IPO Line-Up for January 2026: Bharat Coking Coal, Clean Max, and more

The new year 2026 will start quietly in terms of IPOs. During January 6–9, three SME companies, Gabion Technologies India, Yajur Fibres, and Victory Electric Vehicles International, will open for public subscription. Mainboard IPOs are expected to see listings over the course of the month. Preliminary estimates point to cumulative fundraising of nearly ₹18,000 crore from a few major January IPOs.

List of Mainboard IPOs in January 2026

Here are the three mainboard IPOs set to launch in January.

Bharat Coking Coal

Bharat Coking Coal Limited (BCCL) IPO is a wholly owned subsidiary of Coal India Ltd. The IPO will be open for subscription from 9 January to 13 January 2026. The issue is a pure offer for sale (OFS) of about 46.57 crore equity shares by promoter Coal India. The IPO includes a 35% retail quota, with allotment on 14 January 2026 and likely listing on the BSE and NSE on 16 January 2026.

BCCL is one of India’s largest coking coal producers, with approximately 7.91 billion tonnes of reserves, and posted revenue of ₹13,803 crore and a profit of ₹1,240 crore in FY25.

Fractal Analytics

Fractal Analytics IPO, one of India’s leading artificial intelligence and advanced analytics firms, is preparing a ₹4,900 crore IPO, combining a ₹1,279.3 crore fresh issue and a ₹3,620.7 crore offer-for-sale by existing investors such as TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala, GLM Family Trust and Apax’s Quinag Bidco. SEBI has approved the draft filing, making it the country’s first AI-focused public offering, with shares proposed to list on both the BSE and NSE.

In FY25, Fractal reported revenue of ₹2,765 crore and a net profit of ₹22 crore, a sharp turnaround from a loss in the previous year. The funds raised will be used for subsidiary debt repayment, new offices in India, laptops, R&D, sales and marketing, inorganic growth, and general corporate purposes.

Clean Max Enviro Energy Solutions Ltd.

Clean Max Enviro Energy Solutions Ltd is a Brookfield-backed renewable energy company focused on commercial and industrial (C&I) clean power and decarbonisation solutions. The IPO is expected to open later in January and will comprise a fresh issue of ₹1,500 crore.

The issue will also include an offer-for-sale (OFS) of ₹3,700 crore. Promoters, including BGTF One Holdings (DIFC) Ltd, Kuldeep Jain, KEMPINC LLP, Augment India I Holdings, and DSDG Holding, are selling their holdings.

The proceeds from the fresh issue will be used to repay or prepay outstanding borrowings of about ₹1,125 crore and for general corporate purposes.

As of March 31, 2025, Clean Max reported an operational renewable capacity of 2.54 GW and a contracted pipeline of 2.53 GW, making it one of India’s largest C&I renewable energy providers.

List of SME IPOs in January 2026

Here are some SME IPOs that will enter the market in the first half of January:

Gabion Technologies India Ltd

Gabion Technologies India Ltd’s IPO is scheduled to open for subscription on January 6, 2026, and will close on January 8, 2026. The IPO will be a 100% fresh issue of 36 lakh equity shares with a face value of ₹10 each, offered under a book-built SME issue. The company aims to raise around ₹29.16 crore at a price band of ₹76–₹81 per share.

The lot size is 1,600 shares. The tentative listing date is January 13, 2026. The proceeds will be used to support working capital needs, invest in plant and machinery, and meet general corporate requirements.

Yajur Fibres Ltd

Yajur Ltd’s IPO (Yajur Fibres Ltd) is planning to raise ₹120.41 crore entirely through a fresh issue of 69.2 lakh equity shares of face value ₹10 each. The IPO opens for subscription on 7 January 2026 and closes on 9 January 2026. The price band is set at ₹168–₹174 per share. The lot size is 800 shares.

The issue will be listed on the BSE SME platform. The tentative listing date is January 14, 2026. The company plans to use the proceeds to expand manufacturing capacity, set up a greenfield facility and meet working capital needs. In FY2025, Yajur Fibres reported ₹140.8 crore in revenue and ₹11.7 crore in profit.

Victory Electric Vehicles International Ltd

Victory Electric Vehicles International Ltd will open its IPO for subscription from January 7 to January 9, 2026, offering 84.30 lakh shares at ₹41 each on the NSE SME platform. The tentative listing date is January 14, 2026.

The company, incorporated in October 2018 and based in Haryana, is an Indian electric vehicle manufacturer focusing on eco-friendly mobility solutions, including electric two-wheelers, e-rickshaws (L3), cargo loaders, customised three-wheelers (food and ice-cream vans), and newer L5 EV models.

Victory reported revenue of ₹51.06 crore and profit after tax (PAT) of ₹5.17 crore for FY 2024–25, up from ₹48.76 crore and ₹4.89 crore, respectively, in FY 2023–24.

Additional IPO Filings and SEBI Approvals

In late 2025 and early 2026, SEBI granted approvals to multiple companies that are likely to enter the January–February IPO window. Popular names include Indira IVF, Chartered Speed, Glass Wall Systems, Shriram Food Industry, RKCPL, Tempsens Instruments, Jerai Fitness, and Rays of Belief, across sectors such as healthcare, consumer services, manufacturing, and instrumentation.

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