February IPOs: Is the Primary Market Regaining Its Footing?
- By Kotak News Desk
- 30 Jan 2026 at 7:11 PM IST
- Market News
- 4m
India’s primary market moved carefully in January 2026. Global developments kept risk appetite under check, and investors chose to wait rather than chase new listings.
Geopolitical stress shaped that mood. The Iran humanitarian situation, rising Russia–Ukraine–NATO tensions, renewed friction involving the US and Greenland, and instability in Venezuela collectively pushed global capital toward safety. Equity issuance everywhere felt the chill, and India was not insulated from it.
January showed the impact clearly. Just three mainboard IPOs: Amagi (₹1,788.62 crore), Shadowfax (₹1,907 crore), and Bharat Coking Coal (₹1,017 crore) came to market.
February, however, is drawing a different picture.
What Has Shifted in the Macro Backdrop?
Clarity, more than excitement, is what changed. Developments around the India–EU trade and economic cooperation framework have improved visibility on exports and longer-term capital flows. That matters to institutional money, which often waits for policy and trade direction before deploying large allocations.
Valuations, too, are no longer stretched across the board. After selective corrections and muted listing performances, pricing expectations have moderated. Issuers and investors appear closer to a workable middle ground.
The upcoming IPO slate reflects this adjustment. Fundraising from February’s line-up is expected to mark a sharp step-up from January’s activity.
Which Large Listings Could Shape Market Sentiment?
The below list is not yet confirmed and may be subject to change. This list is a collection of upcoming/potential IPOs; however, there is no confirmation as to when they may be issued. The IPO size is listed on the basis of current information, and that too may be subject to change.
1. Fractal Analytics
Fractal Analytics is coming to the market with a planned issue of about ₹2,800 crore. The structure combines a fresh issue and an Offer For Sale (OFS). Part of the money raised will go into product development and stronger AI capabilities. Global expansion is also on the agenda. The size alone puts it among the bigger technology listings in the current pipeline.
2. CleanMax Enviro Energy
CleanMax Enviro Energy is looking at an IPO of roughly $350 - $400 million. This will include both new shares and an OFS component. The fresh capital is expected to support capacity expansion, while a portion may be used to reduce debt. Renewable energy projects require scale, and the fundraising reflects that reality.
3. Hero FinCorp
Hero FinCorp plans to raise nearly ₹3,668 crore through a mix of fresh issue and OFS. The fresh funds are meant to strengthen Tier-1 capital. Loan book growth is another focus. In the financial space, that kind of capital buffer matters more than ever.
4. Shiprocket
Shiprocket’s public issue includes a ₹1,100 crore fresh issue and an Offer for Sale worth ₹1,242.35 crore. Total size stands at about ₹2,342 crore. The company is expected to channel funds toward technology, international expansion, and acquisitions. Logistics infrastructure for e-commerce is not cheap, and this raises the scale of ambition.
5. CMR Green Technologies
CMR Green Technologies is entering the market entirely through an offer for sale of 4,28,90,735 equity shares. There is no fresh issue here. The final value will depend on pricing. The structure indicates stake dilution by existing shareholders rather than new capital coming into the business.
6. PNGS Reva Diamond Jewellery
PNGS Reva Diamond Jewellery is planning a fresh issue of ₹450 crore. The proceeds are expected to support working capital needs, showroom additions, and brand-building. Compared with heavy industrial names, this is a smaller raise. Still meaningful for a retail-led expansion story.
7. Gaja Alternative Asset Management
Gaja Alternative Asset Management is bringing a combined deal of ₹549.2 crore fresh issue and ₹107 crore OFS. Total size comes to around ₹656 crore. Part of the IPO gives exits to existing investors. The rest supports business growth in alternative asset management.
8. Pride Hotels
Pride Hotels is preparing an IPO of ₹1,000 crore with a ₹260 crore fresh issue plus an OFS of 39.24 million shares. A portion of the funds may go toward debt reduction. Expansion of hotel inventory is also in focus. Hospitality raises tend to be measured, not oversized.
9. CIEL HR Services
CIEL HR Services has proposed a ₹335 crore fresh issue alongside an OFS of 47.4 lakh shares. The company has raised ₹30 crore in January 2026 in a pre-IPO placement. The fresh capital is expected to be directed toward technology upgrades and expansion through acquisitions.
10. Paramesu Biotech
Paramesu Biotech is planning a ₹600 crore IPO. This includes a ₹520 crore fresh issue and an ₹80 crore OFS. Funds are likely to go into capacity expansion, research and development, and working capital. For an agri-biotech player, that is a sizeable capital push.
Investor Takeaway
February’s calendar signals improving confidence, but not a free-for-all environment. Global uncertainties have not vanished, and listing outcomes in January showed that investors are willing to differentiate sharply between stories.
At this point, we do not know for sure which of these companies will make their stock market debut in February 2026. You can keep track of upcoming IPOs here.
This phase favours scrutiny over speed. Business durability, balance sheet strength, clarity on use of proceeds, and valuation discipline will likely determine which IPOs sustain interest beyond listing day. The opportunity set is expanding, but selectivity remains the filter.
Sources:
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