Upcoming IPOs in January 2026: Fractal Analytics, Clean Max Enviro, others expected to launch; check details

The IPO buzz is expected to continue in 2026, as January, the first month of the year, could see initial public offerings of Fractal Analytics, Bharat Coking Coal, Clean Max Enviro Energy Solutions and Hero FinCorp.

The SME IPOs of Gabion Technologies India (₹29.16 crore) and Yajur Fibres (₹120.41 crore) will launch on January 6 and January 7, respectively.

Fractal Analytics IPO

The initial public offering of artificial intelligence solutions provider Fractal Analytics seeks to raise ₹4,900 crore via a fresh issuance of shares worth ₹1,279.3 crore and an offer for sale (OFS) component of ₹3,620.7 crore, according to the draft red herring prospectus (DRHP).

Under the OFS route, Quinag Bidco, TPG Fett Holdings Pte Ltd, Satya Kumari Remala and Rao Venkateswara Remala, and GLM Family Trust will offload their stake.

The fresh issue proceeds will be utilised for debt repayment of a subsidiary, purchase of laptops, investment in R&D and sales and marketing, setting up new office premises in India, funding inorganic growth and general corporate purposes.

Founded in 2000, Fractal Analytics is an enterprise artificial intelligence (AI) company. It supports large global enterprises with data-driven insights and aids them in their decision-making through their end-to-end AI solutions.

Bharat Coking Coal IPO

Coking coal producer Bharat Coking Coal's IPO will be solely an OFS of 465,700,000 equity shares by promoter Coal India. There is no fresh issue component.

Bharat Coking Coal is India's largest coking coal producer in fiscal year 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in FY25.

It produces various grades of coking coal, non-coking coal and washed coals used in the steel and power industries.

Hero FinCorp IPO

The proposed ₹3,668.13 crore IPO of Hero FinCorp Ltd will consist of a fresh issuance of shares valued at ₹2,100 crore and an OFS of ₹1,568.13 crore by AHVF II Holdings Singapore II Pte Ltd, Apis Growth II (Hibiscus) Pte Ltd, Otter and Link Investment Trust (through Vikas Srivastava).

The company will use fresh issue proceeds to augment its Tier–I capital base to meet future capital requirements towards onwards lending.

Hero FinCorp is a non-banking financial company offering a diversified suite of financial products, serving a growing retail customer segment and the rapidly formalising MSME customer segment in India. It offers retail, MSME and CIF loans.

Clean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions IPO will be a fresh issuance of ₹1,500 crore and an OFS of ₹3,700 crore. The total issue size is ₹5,200 crore.

Those offloading their stake under the OFS include promoters Kuldeep Jain, KEMPINC, BGTF One Holdings (DIFC) Ltd, along with investors Augment India I Holdings, LLC and DSDG HOLDING APS.

Fresh issue proceeds will be used for debt clearance of the company and its subsidiaries and corporate general purposes.

Clean Max Enviro Energy Solutions Ltd is India's largest commercial and industrial renewable energy provider, as of March 2025, according to the CRISIL Report. It provides end-to-end decarbonisation solutions to customers, like turnkey development, operation and maintenance (O&M) solutions for renewable energy power plants and carbon credit solutions.