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.
The IPO is offered in a price band of Rs. 122 to Rs. 129 per share with a lot size of 116 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 14,964 for 1 lot (116 shares).
🕗 Last Update: 4 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
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of Net Offer |
| NII | Not more than 15% of Net Offer |
| Retail | Not more than 10% of Net Offer |
IPO Lot Size & Investment Amount
| Application Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Minimum) | 1 | 116 | 14,964 |
About Aye Finance Ltd.
Incorporated in 1993, Aye Finance Limited is a non-banking financial company (NBFC) focused on providing secured and unsecured small business loans to micro-scale MSMEs. The company primarily caters to working capital needs of enterprises engaged in manufacturing, trading, services and allied agriculture sectors.
Aye Finance operates a phygital model, combining on-ground relationship-led sourcing through 499 branches across 18 states and 3 union territories, supported by digital underwriting and collection systems. As of September 30, 2024, the company served over 5.08 lakh active customers.
Product Offerings
• Mortgage Loans
• ‘Saral’ Property Loans
• Secured Hypothecation Loans
• Unsecured Hypothecation Loans
Competitive Strengths
• Leadership in small-ticket MSME lending across underpenetrated markets
• Diversified pan-India sourcing with strong customer retention
• Robust underwriting and multi-layered collection framework
• Technology-led operating model improving scalability
• Access to diversified and cost-efficient funding sources
• Experienced management team backed by marquee investors
Company Financials (Rs. crore – Restated)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 5,822.51 | 4,873.05 | 3,129.46 | 2,315.64 |
| Total Income | 717.05 | 1,071.75 | 643.34 | 443.49 |
| Profit After Tax | 106.93 | 171.27 | 46.84 | (50.37) |
| Net Worth | 1,596.63 | 1,236.11 | 757.95 | 705.41 |
| Total Borrowings | 4,083.10 | 3,498.99 | 2,296.16 | 1,520.74 |
Key Performance Indicators (as of Mar 31, 2024)
| KPI | Value |
|---|---|
| ROE | 17.22% |
| 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 to the Issue
Kfin Technologies Ltd.
Tel: 040-6716 2222 / 040-7961 1000
Email: ayefinance.ipo@kfintech.com
Aye Finance IPO – Review
Aye Finance IPO offers investors exposure to a fast-growing MSME-focused NBFC operating in an underpenetrated credit segment. The company has demonstrated strong asset growth and consistent profitability over recent years, supported by disciplined underwriting and robust collection mechanisms.
With a ROE of over 17% and a scalable phygital distribution model, Aye Finance is well positioned to benefit from rising formalisation and credit demand among micro enterprises. However, elevated leverage and exposure to cyclical MSME cash flows remain key risks to monitor.
The presence of OFS limits immediate capital infusion benefits, but long-term growth prospects remain intact given strong execution capabilities. The issue is suitable for investors with a medium-to-long-term horizon who are comfortable with NBFC sector risks.
Chanakya View: Subscribe for long-term exposure to MSME credit growth; listing gains may depend on valuation comfort and market conditions.
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