Two Mainboard IPOs Open in February 2026: Fractal Analytics (Feb 9–11) vs Aye Finance – Which Should You Choose?

After a long lull, India’s mainboard IPO market is finally showing signs of revival. February 2026 brings not one but two mainboard IPOs, offering investors a clear choice between a high-growth technology story and a steady financial services play. Fractal Analytics and Aye Finance may be opening in the same window, but they cater to very different risk profiles and investment philosophies.

In this blog, we break down both IPOs in a simple, investor-friendly way and help you decide which one aligns better with your goals.

TL;DR Summary

• Fractal Analytics is India’s first pure-play AI company to list, focused on enterprise decision intelligence
• Aye Finance is an MSME-focused NBFC offering business loans to underserved segments
• Fractal offers high growth potential but comes at a premium valuation and higher risk
• Aye Finance appears reasonably priced with steady fundamentals and moderate risk
• Choice depends on whether you prefer long-term growth bets or stable compounding

IPO Market Context: Why These Two Issues Matter

The return of mainboard IPOs is significant for Indian equity markets. Over the past year, volatile global conditions, sticky inflation and cautious investor sentiment had slowed down large IPO launches. With domestic liquidity still strong and retail participation stable, February 2026 could mark the beginning of a more active primary market phase.

These two IPOs also reflect where India’s growth stories are coming from. One is driven by artificial intelligence and global enterprise demand, while the other rides on India’s MSME credit expansion. Both themes are aligned with long-term economic trends but carry different risk and reward profiles.

Fractal Analytics IPO: Business Model and Growth Story

Fractal Analytics is a global enterprise AI and analytics company founded in March 2000. It works with large corporations across sectors such as banking, retail, healthcare and technology to help them make smarter, data-driven decisions.

What sets Fractal apart is its positioning as a Decision Intelligence company. Along with traditional AI and analytics services, it has incubated SaaS platforms under Fractal Alpha, giving it a blend of services-led revenue and scalable product offerings. This hybrid model is relatively rare in the Indian listed space, which explains the strong investor interest.

Key IPO Details

• Issue opens from February 9 to February 11, 2026
• Price band set at ₹857 to ₹900 per share
• First pure-play AI company from India to list on the mainboard

Financial Performance

Fractal has seen a sharp turnaround in recent years. After reporting a loss of around ₹55 crore in FY24, the company delivered a strong comeback in FY25. Revenue grew by about 26 percent, and the company reported a profit of approximately ₹221 crore. This improvement highlights better cost control, improved execution and strong demand for AI-led solutions.

Valuation and Risks

At the upper price band of ₹900, Fractal is valued at around 79 times its FY25 earnings on a post-IPO basis. This is expensive by traditional valuation standards. However, investors are factoring in a scarcity premium, as there are very few listed AI-first platforms in India.

That said, risks remain. Earnings visibility can be impacted by global tech spending cycles, and high valuations leave little room for short-term disappointments. This IPO is not designed for quick listing gains but for investors willing to stay invested through cycles.

Aye Finance IPO: MSME Lending with Stability

Aye Finance Limited operates as a non-banking financial company focused on providing business loans to micro, small and medium enterprises. These are businesses that often struggle to access formal credit due to lack of collateral or thin credit histories.

India’s MSME sector contributes significantly to employment and GDP, and improving credit access remains a policy priority. This creates a strong long-term backdrop for lenders like Aye Finance.

Business Strengths

Aye Finance has built its model around understanding cash flows of small businesses rather than relying purely on traditional documentation. This approach allows it to serve an underpenetrated segment while managing credit risk through diversification and underwriting discipline.

Financial Track Record

The company has shown consistent growth in both revenue and profitability over the years. Unlike cyclical businesses, MSME lending offers relatively predictable demand, provided asset quality is managed well.

Valuation Comfort

Based on FY25 earnings, Aye Finance is coming to the market at an implied P/E of around 14 times. Compared to several listed NBFC peers, this valuation appears reasonable. It offers investors a chance to participate in MSME credit growth without paying an aggressive premium.

Risks include economic slowdowns impacting borrower cash flows and sector-wide concerns around asset quality. However, these are well-understood risks within the NBFC space.

Fractal Analytics vs Aye Finance: Which One Suits You?

Choosing between these two IPOs is less about which company is better and more about which story suits your portfolio.

Fractal Analytics is suited for investors with a higher risk appetite who believe in the long-term global adoption of AI and are comfortable with premium valuations. Volatility in the short term should be expected.

Aye Finance, on the other hand, fits investors looking for steady compounding linked to India’s domestic growth story. It may not deliver explosive returns overnight, but it offers relative valuation comfort and business predictability.

How Swastika Investmart Can Help Investors

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Frequently Asked Questions

When do the Fractal Analytics and Aye Finance IPOs open?
Both IPOs open on February 9, 2026, and close on February 11, 2026.

Is Fractal Analytics the first AI company to list in India?
Yes, Fractal is India’s first pure-play AI and analytics company to list on the mainboard.

Is Aye Finance IPO suitable for conservative investors?
It may suit relatively conservative, long-term investors who understand NBFC risks and believe in MSME credit growth.

Which IPO is better for short-term listing gains?
Neither IPO is clearly positioned for short-term gains. Both are better evaluated from a long-term perspective.

Can retail investors apply to both IPOs?
Yes, eligible retail investors can apply to both, subject to capital availability and risk appetite.

Final Thoughts

The return of mainboard IPOs is a positive sign for Indian markets. Fractal Analytics and Aye Finance represent two very different but equally relevant growth themes. One taps into global AI adoption, while the other supports India’s grassroots businesses.

There is no one-size-fits-all answer. Investors should assess their risk tolerance, time horizon and portfolio allocation before making a choice. With the right research and guidance, IPOs can be a meaningful addition to a long-term investment strategy.

For expert insights, seamless execution and continuous support, Swastika Investmart remains a trusted partner for investors navigating India’s evolving capital markets.

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