Dalal Street Gears Up for a ₹3,000+ Crore IPO Wave — What Investors Should Know

From cutting-edge artificial intelligence to MSME-focused lending and an SME tech listing, the upcoming IPOs offer investors a diverse mix of opportunities across sectors. Let’s take a detailed look at what’s opening next week, why this matters for the broader market, and what investors should keep an eye on.

IPOs Opening Between February 9–11, 2026

Between Monday, February 9 and Wednesday, February 11, at least three IPOs are scheduled to open for subscription. Together, these public issues are expected to mobilise ₹3,800 crore+, bringing much-needed momentum to India’s IPO pipeline.

This cluster of offerings is especially significant because January saw limited activity, making February’s lineup a strong signal that companies are regaining confidence in market conditions.

Fractal Analytics IPO: A Landmark Moment for India’s AI Sector

The biggest spotlight next week will be on Fractal Analytics, one of India’s most prominent enterprise artificial intelligence and data analytics firms.

Often described as a global AI powerhouse with Indian roots, Fractal’s public issue is being closely watched as a potential milestone for tech and AI-focused listings in India.

Key IPO Details

• Issue Dates: February 9–11, 2026
• Issue Size: Around ₹2,834 crore
• Price Band: ₹857–₹900 per share
• Lot Size: 16 shares
• Minimum Investment: ~₹14,400 (at upper band)
• Expected Listing: Around February 16 on BSE and NSE

The IPO includes a combination of fresh issue and Offer For Sale (OFS) by existing shareholders. Funds raised through the fresh issue are expected to be deployed toward:

• Reducing debt at overseas subsidiaries
• Strengthening global delivery infrastructure
• Investing in research & development
• Expanding sales and marketing efforts

Strong Institutional Backing

Ahead of the public issue, Fractal attracted heavyweight anchor investors, including global financial institutions, indicating solid institutional confidence in the company’s business model and long-term growth prospects.

With enterprise AI adoption accelerating worldwide, many market participants see this IPO as India’s most meaningful AI listing in recent years.

Aye Finance IPO: Tapping into India’s MSME Credit Story

Opening alongside Fractal is Aye Finance, a fast-growing non-banking financial company focused on lending to micro, small, and medium enterprises (MSMEs).

MSMEs form the backbone of India’s economy, yet access to formal credit remains a challenge — a gap that Aye Finance aims to bridge using data-driven underwriting and localised lending models.

IPO Highlights

• Issue Dates: February 9–11, 2026
• Issue Size: Around ₹1,010 crore
• Price Band: ₹122–₹129 per share
• Lot Size: 116 shares
• Minimum Investment: ~₹14,152 (at upper band)
• Expected Listing: Around February 16

The issue largely consists of a fresh equity raise, with a smaller OFS component. Before opening to retail investors, Aye Finance raised ₹454 crore from anchor investors, reflecting strong institutional appetite for MSME-focused financial plays.

For investors seeking exposure to India’s credit growth and financial inclusion theme, this IPO presents an interesting opportunity.

Marushika Technology IPO: SME Segment Adds Flavor

Adding further diversity to the week’s IPO lineup is Marushika Technology, which is set to launch its IPO on the SME platform.

While much smaller in size compared to the mainboard offerings, SME IPOs often appeal to investors looking for early-stage growth potential, albeit with higher risk and lower liquidity.

This issue broadens the sectoral mix and highlights continued interest in India’s SME capital markets.

Why This IPO Week Is Important

The strong February lineup marks a clear shift in sentiment after a slow start to the year. Market observers see this as a sign that:

• Companies are comfortable with current market valuations
• Institutional investors are willing to deploy capital
• Retail participation could pick up in the coming weeks

The presence of technology, financial services, and SME listings in the same week also reflects a healthy and diversified IPO ecosystem.

Key Takeaways for Investors

Before jumping in, investors should consider a few important factors:

Sector Exposure

• AI & Technology: Fractal offers rare exposure to enterprise AI and analytics
• Financial Services: Aye Finance plays into MSME credit expansion
• SME Growth: Marushika Technology adds small-cap diversification

Do Your Homework

• Read offer documents carefully
• Assess revenue quality, margins, and risks
• Avoid relying solely on grey market trends
• Ensure your demat and trading accounts are IPO-ready

With nearly ₹4,000 crore expected to be raised through IPOs opening between February 9 and mid-February, Dalal Street is buzzing once again. Whether you’re tracking India’s AI evolution, betting on MSME lending, or exploring SME opportunities, this IPO-packed week offers something for every kind of investor.

As always, balanced decision-making and long-term perspective remain key when navigating the IPO market.