Aye Finance IPO: Issue Size, GMP, Price Band, Dates and Other Key Details
- 6th February 2026
- 01:20 PM
- 4 min read
Summary
Aye Finance’s ₹1,010 crore IPO will open for subscription on February 9 at a price band of ₹122 -129 per share. The grey market premium currently stands at ₹1, implying a potential listing price of around ₹130.Mumbai | February 6
The initial public offering of Aye Finance Ltd, a NBFC focused on micro enterprise lending, will open on Monday, February 9, and close on Wednesday, February 11. The shares are proposed to be listed on the BSE and NSE on February 16.
Aye Finance IPO GMP Today
The grey market premium as of 12:30 pm today for the Aye Finance IPO stood at ₹1. At the upper end of the price band of ₹129, the GMP indicates an estimated listing price of around ₹130, implying a potential upside of about 0.8%.
Note: GMP is an unofficial indicator and cannot be relied upon as a guarantee of listing gains.
IPO Size and Structure
The company plans to raise ₹1,010 crore, which comprises of:
- Fresh issue: ₹710 crore
- Offer for sale: ₹300 crore by existing shareholders
Selling shareholders in the OFS include MAJ Invest Financial Inclusion Fund, Alpha Wave India, CapitalG (Alphabet), LGT Capital and Vikram Jetley.
At the upper price band, the company is valued at approximately ₹3,184 crore.
Price Band, Lot Size and Reservation
The company has fixed the IPO price band at ₹122–129 per share
- Lot size: 116 shares
- Retail allocation: 10%
- NII allocation: 15%
- QIB allocation: 75%
Key IPO Dates
- Issue opens on: February 9, 2026
- Issue closes on: February 11, 2026
- Anchor allocation: February 6, 2026
- Allotment: February 12, 2026
- Tentative listing: February 16, 2026
Promoters and Shareholding
Aye Finance is led by co-founders Sanjay Sharma, MD & CEO and Vikram Jetley. The company does not have an identifiable promoter under the conventional definition.
Key shareholders include Elevation Capital (16.03%), LGT Capital (13.99%), Alphabet (13.14%) and Alpha Wave India (11.1%).
About the Company
Aye Finance is a Middle Layer NBFC, specialising in loans to micro-scale MSMEs. It provides secured and unsecured working capital and business loans, typically backed by hypothecation of business assets or property.
The company primarily serves micro enterprise owners in urban and semi urban areas operating in manufacturing, trading, services and allied agriculture sectors.
Industry Opportunity: MSME Credit Gap
India’s MSME sector faces a large structural credit gap. As of FY25, total MSME credit demand is estimated at around ₹76 trillion, while formal credit supply stands at about ₹42 trillion, resulting in a gap of roughly ₹34 trillion.
NBFC’s participation in MSME lending has risen from 9.2% in FY19 to 16.6% in FY25 and is expected to grow further.
Financial Performance
Aye Finance reported steady growth in scale and income in recent years. Revenue from operations rose to ₹1,460 crore in FY25 from ₹1,040 crore in FY24 to, while net profit was up from ₹171.7 crore to ₹175.3 crore over the same period.
Assets under management increased from ₹4,463 crore in FY24 to ₹5,534 crore in FY 25 and further to ₹6,028 crore as of September 2025.
Net interest income also grew sharply, reflecting higher disbursements and portfolio expansion, but asset quality weakened, with gross NPAs rising to 4.85% by September 2025 from 4.21% as of March 2025.
Use of IPO Proceeds
Net proceeds from the fresh issue will be used to strengthen the company’s capital base and support future business and asset growth.
Key strengths
- Focused lender to micro scale MSMEs with a mix of secured and unsecured loan products, including property-backed loans, in a largely underserved market (Large under penetrated market)
- Strong growth in AUM, rising from ₹2,722 crore in March 2023 to ₹6,028 crore as of September 2025.
- Loan disbursements have nearly doubled from ₹2,357 crore in FY23 to ₹4,291 crore in FY25, while the customer base expanded to about 5.9 lakh.
- Cash-flow-based underwriting and local business clusters insights help assess borrowers with limited formal documentation.
- Multi-layered collection setup combining tele-calling, field teams and legal recovery, supported by a hybrid ‘phygital’ operating model.
- phygital’ model blends branch led sourcing with digital processes to improve efficiency.
Key Risks to Watch
- Company’s GNPA rose from 2.49% in March 2023 to 4.21% in March 2025 and further to 4.85% by September 2025.
- Unsecured loans accounted for nearly 38% of AUM as of September 2025.
- Credit decisions rely heavily on data provided by their and third-party data; inaccuracies could impact the business.
Listed Peers
SBFC Finance and Five-Star Business Finance are its listed peers.
Lead Managers and Registrar
Axis Capital, IIFL Capital Services, JM Financial and Nuvama Wealth Management are the key book running lead managers for the issue, while Kfin Technologies is the registrar to the issue.
For more IPO related updates follow PL Capital.
