Aye Finance IPO Day 2: Subscription at 16%; GMP stays nil

Mumbai | February 10

The initial public offering of Aye Finance saw limited buying interest on the second day of bidding, with the issue subscribed 0.16 times, as per exchange data.

The IPO received bids for 72.86 lakh shares against an offer size of 4.55 crore shares. Demand remained concentrated in the retail segment, while participation from institutional and high-net-worth investors stayed weak.

The Gurugram-based NBFC aims to raise ₹1,010 crore through the IPO, which is priced in the range of ₹122–129 per share. The shares are proposed to list on the BSE and NSE.

Key IPO dates

• Issue opens: February 9
• Issue closes: February 11
• Basis of allotment: February 12
• Initiation of refunds: February 13
• Credit of shares to demat accounts: February 15
• Listing on BSE and NSE: February 16

Day 2 subscription status

• Retail Individual Investors (RIIs): 0.47 times
• Qualified Institutional Buyers (QIBs): 0.13 times
• Non-Institutional Investors (NIIs): 0.02 times
• Overall: 0.16 times

Retail investors bid for 38.99 lakh shares against an allocation of 82.79 lakh shares. Non-institutional investors showed minimal interest, subscribing just 2% of their quota.

Within the institutional category, QIBs placed bids for 31.88 lakh shares against a reserved portion of 2.48 crore shares. Foreign institutional investors accounted for 9.3 lakh shares, while mutual funds and domestic financial institutions did not place any bids.

Grey market premium remains flat

In the unofficial market, Aye Finance shares continued to trade at zero grey market premium (GMP) on Day 2. The GMP has shown no change since the issue opened.

Note: Grey market premium (GMP) is an unofficial and unregulated indicator and should not be used as a measure of listing performance.

Issue structure and business overview

The IPO includes a fresh issue of ₹710 crore and an offer for sale of ₹300 crore by existing shareholders, including Alpha Wave India, MAJ Invest, CapitalG, LGT Capital and Vikram Jetley. The company plans to use the fresh issue proceeds to strengthen its capital base.

Aye Finance provides small-ticket loans to micro and small enterprises, with average loan sizes below ₹2 lakh, focusing on borrowers with limited access to formal credit.

For more IPO updates, follow PL Capital.