Aye Finance
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Feb 2026 | -₹2 | -1.55% | ₹0 | ₹127 | ₹-232 |
| 15 Feb 2026 | -₹3 | -2.33% | ₹0 | ₹126 | ₹-348 |
| 14 Feb 2026 | -₹3 | -2.33% | ₹0 | ₹126 | ₹-348 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Feb 2026 – 11 Feb 2026
- Listing date
- 16 Feb 2026
- Face value
- ₹2 per share
- Issue price
- ₹129 per share
- Lot size
- 116 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,010 Cr
- Market cap at offer price
- ₹3,184 Cr
- ISIN
- INE501X01029
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- M-5, Magnum House-I, Community Centre, Karampura, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,52,32,558 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 116 shares per lot, in multiples, at ₹129
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 116 | ₹14,964 |
| Retail (max) | 13 | 1,508 | ₹1,94,532 |
| S-HNI (min) | 14 | 1,624 | ₹2,09,496 |
| S-HNI (max) | 66 | 7,656 | ₹9,87,624 |
| B-HNI (min) | 67 | 7,772 | ₹10,02,588 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹129 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.14 | 5.24 |
| P/E (×) | 14.11 | 24.62 |
| Price to book (×) | 1.71 | — |
| Market cap | — | ₹3,184 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.12%
- Debt / equity
- 2.73
- NAV per share
- ₹75.63
- Price to book
- 1.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aye Finance
Aye Finance Limited (CIN U65921DL1993PLC283660) was incorporated on August 12, 1993 as Doda Finance Private Limited at Jalandhar, Punjab, was renamed Aye Finance Private Limited in March 2014 after shares were transferred to founders Sanjay Sharma and Vikram Jetley, and became Aye Finance Limited upon conversion to a public limited company in late 2024. It holds RBI registration as a non-deposit-taking NBFC (certificates dated December 15, 2000 and November 27, 2015) and is classified as an NBFC-middle layer. The company lends to micro-scale businesses with annual turnovers of ₹2.00–10.00 million, predominantly located in semi-urban areas, offering mortgage loans, 'Saral' Property Loans, secured hypothecation loans and unsecured hypothecation loans at an average ticket size on disbursement of ₹0.18 million, using a proprietary cluster-based credit assessment model built on over 70 business clusters (e.g., cattle, kirana, garments). As of September 30, 2025, it served 586,825 active unique customers through 568 branches across 18 states and 3 union territories, with AUM of ₹60,276.22 million. It earns revenue primarily from interest income on its loan book (85.03% of total income in the six months ended September 30, 2025), supplemented by fees and commission income, net gains on derecognition of financial instruments (securitisation/direct assignment) and net gains on fair value changes, funded through bank and NBFC borrowings, market borrowings (debt securities), external commercial borrowings and securitisation. The Company does not have an identifiable promoter; its subsidiary is FAME (Foundation for Advancement of Micro Enterprises).
Company Analysis
from DRHPAye Finance Limited is an RBI-registered non-banking financial company (NBFC-ML) that provides small-ticket business loans to underserved micro-scale MSMEs across India, operating in the financial services and MSME lending industries.
Aye Finance Limited (CIN U65921DL1993PLC283660) was incorporated on August 12, 1993 as Doda Finance Private Limited at Jalandhar, Punjab, was renamed Aye Finance Private Limited in March 2014 after shares were transferred to founders Sanjay Sharma and Vikram Jetley, and became Aye Finance Limited upon conversion to a public limited company in late 2024. It holds RBI registration as a non-deposit-taking NBFC (certificates dated December 15, 2000 and November 27, 2015) and is classified as an NBFC-middle layer. The company lends to micro-scale businesses with annual turnovers of ₹2.00–10.00 million, predominantly located in semi-urban areas, offering mortgage loans, 'Saral' Property Loans, secured hypothecation loans and unsecured hypothecation loans at an average ticket size on disbursement of ₹0.18 million, using a proprietary cluster-based credit assessment model built on over 70 business clusters (e.g., cattle, kirana, garments). As of September 30, 2025, it served 586,825 active unique customers through 568 branches across 18 states and 3 union territories, with AUM of ₹60,276.22 million. It earns revenue primarily from interest income on its loan book (85.03% of total income in the six months ended September 30, 2025), supplemented by fees and commission income, net gains on derecognition of financial instruments (securitisation/direct assignment) and net gains on fair value changes, funded through bank and NBFC borrowings, market borrowings (debt securities), external commercial borrowings and securitisation. The Company does not have an identifiable promoter; its subsidiary is FAME (Foundation for Advancement of Micro Enterprises).
Objects of the Issue
- Augmenting our capital base to meet our Company's future capital requirements arising out of growth of our business and assets ₹6,722.42 million p.124
Issue Structure
- Total Issue
- 78,294,571 Equity Shares of face value of ₹2 each aggregating to ₹10,100.00 million (subject to finalisation of Basis of Allotment)
- Fresh Issue
- 55,038,759 Equity Shares of face value of ₹2 each aggregating to ₹7,100.00 million
- Offer for Sale
- 23,255,812 Equity Shares of face value of ₹2 each aggregating to ₹3,000.00 million
- Price Band
- ₹122.00 (Floor Price) to ₹129.00 (Cap Price) per Equity Share; Offer Price finalised at ₹129.00 per Equity Share
- Lot Size
- 116 Equity Shares and in multiples of 116 Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
Earns revenue primarily as interest income on a portfolio of small-ticket MSME loans (interest income was 85.03% of total income in the six months ended September 30, 2025), supplemented by fees and commission income, net gains on derecognition of financial instruments (securitisation/direct assignment) and net gains on fair value changes; the loan book is funded through borrowings from banks and NBFCs, market borrowings such as listed NCDs and commercial papers, external commercial borrowings and securitisation (PTCs/direct assignment).
Business Segments
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.