Five Major IPOs Worth ₹18,000 Crore Expected in January 2026: Fractal to Clean Max
January 2026 is set to feature five major IPOs worth ₹17,800 crore across diverse sectors. Fractal Analytics leads as India's first pure-play AI company IPO (₹4,900 crore), followed by renewable energy provider Clean Max Enviro (₹5,200 crore). The lineup includes Bharat Coking Coal's public sector offering (₹1,300 crore), Hero Fincorp in financial services (₹3,668 crore), and Prestige Hospitality Ventures (₹2,700 crore). Despite historically quiet January periods, these quality offerings could test investor appetite if market conditions remain supportive.
*this image is generated using AI for illustrative purposes only.
January 2026 is poised to witness significant primary market activity with five major IPOs collectively worth approximately ₹17,800 crore spanning artificial intelligence, renewable energy, coal, financial services, and hospitality sectors. Despite January traditionally being a quiet month for India's primary market, these high-profile offerings could test investor appetite early in the year if broader market conditions remain stable.
According to Pranav Haldea, managing director of Primedatabase.com, the opening months of the year have typically been slow for IPOs over the past four to five years, largely due to external shocks that unsettled equity markets. However, barring similar disruptive events in 2026, a limited number of quality launches are expected to proceed.
Fractal Analytics: India's First Pure-Play AI IPO
The most closely tracked offering is Fractal Analytics, set to become India's first pure-play artificial intelligence company to list on the stock market. After postponing a December debut, the company has received regulatory approval and is expected to launch in January.
| Component | Amount |
|---|---|
| Fresh Issue | ₹1,279 crore |
| Offer for Sale | ₹3,621 crore |
| Total Issue Size | ₹4,900 crore |
| Expected Valuation | Over $3.5 billion |
Fractal has spent more than two decades building an enterprise AI and analytics business from India and the US. Global private equity investors, including TPG-backed entities and company founders, are among those trimming stakes. Proceeds from the fresh issue will strengthen US operations, repay debt, expand Indian offices, enhance research and development, and scale generative AI products.
Clean Max Enviro: Renewable Energy Solutions Leader
Clean Max Enviro Energy Solutions, one of India's largest providers of renewable energy solutions to commercial and industrial clients, plans to raise approximately ₹5,200 crore. Originally aimed for December, the listing is now expected in January.
| Component | Amount |
|---|---|
| Fresh Issue | ₹1,500 crore |
| Offer for Sale | ₹3,700 crore |
| Total Issue Size | ₹5,200 crore |
A significant portion of fresh issue proceeds will repay debt at the company and its subsidiaries, with the balance allocated for general corporate purposes. Clean Max's business model focuses on helping corporates decarbonize their energy consumption, gaining traction as sustainability targets become increasingly important for Indian and multinational firms.
Public Sector and Financial Services Offerings
Bharat Coking Coal IPO
In the public sector space, Bharat Coking Coal, a wholly owned subsidiary of Coal India, is preparing for a pure offer for sale listing. Coal India expects to offload approximately 10% of its stake, translating into an IPO size of roughly ₹1,300 crore with an implied valuation of about ₹13,000 crore.
Since there is no fresh issue component, entire proceeds will go to the parent company. The company plays a crucial role in supplying coking coal, an essential input for steel manufacturing, with performance closely tied to infrastructure and industrial demand.
Hero Fincorp Financial Services
The financial services segment will see Hero Fincorp planning to raise approximately ₹3,668 crore through its IPO, including a fresh issue of ₹2,100 crore and an offer for sale by existing shareholders. Investor focus is expected to center on asset quality and growth sustainability, particularly as markets remain cautious on unsecured lending businesses.
Hospitality Sector Representation
Prestige Hospitality Ventures, the hospitality arm of Prestige Group, has approval for a ₹2,700 crore IPO comprising a ₹1,700 crore fresh issue and ₹1,000 crore offer for sale by its parent. Funds will be used largely for debt repayment, investments in subsidiaries, and potential acquisitions. With travel and tourism demand steadily recovering, the company is positioning to tap public markets for balance sheet strengthening and expansion funding.
Market Outlook
These five IPOs collectively represent an important test of investor sentiment for January 2026, despite expectations of a relatively measured start to the year. The presence of large, well-known names across diverse sectors suggests that quality offerings could find traction if market conditions remain supportive, offering investors exposure to high-growth sectors including artificial intelligence, renewable energy, and recovering hospitality markets.
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