IPO Corner: Aye Finance Limited

Aye Finance Ltd has fixed the price band of Rs 122/- to Rs 129/- per Equity Share of face value ₹ 2/- each for its maiden initial public offer. The Initial Public Offering of the Company will open on Monday, February 9, 2026, for subscription and close on Wednesday, February 11, 2026. Investors can bid for a minimum of 116 Equity Shares and in multiples of 116 Equity Shares thereafter.

• Issue Opens: February 09, 2026
• Issue Closes: February 11, 2026
• Face Value: Rs 2 each
• Price Band: Rs 122 – 129 per share
• Lot Size: 116 Shares

Equity shares outstanding as on date are 191,745,507 Equity Shares of Rs 2 each. The IPO is a fresh issue of up to Rs 710 crore and an offer-for-sale for up to Rs 300 crore by investors – Alpha Wave India I LP, MAJ Invest Financial Inclusion Fund II K/S, CapitalG LP, LGT Capital Invest Mauritius PCC with Cell E/VP, and Vikram Jetley.

The company is a non-banking financial company – middle layer (NBFC-ML) focused on providing loans to micro- scale micro, small and medium enterprises (MSMEs) across India. It offers a range of business loans for working capital and business expansion needs, against hypothecation of working assets or against security of property to customers across manufacturing, trading, service and allied agriculture sectors.

The company is among the leading non-banking financial companies providing business loans to the largely underserved micro scale enterprises in India, with 586,825 active unique customers across 18 states and 3 union territories and with assets under management of ₹ 60,276.22 million, as of September 30, 2025. The company offers small-ticket business loans with an average ticket size (ATS) on disbursement of ₹ 0.18 million to micro enterprises. Its expertise in underwriting business cash flows of a variety of business clusters has enabled it to maintain stable credit costs and allowed it to profitably scale up our operations.

The company is the most geographically diversified lender amongst the Peer MSME Focused NBFCs. The company’s revenue from operations was Rs 843.5 crore for the six months ended 30 September, 2025 vis-à-vis Rs 692 crore a year earlier. Its revenue from operations was Rs 1,459.73 crore during FY25 vis-à-vis Rs 623.42 crore during FY23.

Its net profit was Rs 175.25 crore during FY 25 vis-à-vis Rs 39.87 crore crore during FY23.

Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and Nuvama Wealth Management Limited are the book-running lead manager; and KFin Technologies Limited is the registrar of the offer. The Offer is being made through the book-building process.