription on February  12, 2026 and will close on February 16, 2026. The allotment for the Marushika Technology IPO is expected to be finalised on Feb 17, 2026. The IPO will list on NSE SME with a tentative listing date fixed on February 19, 2026.

The price band for IPO is fixed at Rs 111 to Rs 117 per share. The lot size for an application is 1,200 shares. 

Biopol Chemicals IPO 

The SME IPO is a book build issue of Rs 31.26 crore. The IPO is entirely a fresh issue comprising 0.29 crore shares. 

The company is engaged in the manufacturing and distribution of specialty chemicals categorised into silicones, emulsifiers, biochemicals, and polyelectrolytes.

The IPO opened for subscription on February 6, 2026 and will close on February 10, 2026. The allotment for the Biopol Chemicals IPO is likely to be finalised on February 11, 2026. and tentative listing date is fixed at February 13, 2026.

The IPO's price band is set at Rs 102 to Rs 108 per share. The lot size for an application is 1,200 shares.