February 2026 is shaping up to be one of the busiest months for India’s primary market. According to a Moneycontrol exclusive report, 7 mainboard IPOs worth nearly ₹14,000 crore are lined up before February-end. Out of these, 2 IPOs are already confirmed with fixed opening and listing dates.
Apart from these 7 IPOs, two more companies — CIEL HR Services Limited and Paramesu Biotech Limited — are also in focus as their IPO approvals and timelines are under pressure, making the total count 9 mainboard IPOs to watch in February 2026.
2 Confirmed Mainboard IPOs
These two IPOs are officially in the calendar and are expected to be the biggest IPO events of February.
Aye Finance is a well-known NBFC focused on lending to micro-enterprises and small businesses across India. The company is expected to attract strong interest due to its presence in MSME lending.
Key IPO Details:
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IPO Open Date: February 9, 2026
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IPO Close Date: February 11, 2026
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Price Band: ₹122 – ₹129
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Lot Size: 116 shares
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Issue Size: ₹1,010 crore
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Allotment Date: February 12, 2026
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Listing Date: February 16, 2026
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Lead Managers: Axis Capital, IIFL Securities, JM Financial, Nuvama Wealth Management
Fractal Analytics is a leading AI and analytics company, providing advanced data-driven solutions to global enterprises. The IPO has already gained market attention due to strong demand in the grey market.
Key IPO Details:
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IPO Open Date: February 9, 2026
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IPO Close Date: February 11, 2026
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Price Band: ₹857 – ₹900
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Lot Size: 16 shares
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Issue Size: ₹2,833.90 crore
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Allotment Date: February 12, 2026
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Listing Date: February 16, 2026
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GMP: ₹187 (around 20.8%)
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Lead Managers: Axis Capital, Kotak Mahindra Capital
5 Upcoming Mainboard IPOs Lined Up Before February-End
As per Moneycontrol, apart from Aye Finance and Fractal Analytics, five more companies are preparing to launch their IPOs before February-end. These IPOs could enter the market anytime depending on final approvals, pricing, and market conditions.
The 5 Upcoming IPOs are:
3) Indo MIM IPO
Indo MIM is expected to enter the mainboard IPO market soon. The company is known for its manufacturing presence and is among the important names in the February pipeline.
Expected Size – 5000-5500 Crore
4) Clean Max Enviro Energy Solutions IPO
Clean Max is a renewable energy-focused company, and its IPO is expected to attract attention due to growing investor interest in clean energy and sustainability-based businesses.
Expected Size – 3000-3500 Crore
5) Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management is another key name expected in the February IPO list. The company is linked with investment and alternative asset management, making it a unique offering in the IPO space.
Expected Size – 650 Crore
6) Skyways Air Services IPO
Skyways Air Services is also part of the upcoming IPO pipeline. Aviation and logistics-related businesses have been gaining attention, and this IPO could be closely watched.
IPO Size : 600-700 Crore
7) PNGS Reva Diamond IPO
PNGS Reva Diamond is expected to come with its IPO in February as well. The gems and jewellery segment is always a high-interest category in the IPO market.
IPO Size As Per DRHP – 450 Crore
2 Mainboard IPOs Under Deadline Pressure (This Month)
Along with these 7 IPOs, two more companies are expected to launch soon because their timelines are sensitive. Investors are watching these IPOs closely as delays may create uncertainty.
8) CIEL HR Services Limited IPO (Deadline Risk in February)
CIEL HR Services operates in the HR and staffing sector, providing integrated workforce solutions including recruitment, staffing, HR consulting, and digital workforce services.
IPO Highlights:
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Sector: HR Services & Staffing
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Business: Integrated HR solutions across multiple industries
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IPO Type: Fresh Issue + Offer for Sale
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Fresh Issue Size (Estimated): ~₹335 crore
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OFS: Up to 4,739,336 shares
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Important Update: SEBI approval may lapse by mid-February 2026 if the IPO is not launched soon
This makes CIEL HR Services one of the most urgent IPOs to watch this month.
9) Paramesu Biotech Limited IPO (Expected Around February)
Paramesu Biotech is engaged in bio-agriculture and specialty chemicals, offering eco-friendly crop protection products and bio-input solutions for sustainable farming.
IPO Highlights:
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Sector: Bio-Agriculture & Specialty Chemicals
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Business: Sustainable agriculture solutions and crop protection products
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IPO Type: Fresh Issue + Offer for Sale
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Estimated Total Issue Size: ~₹600 crore
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Fresh Issue (Estimated): ~₹520 crore
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OFS (Estimated): ~₹80 crore
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Status: Draft papers filed, timing expected around February 2026
This IPO could gain interest due to rising demand for eco-friendly and sustainable agricultural products.
Summary: February 2026 IPO Line-Up (Mainboard)
Confirmed IPOs (2)
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Aye Finance IPO
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Fractal Analytics IPO
Upcoming IPOs (5) – Moneycontrol List
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Indo MIM IPO
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Clean Max Enviro Energy Solutions IPO
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Gaja Alternative Asset Management IPO
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Skyways Air Services IPO
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PNGS Reva Diamond IPO
Deadline / Expected IPOs (2)
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CIEL HR Services IPO
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Paramesu Biotech IPO
With 9 mainboard IPOs expected in February 2026, the primary market is set for heavy action. The confirmed IPOs of Aye Finance and Fractal Analytics will lead the month, while five other IPOs are lined up as per Moneycontrol’s report. Meanwhile, CIEL HR Services and Paramesu Biotech are also gaining attention as their IPO timelines are under pressure and could be launched anytime this month.
For investors, February could offer multiple opportunities, but it will be important to track price bands, subscription trends, and market sentiment closely.
Disclaimer :– This article is for informational purposes only. IPO investments are subject to market risks. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing.
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