Upcoming IPOs in January 2026: Hero FinCorp and 4 other IPOs worth ₹17,800 Cr to get listed soon

SYNOPSIS: January 2026 will see five IPOs raising ~Rs17,800 crore, spanning AI, renewables, coal, NBFCs and hospitality, highlighting India’s Rs. 2.5 lakh crore-plus IPO pipeline growth momentum.

India’s IPO market is booming with a massive pipeline exceeding Rs 2.5 lakh crore, fueled by strong investor confidence and regulatory approvals for over 190 offerings. Sectors like telecom, fintech, and manufacturing drive this frenzy, promising record fundraising in 2026. Despite volatility, robust participation signals sustained growth in primary markets.

Five IPOs of January 2026:

Fractal Analytics

Fractal Analytics is a global AI and advanced analytics company that helps enterprises make data-driven decisions. It works across customer analytics, pricing, supply chain, and risk management, using AI and machine learning to improve business outcomes for clients in retail, BFSI, healthcare, and technology sectors.

Following Fractal Analytics, which is set to become India’s first pure-play artificial intelligence company to list on the stock market, the IPO is expected to value the company at over $3.5 billion, underscoring strong global interest in AI as enterprises rapidly scale the adoption of AI-driven tools.

Fractal Analytics Ltd plans to raise Rs 4,900 crore through a book-built IPO, comprising a Rs 1,279.30 crore fresh issue and a Rs 3,620.70 crore offer for sale. The shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd. Kotak Mahindra Capital Company Ltd is the lead manager, with MUFG Intime India Pvt Ltd as registrar.

Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions is a renewable energy company focused on providing clean power to commercial and industrial customers. It develops and operates solar, wind, and hybrid projects, helping corporates reduce electricity costs and carbon emissions through open-access and rooftop renewable energy solutions.

Clean Max Enviro Energy Solutions Ltd has received SEBI approval on October 30, 2025 to launch its Initial Public Offer. The approval remains valid for 12 months, giving flexibility on timing amid market volatility.

The IPO is a Rs 5,200 crore book-built issue, comprising a Rs 1,500 crore fresh issue and an Rs 3,700 crore offer for sale. Shares are proposed to be listed on NSE and BSE. Axial Capital Pvt. Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. will act as the registrar.

Although the company had initially planned a December listing, it is now expected to tap the markets in January. A large part of the fresh issue proceeds will be used to repay debt at the company and its subsidiaries, while the remaining funds will be allocated for general corporate purposes.

Bharat Coking Coal Limited

Bharat Coking Coal Limited is a subsidiary of Coal India and a key producer of coking coal in India. It supplies essential raw material to the steel industry and operates coal mines mainly in Jharkhand, playing a vital role in supporting the country’s industrial and infrastructure development.

Bharat Coking Coal Limited, a wholly owned subsidiary of Coal India Ltd, is preparing for a potential IPO through a pure offer for sale. Coal India is expected to divest around 10% stake, implying an IPO size of nearly Rs. 1,071 crore, with no fresh issue component, meaning proceeds will go entirely to the parent.

Bharat Coking Coal’s IPO places it among key PSU listings in the commodities space. As a major supplier of coking coal, critical for steel production, its business is closely linked to infrastructure spending, industrial growth, and steel demand, making it a cyclical but strategically important play for long-term investors.

Hero FinCorp Ltd

Hero FinCorp is a non-banking financial company and part of the Hero Group. It provides a wide range of retail and MSME loans, including two-wheeler, personal, and business financing, leveraging digital platforms and a strong distribution network to serve customers across India.

Hero Fincorp’s Rs 3,668 crore book-built IPO combines a Rs 2,100 crore fresh issue with a Rs 1,568 crore offer for sale, balancing growth funding and partial investor exit. Listing on NSE and BSE, the issue is led by JM Financial and MUFG Intime India Pvt.Ltd. is the registrar of the issue.

Prestige Hospitality Ventures Ltd

Prestige Hospitality Ventures is the hospitality arm of the Prestige Group, focusing on developing and operating premium hotels in India. The company partners with global hotel brands and earns revenue through room stays, food and beverage services, and events, catering to business and leisure travellers.

Prestige Hospitality Ventures’ Rs 2,700 crore book-built IPO includes a Rs 1,700 crore fresh issue to fund expansion and a Rs 1,000 crore OFS for partial exits. The shares are proposed to list on NSE and BSE, with JM Financial as lead manager and KFin Technologies as registrar, reflecting ambitions to scale premium hospitality assets.

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