India’s primary market is showing signs of revival as Fractal Analytics and Aye Finance prepare to launch their Initial Public Offerings (IPOs) on February 9, 2026. According to Moneycontrol, both IPOs are scheduled to open on the same date, making the coming week an important one for investors tracking new listings.
Market sentiment has improved after recent developments related to the India–US trade deal, which has helped restore confidence among investors. After a slow January with limited IPO activity, these two offerings are being seen as a strong signal that companies are once again ready to tap the capital markets.
Fractal Analytics IPO: RHP Filed, Issue Confirmed
The IPO of Fractal Analytics is now fully confirmed, as the company has already filed its Red Herring Prospectus (RHP) with the regulator. With regulatory approvals in place, the issue is set to open for subscription from February 9, 2026.
Fractal Analytics plans to raise around ₹2,800 crore through its IPO. This is a reduction from its earlier plan of nearly ₹4,900 crore, a move that reflects a more cautious and market-aligned strategy.
Founded in 2000, Fractal Analytics is a global enterprise AI and data analytics company that works with large multinational corporations across sectors such as retail, financial services, healthcare, and technology. The company helps enterprises make better decisions using data-driven insights and artificial intelligence.
Some key aspects of Fractal Analytics’ business include:
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Backing from TPG Capital
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Strong presence in global markets
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Focus on enterprise AI platforms and analytics-led solutions
Fractal operates through two major segments. Fractal.ai focuses on AI services and products, while Fractal Alpha includes independent AI-driven businesses catering to both existing clients and new markets. Its flagship platform, Cogentiq, enables enterprises to build AI-led products faster using pre-built agents, tools, and low-code capabilities.
Aye Finance IPO: Same Opening Date, RHP Yet to Be Public
Alongside Fractal Analytics, Aye Finance is also expected to open its IPO on February 9, 2026, as per Moneycontrol sources. However, while the IPO plans are in place, Aye Finance’s RHP has been filed but is not yet publicly available.
Aye Finance is a non-banking financial company (NBFC) that provides loans to micro, small, and medium enterprises (MSMEs) across India. The company focuses on small businesses that often find it difficult to access credit from traditional banks.
The company is backed by several well-known global investors, including:
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Alphabet
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Elevation Capital
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LGT Capital
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Alpha Wave India
Aye Finance has built a technology-driven lending model that helps it assess creditworthiness efficiently and scale lending across multiple regions.
Fractal Analytics’ IPO confirmed and Aye Finance expected to follow the same timeline, investor attention will now shift to price band announcements and issue details. These IPOs offer exposure to two key growth themes — enterprise AI adoption and India’s expanding MSME credit market.
If investor response remains strong, these issues could mark the beginning of a more active phase for India’s primary markets in early 2026.
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