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Aye Finance
๐
Founded: 2014
๐ New Delhi, Delhi
๐ฅ 10,000+ employees
๐ ayefin.com
๐ Face Value: โน2
๐ฆ Market Cap: โน3,183 Cr
Price Band
โน122 โ โน129
Issue Size
โน1,010 Cr
Lot Size
116 shares
Min. Investment
โน14,964
GMP
+โน0 (+-0.07%)
Est. Return
-0.07%
Listing Date
16 Feb 2026
Registrar
KFin Technologies
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Moderate Interest
GMP: +-0.07% above issue price
โญ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
1.02x subscribed
Issue Details
Fresh Issueโน710 Cr
Offer for Sale (OFS)โน300 Cr
Total Issue Sizeโน1,010 Cr
Face Valueโน2
Market Cap (at issue)โน3,183 Cr
Listing ExchangeBSE, NSE
๐
Open Date09 Feb 2026
๐ Close Date11 Feb 2026
โ๏ธ Cut-off Price Date11 Feb 2026
๐๏ธ Allotment Date12 Feb 2026
๐ธ Refund Initiation13 Feb 2026
๐ Demat Credit13 Feb 2026
๐ Listing Date16 Feb 2026
Objects of the Issue
- ๐ฐ Augmenting Tier-I capital base for lending โ โน640 Cr
- ๐ฐ General corporate purposes โ โน70 Cr
About the Company
Aye Finance is a fintech-focused NBFC specialising in small business loans for micro and small enterprises (MSMEs) โ particularly for businesses that lack formal financial records. Aye Finance serves 5.86 lakh+ active customers across 18 states and 3 union territories, offering secured and unsecured hypothecation loans, property loans, and business expansion loans of โน50,000โโน10 lakh.
Strengths
- โ 5.86 lakh+ MSME customers โ India's underserved credit segment
- โ Unique cluster-based lending model: serves informal economy
- โ Revenue grew 2.3x from โน643 Cr (FY23) to โน1,505 Cr (FY25)
- โ Consistent profitability: โน175 Cr PAT in FY25
Risk Factors
- โ ๏ธ High-risk borrower profile: informal MSME sector, unsecured loans
- โ ๏ธ GNPA risk increases in economic downturns
- โ ๏ธ Capital-intensive: needs regular equity/debt infusion to grow AUM
- โ ๏ธ RBI regulations on NBFC microfinance sector
Subscription Status
1.02x Overall
QIB: 1.2x
NII: 0.6x
RII: 0.8x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 0.42x | 0.18x | 0.28x | 0.34x |
| Day 2 | 0.88x | 0.38x | 0.56x | 0.72x |
| Day 3 | 1.24x | 0.58x | 0.82x | 1.02x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Axis Capital Anchor BookIIFL CapitalJM FinancialNuvama WealthSBI MF
Promoter Holding
0%
Pre-IPO
โ -0.0%
0%
Post-IPO
Company Gallery
Aye
Aye Finance branch serving MSME customers
Aye
Small business loan disbursement
Aye
Aye Finance mobile app
Founders & Leadership
SS
Sanjay Sharma
Founder, MD & CEO
๐ IIT Delhi, B.Tech; IIM Ahmedabad, MBA
Founded Aye Finance in 2014; ex-CEO of DHFL Pramerica and senior executive at GE Capital
VJ
Vikram Jetley
Co-Founder & COO
๐ IIM Lucknow, MBA; CA (ICAI)
Manages operations and risk management across Aye Finance's 500+ branch network
IPO Timeline
โ
Open Date
09 Feb 2026
โ
Close Date
11 Feb 2026
โ
Allotment Date
12 Feb 2026
โ
Listing Date
16 Feb 2026
Key Financials
Revenueโน1,505 Cr
PATโน175 Cr
EPSโน9.51
P/E Ratio13.6x
ROE12.1%
Market Capโน3,183 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 7116.00 | 6339.00 | 4870.00 | 3126.00 |
| Total Income | 863.00 | 1505.00 | 1072.00 | 643.00 |
| Profit After Tax | 65.00 | 175.00 | 172.00 | 40.00 |
| EBITDA | 120.00 | 280.00 | 260.00 | 80.00 |
| Net Worth | 1680.00 | 1445.00 | 1270.00 | 1100.00 |
| Reserves & Surplus | 1580.00 | 1345.00 | 1170.00 | 1000.00 |
| Total Borrowing | 5000.00 | 4620.00 | 3380.00 | 1900.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 3.87 | 12.11 |
| EBITDA Margin (%) | 13.90 | 18.60 |
| Debt / Equity | 2.98 | 3.20 |
| Net Worth (Rs. Cr) | 1680.00 | 1445.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน9.51 | โ |
| P/E (x) | 13.6x | โ |
| ROE (%) | 12.1% | โ |
| Promoter Holding | 0% | 0% |
| Market Cap | โน3,183 Cr | |
IPO Registrar
IPO FAQs
Aye Finance IPO is a mainboard IPO with an issue size of โน1,010 Cr at a price band of โน122 โ โน129. Minimum lot size is 116 shares (minimum investment ~โน14,964). Opens on 09 Feb 2026 and closes on 11 Feb 2026. Proposed listing on BSE, NSE. Registrar: KFin Technologies.