Key Topics & Upcoming Events The primary market is buzzing with activity as we enter the second half of February. From high-tech AI firms to niche SME players, there is plenty of action for both retail and institutional investors.
Mainboard IPOs: Heavyweights That Closed on Feb 11
The primary market is heating up as we enter mid-February, with two high-profile mainboard IPOs—Fractal Analytics Ltd and Aye Finance Ltd—closing their subscription windows on February 11, 2026.
🔹 Fractal Analytics Ltd
- Status: Bidding Closed
- Allotment Date: Expected on Feb 12, 2026
- Listing Date: Tentative Feb 16, 2026
- Subscription Snapshot:
- Total: 2.81x
- QIBs: 4.41x
- Retail: 1.08x
- GMP: ₹7 (0.8%)
- Price Band: ₹857–₹900
Insight: Strong QIB interest signals institutional confidence in Fractal’s enterprise AI model, despite modest retail enthusiasm and subdued GMP.
🔹 Aye Finance Ltd
- Status: Bidding Closed
- Allotment Date: Expected on Feb 12, 2026
- Subscription Snapshot:
- Total: 1.04x
- QIBs: 1.62x
- Retail: 0.81x
- GMP: ₹0 (Flat)
- Price Band: ₹122–₹129
Insight: Aye Finance’s muted response reflects cautious sentiment in the MSME lending space amid interest rate uncertainty.
🧮 SME IPOs: High-Risk, High-Reward Calendar
The SME segment continues to attract aggressive retail flows with niche offerings and strong oversubscription trends.
🔸 Marushika Technology Ltd
- IPO Window: Opens Feb 12, Closes Feb 16
- Price Band: ₹111–₹117
- Objective: Working capital infusion and general corporate purposes
🔸 Fractal Industries Ltd
- IPO Window: Opens Feb 16, Closes Feb 18
- Price Band: ₹205–₹216
- Focus: AI-driven industrial automation solutions
🔸 Recent Allotments
- PAN HR Solution & Biopol Chemicals finalized allotments on Feb 11
- Listing Date: Scheduled for Feb 13, 2026
Biopol GMP: ₹15 (14%) | Subscription: 20.87x
🏦 Policy & Macro Events
🔹 RBI Monetary Policy Review
- Repo Rate: Held steady at 5.25%
- Stance: Neutral
- Impact: Supports IPO momentum and equity valuations
🔹 MPC Minutes
- Release Date: Feb 20, 2026
- Focus: Inflation-growth trade-off, liquidity outlook
📊 Sectoral Themes to Watch
🔸 AI & Data Analytics
- Fractal Analytics listing will be a benchmark for “New Age” tech valuations.
- Investors are watching P/E multiples and SaaS transition signals.
🔸 MSME Lending
- Aye Finance performance will reflect NBFC sector resilience amid rate cycle shifts.
- Key metric: Asset quality vs. growth appetite.
📈 IPO GMP & Subscription Dashboard
| IPO Name | Type | Price Band | Latest GMP | Subscription |
|---|---|---|---|---|
| Fractal Analytics | Mainboard | ₹857–₹900 | ₹7 (0.8%) | 2.81x |
| Aye Finance | Mainboard | ₹122–₹129 | ₹0 (0.0%) | 1.04x |
| Marushika Tech | SME | ₹111–₹117 | TBA | Opens Feb 12 |
| Biopol Chemicals | SME | ₹102–₹108 | ₹15 (14%) | 20.87x |
🌟 Featured IPO: Fractal Analytics – Leading the AI Wave
Fractal Analytics is emerging as the star performer of February’s IPO calendar. With over 120 Fortune 500 clients, the company is transitioning from a services-heavy model to a productized AI platform via “Fractal Alpha.”
- Valuation: 65x P/E
- Model Shift: From consulting to scalable SaaS
- Institutional Signal: Strong QIB demand despite low GMP
Analyst Take: The subdued GMP reflects global tech caution, but institutional “smart money” is betting on long-term fundamentals.
📝 Investment Perspective
The IPO market is shifting from speculative hype to fundamentals-first investing. Retail investors are becoming selective, favoring companies with sustainable cash flows, scalable models, and reasonable valuations.
- Short-Term Outlook: Volatility may rise ahead of Fractal & Aye Finance listings on Feb 16
- Nifty 50 Support: 25,750
- Resistance: 26,050
Strategy: Focus on quality listings with institutional backing. Avoid over-leveraged bets in low-GMP IPOs.
Frequently Asked Questions (Indian IPO & Market Outlook – Feb 2026)
Q1. What is the subscription status of Fractal Analytics IPO?
Fractal Analytics IPO closed on Feb 11, 2026 with an overall subscription of 2.81x. Qualified Institutional Buyers (QIBs) led the demand at 4.41x, while retail investors subscribed at 1.08x.
Q2. When will Aye Finance IPO allotment be finalized?
The allotment for Aye Finance IPO is expected on Feb 12, 2026, following its subscription closure.
Q3. Which SME IPOs are opening in February 2026?
- Marushika Technology Ltd: Opens Feb 12–16, price band ₹111–₹117.
- Fractal Industries Ltd: Opens Feb 16–18, price band ₹205–₹216.
Q4. What is the latest GMP for Biopol Chemicals IPO?
Biopol Chemicals IPO has a Grey Market Premium (GMP) of ₹15 (~14%) with an overall subscription of 20.87x.
Q5. What is the RBI’s current repo rate?
The RBI Monetary Policy Committee (MPC) has maintained the repo rate at 5.25% with a neutral stance, supporting IPO momentum and equity valuations.
Q6. Why is Fractal Analytics considered a star performer?
Fractal Analytics stands out due to its enterprise AI solutions, serving over 120 Fortune 500 clients. The company is transitioning from a services-heavy model to a scalable SaaS-like revenue stream via “Fractal Alpha.”
Q7. What is the short-term outlook for the Indian stock market?
Volatility may persist ahead of the Fractal Analytics and Aye Finance listings on Feb 16, 2026. Nifty 50 has immediate support at 25,750 and resistance at 26,050.
⚠️ Disclaimer: This report is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions.
