The Aye Finance IPO opened for public subscription on February 9, 2026, and as it enters its second day, early subscription data suggests a cautious response from investors. The issue, priced between ₹122 and ₹129 per share, aims to raise a total of ₹1,010 crore, combining a fresh issue and offer-for-sale.
Market observers are closely tracking the progress of this IPO, which caters to micro and small-scale businesses across India. Here’s a detailed look at the subscription trend, company background, and financials.
Market Performance: Day 2 Subscription Status
On the second day of the IPO, the subscription pace remained muted. By 11:00 AM, the overall issue was subscribed 0.14 times. Breaking down the investor segments:
- Retail Investors: Subscribed 0.36 times
- Non-Institutional Investors (NIIs): Subscribed just 0.01 times
- Qualified Institutional Buyers (QIBs): Subscribed 0.14 times
The total bids received amounted to 61.74 lakh shares against the IPO’s total offer of 4.25 crore shares.
This indicates that while the IPO is attracting attention, investors are taking a measured approach in this initial phase.
Aye Finance IPO Details
The IPO structure includes:
- Fresh Issue: 5.50 crore shares, raising ₹710 crore
- Offer for Sale (OFS): 2.33 crore shares, raising ₹300 crore
- Anchor Investment: Ahead of the public subscription, ₹454.5 crore was secured from anchor investors on February 6
Lot size and listing schedule:
- Lot Size: 116 shares per application
- Minimum Retail Investment: ₹14,964
- Allotment Date: Likely February 12, 2026
- Listing Date: Expected February 16, 2026, on both BSE and NSE
Key shareholders:
- Elevation Capital – 16.03%
- LGT Capital – 13.99%
- Alphabet via CapitalG – 13.14%
- Alpha Wave India – 11.1%
- British International Investment and A91 Emerging Fund – each over 9%
Lead Managers: Axis Capital, IIFL Capital Services, JM Financial, Nuvama Wealth Management
Registrar: Kfin Technologies Ltd
The proceeds from the IPO are intended to strengthen the company’s capital base to support business growth and asset expansion.
Company Overview: Aye Finance at a Glance
Founded in 1993, Aye Finance Limited operates as a non-banking financial company (NBFC) providing secured and unsecured working capital loans to micro-scale MSMEs. Its focus sectors include:
- Manufacturing
- Trading
- Services
- Allied agriculture
Operations snapshot (as of September 30, 2025):
- States and UTs Covered: 18 states and 3 union territories
- Active Customers: ~5.9 lakh
- Assets Under Management (AUM): ₹6,027.6 crore
Financial performance (FY25):
- Profit: ₹175.3 crore (up from ₹171.7 crore in FY24)
- Net Interest Income: ₹858 crore (growth of 37.9%)
Peers in the sector:
- SBFC Finance Ltd – P/E 27.32
- Five-Star Business Finance Ltd – P/E 12.07
Summary: IPO Highlights in Short
- IPO raised ₹1,010 crore through fresh issue and OFS
- Subscription on Day 2 remains cautious with 0.14x overall
- Lot size: 116 shares, minimum retail investment ₹14,964
- Company operations: Serves ~5.9 lakh micro and small enterprises
- Financials: Profit of ₹175.3 crore in FY25, net interest income growth of 37.9%
Aye Finance continues to position itself as a lender for underserved micro and small businesses, offering both secured and unsecured loan products. The IPO’s performance over the next few days will provide a clearer picture of market appetite and investor sentiment.
Source: Livemint
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