India’s IPO pipeline for January remains crowded. From AI and renewables to defence, mining, finance and hospitality, a clutch of large mainboard names is either ready to hit the market or waiting for the final go-ahead. If all move ahead, total fundraising could cross Rs 25,000 crore. However, there are no official announcements on IPO launch dates yet.
Fractal Analytics
Fractal Analytics is planning a Rs 4,900 crore IPO with a Rs 1,279.3 crore fresh issue and a Rs 3,620.7 crore offer for sale. Selling shareholders include Quinag Bidco, TPG Fett Holdings, Satya Kumari Remala, Rao Venkateswara Remala and GLM Family Trust. Fresh issue proceeds will be used for subsidiary debt repayment, laptops, R&D, sales and marketing, new offices in India, inorganic growth and general corporate purposes. Founded in 2000, the company provides enterprise AI and data-driven decision solutions to global clients.
Clean Max Enviro Energy Solutions
Clean Max Enviro Energy Solutions is preparing a Rs 5,200 crore public issue, comprising a Rs 1,500 crore fresh issue and a Rs 3,700 crore OFS. Promoters Kuldeep Jain and KEMPINC, along with BGTF One Holdings, Augment India I Holdings and DSDG Holding, will dilute stakes. Fresh funds are expected to go mainly towards debt clearance. The company focuses on commercial and industrial renewable energy projects, including solar and wind assets.
Hero FinCorp
Hero FinCorp’s proposed IPO stands at Rs 3,668.13 crore, including a Rs 2,100 crore fresh issue and a Rs 1,568.13 crore OFS by AHVF II Holdings Singapore II, Apis Growth II, Otter and Link Investment Trust. The company plans to use the fresh proceeds to strengthen its Tier I capital base. Hero FinCorp operates across retail, MSME and corporate lending segments.
Bharat Coking Coal
Bharat Coking Coal will come to the market through an OFS of 46.57 crore equity shares by promoter Coal India, with no fresh issue component. The company accounted for 58.50% of India’s coking coal production in FY25 and supplies key grades used in the steel and power sectors.
Prestige Hospitality Ventures
Prestige Hospitality Ventures, the hotel arm of the Prestige Group, is planning a Rs 2,700 crore IPO through a mix of fresh issue and OFS. Proceeds are expected to be used for new hotel developments and debt reduction. The company operates luxury and business hotels under global brands such as Sheraton, Hilton and Conrad.
PMEA Solar Tech Solutions
PMEA Solar Tech Solutions is preparing an IPO with a fresh issue of about Rs 600 crore and an OFS of roughly 1.12 crore shares. The company manufactures solar tracking systems and mounting structures used in utility-scale solar projects.
Varindera Constructions
Varindera Constructions has SEBI approval for a proposed Rs 1,200 crore IPO, with the clearance nearing expiry. The company undertakes EPC projects in defence infrastructure, airports and institutional buildings, with key contracts from Military Engineer Services.
SMPP
SMPP has approval for a Rs 4,000 crore IPO, consisting of a Rs 580 crore fresh issue and a Rs 3,420 crore OFS. The company designs and manufactures ballistic jackets, helmets and defence ammunition for domestic and export markets.
With several approvals close to their validity deadlines and multiple large issuers waiting for stable conditions, January is shaping up as a crucial month for gauging appetite in the primary market at the start of 2026.