Four main board IPOs have lined up IPOs, but will they see enough subscription?
The primary market is bracing for a busy fortnight with four mainboard initial public offerings aggregating Rs 5,700 crore set to open for subscription, even as Monday’s twin listings of Fractal Analytics and Aye Finance delivered a sobering reminder that investor enthusiasm cannot be taken for granted.
Both issues had struggled to generate excitement during the subscription phase itself. Fractal Analytics scraped through with 2.81 times overall subscription, but retail investors barely showed up, subscribing just 1.10 times their quota while even employees — offered shares at a Rs 85 discount — subscribed only 0.65 times. Aye Finance fared worse, managed to get fully subscribed at 1.04 times overall, with non-institutional investors managing a dismal 0.05 times.
The tepid demand translated into disappointing debuts. Fractal Analytics, the artificial intelligence and analytics firm that raised Rs 2,834 crore, listed at Rs 876 on the NSE, a discount of nearly 3 per cent to its issue price of Rs 900, before sliding further to settle 4.37 per cent lower at Rs 837.70. Aye Finance, the NBFC focused on micro-enterprise lending, opened flat at Rs 129 and subsequently fell over 4 per cent to Rs 123.45.
The muted listings come against the backdrop of a Rs 2.55 lakh crore IPO pipeline building up for 2026, with 88 companies having secured SEBI approval to raise Rs 1.16 lakh crore and another 104 awaiting clearance for nearly Rs 1.4 lakh crore. Marquee names including Reliance Jio, the National Stock Exchange, PhonePe, Flipkart, and SBI Mutual Fund are among those expected to tap the market this year, keeping the primary market calendar packed.
The four offerings opening over the next ten days span renewable energy, fertility healthcare, cotton textiles, and diamond jewellery.
Clean Max Enviro Energy Solutions, backed by Brookfield and other institutional investors including Bain Capital, is the week’s heavyweight with an issue size of Rs 5,200 crore comprising a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,700 crore. The Mumbai-based company is India’s largest commercial and industrial renewable energy provider, operating 2.54 GW of capacity with another 2.53 GW under execution across solar, wind, and hybrid projects. The company reported revenues of Rs 1,610 crore in FY25 with a profit of Rs 19.43 crore, marking a turnaround from losses in the prior year. The issue opens February 20 and closes February 24.
Gaudium IVF and Women Health, a fertility care provider founded in 2015 by Dr Manika Khanna, is looking to raise approximately Rs 200-250 crore through a combination of fresh issue and offer for sale. The company operates 30 locations through a hub-and-spoke model with seven company-owned hubs in Mumbai, Bangalore, Delhi NCR, and Patna, supported by 28 spoke partnerships with fertility specialists. Gaudium also treats international patients from the US, UK, Canada, Kenya, and South Africa. FY25 revenue stood at Rs 71 crore with profit of Rs 19.13 crore. The issue opens February 20.
Shree Ram Twistex, a Gujarat-based cotton yarn manufacturer, is offering a fresh issue of 1.06 crore shares. The company operates from Gondal, Rajkot, with 17 compact ring-spinning machines and 27,744 spindles producing 9,855 MT annually. Its product portfolio spans compact ring spun yarns, Eli Twist, slub yarns, and Lycra-blended variants serving denim, terry towels, shirting, and home textiles segments. FY24 revenue stood at Rs 232 crore with profit of Rs 6.55 crore. Proceeds will fund a 6.1 MW solar plant, a 4.2 MW wind project, and debt repayment. The retail quota is just 10 per cent with 75 per cent reserved for qualified institutional buyers. The issue opens February 23.
PNGS Reva Diamond Jewellery, a spin-off from listed jeweller P N Gadgil and Sons, has set a price band of Rs 367-386 for its Rs 380 crore fresh issue. The company operates 34 stores across Maharashtra, Gujarat, and Karnataka, with 33 located within parent PNGS outlets under an asset-light shop-in-shop model. FY25 revenue hit Rs 258 crore with profit of Rs 59.5 crore, translating to margins significantly higher than typical gold jewellery retailers. Grey market trends indicate listing gains of 7-8 per cent. The issue opens February 24.
The coming fortnight will test whether investor appetite for primary market paper remains intact after Monday’s disappointments, or whether the market recalibrates expectations for the flood of issuances lined up through the year.
