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Aye Finance IPO

Aye Finance IPO

Aye Finance Ltd. is launching a book-building IPO comprising a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. The issue aims to support business growth while providing partial exit to current investors.

The IPO opens for subscription on Monday, February 9, 2026 and closes on Wednesday, February 11, 2026. The allotment is expected to be finalised on Thursday, February 12, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Monday, February 16, 2026.

Listing- On 16th February 2026, the scrip is listed at Rs. 129, compared to the issue price of Rs. 129

Aye Finance IPO (Summary)

  • Business: MSME-focused NBFC lending to micro enterprises

  • Price Band: Rs. 122 – Rs. 129

  • ROE: ~17% (FY24)

  • Strength: Scalable phygital model, strong underwriting

  • Key Risk: High leverage, MSME cash-flow cyclicality

  • Chanakya View: Subscribe with a long-term perspective

Final Subscription Tally
Size Rs.1010.00 Cr.
Open  9/01 Close 13/01 Al  14/01  List  16/01
QIB B HNI S HNI HNI RII Total
1.62 0.02 0.11 0.05 0.81 1.04
Subscription Review-  43,797 applications received
🕗 Last Update: 16 February 2026, 6.00 AM

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IPO Details at a Glance

Particulars Details
IPO Opening Date Monday, 9 Feb 2026
IPO Closing Date Wednesday, 11 Feb 2026
Listing Date (Tentative) Monday, 16 Feb 2026
Face Value Rs. 2 per share
Price Band Rs. 122 – 129
Lot Size 116 Shares
Issue Type Book Building IPO
Sale Type Fresh Issue + Offer for Sale
Listing At BSE, NSE
Market Cap (Pre-IPO) To be declared

IPO Timetable (Tentative)

Event Date
IPO Opens Mon, Feb 9, 2026
IPO Closes Wed, Feb 11, 2026
Allotment Thu, Feb 12, 2026
Refunds Fri, Feb 13, 2026
Credit of Shares Fri, Feb 13, 2026
Listing Mon, Feb 16, 2026

Investor Reservation

Category Shares Offered
QIB Not less than 75%
NII Not more than 15%
Retail Not more than 10%

IPO Lot Size & Investment Amount

Category Lots Shares Amount (Rs.)
Retail (Minimum) 1 116 14,964

What Does Aye Finance Do? (Simple Explanation)

Aye Finance is a non-banking financial company (NBFC) focused on providing small-ticket secured and unsecured loans to micro and small enterprises (MSMEs). Its customers include businesses engaged in manufacturing, trading, services and allied agriculture.

The company follows a phygital lending model:

  • Physical reach: 499 branches across 18 states and 3 UTs

  • Digital backbone: Tech-led underwriting, risk scoring and collections

As of September 30, 2024, Aye Finance served over 5.08 lakh active customers.

Product Portfolio

  • Mortgage Loans

  • “Saral” Property Loans

  • Secured Hypothecation Loans

  • Unsecured Hypothecation Loans

Competitive Strengths

  • Leadership in small-ticket MSME lending

  • Strong presence in under-penetrated markets

  • Robust underwriting and multi-layered collections

  • Technology-enabled scalable operating model

  • Diversified and cost-efficient funding base

  • Experienced management backed by marquee investors

Financials (Rs. crore – Restated)

Period Sep 30, 2024 FY24 FY23 FY22
Assets 5,822.51 4,873.05 3,129.46 2,315.64
Total Income 717.05 1,071.75 643.34 443.49
PAT 106.93 171.27 46.84 (50.37)
Net Worth 1,596.63 1,236.11 757.95 705.41
Borrowings 4,083.10 3,498.99 2,296.16 1,520.74

Key Performance Indicators (FY24)

  • ROE / RoNW: 17.22%

  • Debt-Equity: 2.83

IPO Lead Managers & Registrar

Book Running Lead Managers

  • Axis Capital Ltd.

  • IIFL Capital Services Ltd.

  • JM Financial Ltd.

  • Nuvama Wealth Management Ltd.

Registrar

Aye Finance IPO – Review 

Aye Finance IPO offers investors exposure to a fast-growing MSME-focused NBFC operating in an under-served credit segment. The company has delivered strong asset growth and consistent profitability, supported by disciplined underwriting and effective collections.

With ROE above 17% and a scalable phygital distribution model, Aye Finance is well positioned to benefit from rising formalisation and credit demand among micro enterprises. However, high leverage and exposure to MSME cash-flow cycles remain key risks.

The OFS component limits immediate balance-sheet expansion, but long-term growth visibility remains intact.

Chanakya View

Subscribe with a long-term perspective.
Listing gains will depend on valuation comfort and overall market conditions.

About Chanakya IPO Analysis
Chanakya provides independent IPO analysis combining fundamentals, grey market intelligence and technical insights for retail and long-term investors.

Disclaimer

This IPO coverage is for informational purposes only. Investors are advised to read the RHP/DRHP carefully and consult a SEBI-registered investment advisor before investing.

Is Aye Finance profitable?

Yes. The company has reported consistent profits in recent years, with FY24 ROE of 17.22%.

What segment does Aye Finance serve?

Micro and small MSMEs requiring small-ticket business loans.

What is the key risk?

High leverage and sensitivity to MSME economic cycles.

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