The Indian IPO market has become active again as two major Mainboard IPOs have opened for subscription today, February 9, 2026 — Fractal Analytics Ltd IPO and Aye Finance Ltd IPO. Both issues will remain open until February 11, 2026, and are expected to list on the stock exchanges on February 16, 2026. With investors closely tracking subscription numbers, anchor investor participation, and grey market trends, these IPOs are expected to remain in focus throughout the week.
At the same time, the overall market mood looks positive as GIFT Nifty is indicating a nearly 200-point gap-up opening for Indian markets today. This gap-up signal is an important factor because a strong market opening often improves IPO sentiment, especially on Day 1 of subscription. However, investors will also be watching carefully whether the market rally sustains during the day or fades due to profit booking, because IPO demand is highly influenced by broader market stability.
Latest GMP
The biggest highlight for both IPOs is the sharp fall in Grey Market Premium (GMP) compared to what was seen earlier.
As per the latest available market indications, Fractal Analytics IPO GMP is around ₹13 (1.4%), which suggests only a small listing gain as per grey market expectations. Meanwhile, Aye Finance IPO GMP has dropped to ₹0, which indicates no listing gain in the unofficial grey market.
This is a major shift because Fractal Analytics was previously trading at a very high GMP level, with reports suggesting it touched nearly ₹300 at one point. Similarly, Aye Finance had shown a GMP of around ₹11, but that premium has now completely vanished.
It is important to understand that GMP is unofficial and subject to change anytime before listing, and it can move sharply depending on market conditions, subscription demand, and overall sentiment. The current GMP trend suggests that grey market traders have become cautious and are not expecting major listing gains at the moment.
Fractal Analytics Ltd is widely known for its presence in the AI and advanced analytics industry, serving global clients across sectors. The IPO is considered one of the most awaited offerings in the technology and data analytics space.
Fractal Analytics IPO key details include:
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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 per share
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Lot Size: 16 shares
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Issue Size: ₹2,833.90 crore
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Listing Date (Expected): February 16, 2026
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Lead Managers: Axis Capital, Kotak Mahindra Capital Company
Aye Finance Ltd is a well-established NBFC focused on lending to MSMEs (Micro, Small and Medium Enterprises). The company has built its business around small-ticket loans and credit solutions for businesses that are often underserved by traditional banking channels.
Aye Finance IPO key details include:
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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 per share
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Lot Size: 116 shares
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Issue Size: ₹1,010 crore
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Listing Date (Expected): February 16, 2026
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Lead Managers: Axis Capital, IIFL Securities, JM Financial, Nuvama Wealth Management
Anchor Investors List
Despite the weak GMP trend, both IPOs saw strong anchor investor participation, which is generally considered a positive sign because anchor investors are large institutions that invest after detailed evaluation.
Fractal Analytics attracted anchor investors such as SBI Small Cap Fund, LIC, ICICI Prudential, Motilal Oswal, Goldman Sachs, Morgan Stanley, Societe Generale, HDFC Life, WhiteOak Capital, Jupiter Global Fund, and Flumen Investment Trust. On the other hand,
Aye Finance also received anchor support from major names including Goldman Sachs, Societe Generale, HDFC Life, BNP Paribas Financial Markets, Bay Pond Partners, and Ithan Creek Master Investors. This anchor participation indicates that institutional interest remains strong, even if grey market traders are currently cautious.
Why Did GMP Fall So Fast?
The sudden decline in GMP for both IPOs suggests that grey market sentiment has weakened. This may be due to multiple reasons, including valuation concerns, recent volatility in broader markets, or simply profit booking by grey market participants who were trading the premium aggressively earlier.
A sharp fall in GMP often indicates that traders are waiting to see actual subscription demand before making fresh bets. It also shows that the earlier high GMP levels may have been driven by hype rather than stable demand.
GIFT Nifty 200-Point Gap-Up: Will It Sustain?
A strong gap-up opening can create positive momentum for IPO subscription numbers, especially in the retail and HNI categories. If the Nifty holds its gains and the market remains stable throughout the day, investor confidence can increase and subscription demand can improve sharply.
However, the key risk is sustainability. If the market opens with a gap-up but selling pressure emerges within the first few hours, it could lead to volatility and cautious sentiment, which may impact subscription response. In such cases, IPO demand may remain average despite the strong opening.
Both Fractal Analytics IPO and Aye Finance IPO have opened today with strong attention from the market, but the latest GMP trend indicates a clear slowdown in grey market excitement. Fractal GMP is currently around ₹13 (1.4%), pointing toward a small possible listing gain, while Aye Finance GMP has dropped to ₹0, indicating no expected listing gain as per unofficial signals. Since GMP is highly volatile and subject to change before listing, investors should focus more on subscription trends and market stability rather than relying only on grey market premiums.
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