Mumbai, February 6, 2026, 21:42 IST — After-hours
India’s National Stock Exchange announced Friday that its board has given the green light to an initial public offering, marking a major move toward listing the country’s largest bourse operator. The IPO is slated as an offer for sale, with existing shareholders offloading shares rather than the exchange issuing new stock.
The board nod hits a packed primary-market schedule, with four smaller offerings still open Friday and two bigger main-board deals kicking off subscriptions Monday after the weekend. Retail interest remains spotty across the SME (small and medium enterprise) space, while institutional investors face pressure to step up on price next week.
Timing is key here since equities haven’t moved in a straight line. The Nifty 50 ended 0.2% up at 25,693.70, offering issuers a stable finish heading into the weekend. Yet, certain market segments showed notable volatility.
NSE has been laying the groundwork. It posted a 15% sequential rise in quarterly profit and noted a 22.5% increase in derivatives trading for the October–December quarter compared to the previous period, Reuters reported. The exchange is advancing through the approvals required for a listing.
Friday also offered a snapshot of after-hours demand. CKK Retail Mart launched on NSE SME at 163 rupees per share, exactly its issue price. On BSE, it listed lower, at 155.60 rupees, trading at a discount to its IPO price.
Two SME IPOs kicked off bidding on Friday. Biopol Chemicals priced its issue between 102 and 108 rupees per share, raising 31.26 crore rupees. The bidding window stays open until Feb. 10, with a planned listing on the NSE SME platform on Feb. 13, ET Markets reported.
PAN HR Solutions kicked off its IPO on Friday, aiming to raise 17.04 crore rupees within a price band of 74 to 78 rupees. The subscription window closes on Feb. 10, with a listing planned on the BSE SME segment on Feb. 13. According to the company, the funds will support working capital needs and other corporate expenses.
Two more SME issues closed on Friday, shifting attention to allotment and listing schedules next week. Brandman Retail, priced between 167 and 176 rupees per share, and Grover Jewells, with a band of 83 to 88 rupees, are set to debut on the NSE SME platform on Feb. 11, ET Markets reports.
The real challenge will come when the market reopens Monday. Fractal Analytics secured 1,249 crore rupees from 52 anchor investors at 900 rupees per share before its IPO. The public offering is scheduled for Feb. 9–11, with a price band of 857–900 rupees, according to ET Markets. Anchor investors, typically institutions, buy shares ahead of the public sale to signal early demand.
Despite the solid backing, pricing remains under the microscope. “Investors indicated they preferred to stay invested in Fractal … and were reluctant to sell,” CEO Srikanth Velamakanni told Moneycontrol, following the company’s decision to cut the offer size from initial targets. Moneycontrol
Aye Finance is set to open its IPO from Monday to Wednesday, targeting ₹1,010 crore within a price band of ₹122–129, Mint reported. The anchor allocation is expected this Friday, with a tentative listing date of February 16. The MSME-focused lender plans to use the fresh issue proceeds to fuel growth, while a portion of the offer comes from existing investors selling shares.
The downside risks are clear. Grey-market trades — unofficial, off-exchange deals some investors watch for sentiment — had Biopol Chemicals pegged at a nil premium on Friday. That hints at tepid near-term interest in the SME segment. Technology stocks have also taken a hit this week amid renewed “AI” concerns, which could dampen appetite for data-and-analytics IPOs. mint
Next on deck: allotment and subscription numbers. Investors will eye Monday’s initial bids for Fractal and Aye Finance, as the SME pipeline races toward listings. Brandman Retail and Grover Jewells are set for Feb. 11, followed by Biopol Chemicals and PAN HR Solutions on Feb. 13.
