The Indian primary market entered 2026 on a cautious note as heightened global geopolitical tensions weighed heavily on investor sentiment. Ongoing conflicts and uncertainties — ranging from the Iran humanitarian crisis, escalating Russia–Ukraine–NATO tensions, renewed friction involving the US and Greenland, and instability in regions like Venezuela — collectively created a risk-off environment for global capital markets. As a result, IPO activity in January 2026 remained muted despite a strong pipeline.
During the entire month of January, only three mainboard IPOs — Amagi, Shadowfax, and Bharat Coking Coal (BCCL) — hit the market, together raising INR 4,767 crore. However, market response remained selective, with Bharat Coking Coal emerging as the only IPO to list positively, while others witnessed subdued listing performance. This slowdown reflected investor caution amid global volatility rather than any weakness in domestic fundamentals.
That said, India’s economic outlook has begun to stabilise meaningfully, especially after recent progress on the India–EU trade and economic cooperation framework, which has helped improve visibility on exports, capital flows, and long-term growth prospects. With macro conditions gradually turning supportive and valuations normalising, February 2026 is expected to witness a revival in IPO activity, with multiple high-quality issuers preparing to tap the markets. Against this backdrop, let us take a closer look at the upcoming IPOs in February 2026.
Fractal Analytics IPO
Fractal Analytics, a global leader in artificial intelligence and advanced data science, is among the most anticipated in the list of upcoming IPOs in February 2026. The company works closely with Fortune 500 clients across sectors such as BFSI, retail, healthcare, and consumer goods, helping enterprises drive decision-making using AI-powered solutions. Fractal has positioned itself strongly in areas like generative AI, predictive analytics, and customer intelligence platforms. The IPO is expected to open by mid of February.
The proposed IPO is expected to be a mix of fresh issue and offer for sale, with an issue size of around INR 4,900 crore, as per earlier disclosures. Funds raised through the fresh issue are likely to be used for product innovation, expansion into global markets, and strengthening AI capabilities. Given strong global interest in AI-led businesses, Fractal Analytics is expected to attract significant institutional participation among the upcoming IPOs in February 2026.
PNGS Reva Diamond Jewellery IPO
PNGS Reva Diamond Jewellery operates in the premium jewellery segment, specialising in diamond-studded and contemporary jewellery designs catering to urban and affluent consumers. The company has built a strong brand presence through a combination of retail showrooms and an expanding digital footprint, targeting customers seeking certified diamonds and modern designs.
The IPO is entirely a fresh issue of INR 450 crore, aimed at funding working capital requirements, showroom expansion, and brand-building initiatives. With organised jewellery retail continuing to gain market share from unorganised players, PNGS Reva Diamond Jewellery offers exposure to India’s evolving luxury consumption story.
CMR Green Technologies IPO
CMR Green Technologies is one of India’s largest aluminium recycling companies, operating at the intersection of sustainability and industrial manufacturing. The company supplies recycled aluminium products to leading automotive OEMs, consumer durable manufacturers, and infrastructure players, benefiting from the global push towards circular economy practices.
CMR Green IPO is a total OFS of 4,28,90,735 equity shares. As ESG-focused investing continues to gain traction, CMR Green Technologies stands out among upcoming IPOs in February 2026 for its strong sustainability credentials, stable long-term contracts, and alignment with India’s green manufacturing ambitions.
Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management is a niche player in India’s alternative investment space, managing assets across private credit, structured debt, and special situation funds. The firm caters primarily to high-net-worth individuals, family offices, and institutional investors seeking higher risk-adjusted returns outside traditional asset classes.
The IPO is a hybrid issue with INR 549.2 crore fresh and INR 107 crore OFS, providing partial exits to early investors and promoters. While the asset management business is capital-light, future growth depends on fund performance, regulatory stability, and fundraising capabilities. With increasing investor appetite for alternative assets.
Hero FinCorp IPO
Hero FinCorp, the financial services arm of the Hero Group, is a well-established NBFC offering retail, SME, and vehicle financing solutions. Leveraging the strong brand equity of Hero MotoCorp, the company enjoys a wide distribution network and access to a large captive customer base.
The IPO is expected to raise around INR 3,668 crore, through a fresh + OFS issue. The IPO proceeds are intended to strengthen Tier-1 capital and support future loan book growth. With improving asset quality and increasing digital penetration, Hero FinCorp remains one of the most closely watched financial sector IPOs in February 2026, especially among long-term investors.
CleanMax Enviro Energy IPO
CleanMax Enviro Energy is a leading renewable energy solutions provider for commercial and industrial (C&I) consumers. The company operates solar and wind assets across India and Southeast Asia, enabling corporations to meet sustainability and decarbonisation goals.
The IPO, expected to be around ₹5,200 crore, will include both fresh issue and OFS components. Funds from the fresh issue are likely to be utilised for capacity expansion and partial debt repayment. With strong ESG tailwinds and long-term power purchase agreements, CleanMax Enviro is positioned as a high-quality renewable energy play among the upcoming IPOs in February 2026.
Shiprocket IPO
Shiprocket is one of India’s leading logistics and fulfilment platforms for e-commerce sellers, offering end-to-end shipping, warehousing, and technology solutions. The company plays a critical role in enabling small and medium online sellers to scale efficiently across marketplaces and direct-to-consumer channels.
The IPO is a mix of fresh issue (INR 1,100 crore) and OFS (INR 1,242.35 crore), with proceeds supporting technology upgrades, international expansion, and strategic acquisitions. As India’s e-commerce ecosystem continues to grow, Shiprocket’s asset-light and tech-driven model makes it a compelling digital infrastructure story in forthcoming IPOs in February 2026.
Pride Hotels IPO
Pride Hotels operates in the mid-scale and upscale hospitality segment, catering to business travellers, conferences, and domestic tourism. The company has a presence across major Indian cities and is steadily expanding through asset-light management contracts. Pride Hotels IPO is a mix of fresh issue (INR 260 crore) and OFS of 3,92,39,446 shares.
The IPO is expected to raise funds primarily for debt reduction and expansion of hotel inventory. With travel and tourism witnessing a sustained recovery, Pride Hotels offers investors exposure to India’s hospitality upcycle among the upcoming IPOs in February 2026.
CIEL HR Services IPO (Approval lapsing in February)
CIEL HR Services is a diversified human resources solutions provider, offering staffing, recruitment, HR consulting, and digital HR platforms. The company serves clients across IT, manufacturing, BFSI, and healthcare sectors.
The IPO approval is set to expire on 14 February 2026, making this a time-sensitive listing. The issue is expected to be a mix of fresh issue (INR 335 crore) and OFS of 47,39,336 shares, with funds directed towards technology investments and inorganic growth. Given rising demand for organised staffing and HR outsourcing, CIEL HR Services remains an important IPO to track.
Paramesu Biotech IPO (Approval lapsing in February)
Paramesu Biotech operates in the bio-agriculture and specialty chemicals space, focusing on sustainable crop protection and bio-input solutions. The company benefits from increasing adoption of eco-friendly agricultural practices. Paramesu Biotech IPO is an INR 600 crore public offer, comprising fresh issue (INR 520 crore) and OFS (INR 80 crore).
With SEBI approval expiring on 28 February 2026, the company is expected to tap the markets. IPO proceeds are likely to be used for capacity expansion, R&D, and working capital. Paramesu Biotech offers investors exposure to agri-biotech themes within the February IPO pipeline.
Final Words
Despite a subdued January driven by global uncertainties, February 2026 is shaping up to be a far more active month for India’s primary markets. From AI and clean energy to finance, logistics, hospitality, and biotech, the upcoming IPOs in February 2026 reflect improving economic confidence and sectoral diversification. As always, investors should evaluate valuations, business fundamentals, and DRHP disclosures carefully before participating.
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