Big IPO Wave Expected in January 2026: From AI to Renewables, Key Names Line Up for Market Debut

India’s initial public offering (IPO) market is gearing up for an active start in 2026 as several high-profile companies across sectors such as artificial intelligence, renewable energy, mining and non-banking finance prepare to launch their public issues. After a relatively subdued period in the primary market toward the end of 2025, January is shaping up to be a critical month for gauging investor sentiment and appetite for new listings.

Fractal Analytics IPO

One of the most anticipated offerings is that of Fractal Analytics, a company specialising in enterprise artificial intelligence and data analytics. Fractal Analytics is seeking to raise close to ₹4,900 crore through a combination of a fresh issue and an offer for sale by existing shareholders, according to recent disclosures. The company has the distinction of being among India’s first pure-play AI firms to move toward a public listing, reflecting growing investor interest in technology and digital transformation themes. Its offerings are expected to appeal to institutional as well as retail investors keen to gain exposure to advanced analytics and artificial intelligence solutions, sectors that have registered robust demand growth globally.

Clean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions is another major player expected to tap public markets in January. The renewable energy company is preparing an IPO estimated at around ₹5,200 crore, comprising both a fresh issue and an offer for sale component. Clean Max operates in the commercial and industrial renewable energy segment, providing end-to-end decarbonisation solutions to corporate clients, including the development and operation of solar and wind energy assets. The firm’s planned public issue follows regulatory filings and positions it to capitalise on the increasing focus on sustainability, energy transition, and net-zero commitments among large Indian and multinational corporations.

Bharat Coking Coal IPO

The mining sector is also poised to make its presence felt in the primary market with an upcoming offer from Bharat Coking Coal. A subsidiary of the state-owned Coal India, Bharat Coking Coal is expected to launch an offer for sale that could raise significant capital. The company is one of the largest producers of coking coal in the domestic market, supplying a vital raw material for steel and related industries. The IPO will be structured entirely as an offer for sale by the parent company, enabling existing shareholders to realise value while broadening the stock’s investor base.

Hero FinCorp IPO

Hero FinCorp, a non-banking financial company with a focus on retail and MSME lending, is also expected to file its IPO in the early part of the year. The proposed public issue is likely to include both fresh shares and offer for sale components, allowing the company to augment its capital base and support future growth initiatives in credit markets that remain a key driver of household and business financing.

In addition to these marquee issues, the SME (small and medium enterprises) segment appears poised for activity early in 2026 with several smaller ventures readying their public issues. This underscores the diversity in India’s IPO pipeline, where technology, renewable energy, natural resources and financial services are all represented, offering varied opportunities for investors with differing risk appetites.

Market analysts observe that January and the early months of a calendar year have traditionally seen a quieter primary market compared with the later half. This is generally due to market participants waiting for clearer macroeconomic cues and stronger secondary market performance before committing capital to new listings. Despite this typical pattern, the current pipeline with issues worth an estimated tens of thousands of crores signals renewed confidence among issuers and investment bankers in tapping public equity.

The momentum in IPO filings through late 2025 and early 2026 also reflects a broader build-up in capital market activity, with a mix of mainboard and SME offerings lining up for regulatory approvals and market launches. Companies are seeking to leverage favourable conditions for fund-raising while there is tangible interest from both domestic and global institutional investors in well-positioned growth stories.

Investors and market participants will be closely watching the official launch dates, subscription response, pricing, and early trading performance of these January IPOs. The performance of these issues could set the tone for the broader IPO market in 2026, particularly as marquee listings attract attention and provide reference points for valuations in their respective sectors.

While the final count and timing of IPO launches could shift based on market conditions and regulatory timelines, the anticipation around these offerings highlights the resilience and depth of India’s primary market. With technology, renewable energy, mining and finance sectors all represented among the expected issuers, January’s IPO calendar may offer investors a broad suite of choices as they position portfolios for the new year.

Disclaimer – This content has been generated with the assistance of artificial intelligence.