Aye Finance IPO

Aye Finance Limitedayefin.com

ListedMainboardFinancialsNSE · BSE

Price band: ₹122 – ₹129
Issue size: ₹1,010 Cr
Lot size: 116 sh
Bidding: 9 – 11 Feb
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Aye Finance is a non-banking financial company lending to micro-enterprises; the record describes an average disbursement ticket of about Rs 1.8 lakh and reports Rs 6,027.62 Cr of assets under management, 586,825 active customers and 568 branches as of 30 September 2025. Revenue was Rs 643.34 Cr in FY23, Rs 1,071.75 Cr in FY24 and Rs 1,504.99 Cr in FY25 — growth of 66.59% and then 40.42% — while profit after tax went from Rs 39.87 Cr to Rs 171.68 Cr and then Rs 175.25 Cr, a rise of 2.08% in the latest year. The Rs 1,010 Cr issue, Rs 710 Cr fresh and Rs 300 Cr offer for sale, was subscribed 1.04 times overall on its closing day of 11 February 2026, with QIBs at 1.62 times, retail at 0.81 times and the non-institutional portion at 0.05 times. It listed on 16 February 2026 at Rs 129, the top of the Rs 122-129 band, closed its first day at Rs 128.80, and last traded at Rs 133.92 on 23 October 2026, 3.81% above the issue price.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

61Balanced

IPOVista score

Balance sheet is the open question

52% of the scoring model was backed by disclosed data for Aye Finance, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 2.7× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2014 · New Delhi, India (registered office: M-5, Magnum House-I, Community Centre, Karampura, New Delhi 110015) · 10,459 employees

Aye Finance is a non-banking financial company that lends to very small businesses — micro-enterprises in manufacturing, trading, services and allied agriculture that typically have no audited accounts or formal credit history. It commenced operations in 2014, opening its first branch in New Delhi, using a corporate entity incorporated in 1993. Its loans are small: the average ticket size on disbursement was about ₹1.8 lakh, secured by hypothecation of working assets, by property, or extended unsecured. Products span secured and unsecured hypothecation loans, mortgage and quasi-mortgage loans. As of 30 September 2025 it managed ₹6,027.62 crore of assets under management, served 586,825 active customers through 568 branches across 18 states and three union territories, and employed 10,459 people.

Aye Finance earns a spread: it borrows wholesale and on-lends in small tickets at high yields to borrowers banks will not underwrite, using cluster-based underwriting that prices a borrower off the economics of their industry cluster rather than off documents. Total income was ₹1,504.99 crore in FY25 against ₹1,071.75 crore in FY24; net interest income was ₹858 crore in FY25, up 37.9%. Funding is the main input cost — borrowings stood at ₹5,218.50 crore at 30 September 2025. The structural constraint is credit cost: impairment on financial instruments roughly doubled to ₹288.83 crore in FY25 from ₹131.40 crore in FY24, gross NPAs rose to 4.85% at 30 September 2025 from 4.21% in March 2025, and 37.97% of AUM was unsecured.

The company on paper

Legal name: Aye Finance Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Aug 1993trading as Aye Finance since 2014
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: L65921DL1993PLC283660
Sector: Financials · Small-ticket secured and unsecured lending to micro-enterprises (NBFC-ML)
Employees: 10,459
Registered office: New Delhi, India (registered office: M-5, Magnum House-I, Community Centre, Karampura, New Delhi 110015)
Website: ayefin.com

The numbers

Financial performance

Revenue has compounded at 52.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

70% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹710 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹300 Cr
Total issue size: ₹1,010 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.04×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹129.00
Listed at: ₹129.00
Listing gain: unchanged 0.0%
Since listing: down 0.0%
Against the issue price: down 0.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 116
At cut-off price: ₹129.00
Amount blocked: ₹14,964

One lot is 116 shares at ₹14,964. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~100%

chance of one lot, per application

Retail subscription: 0.81×
Applicants per share available: 0.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹129.00

listed at, 0.0% against the issue price

Issue price: ₹129.00
Premium said: —
If allotted 116 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in each year the record carries: Rs 643.34 Cr in FY23, Rs 1,071.75 Cr in FY24 and Rs 1,504.99 Cr in FY25, growth of 66.59% and then 40.42%.
Net worth was Rs 754.49 Cr in FY23, Rs 1,232.65 Cr in FY24 and Rs 1,658.87 Cr in FY25, against borrowings of Rs 2,296.16 Cr, Rs 3,498.99 Cr and Rs 4,526.33 Cr; borrowings-to-net-worth therefore works out at 3.04x, 2.84x and 2.73x, lower in each of the two years on record.
The business description reports net interest income of Rs 858 Cr in FY25 and states this was 37.9% higher than the year before.

What to weigh against it

The business description puts impairment on financial instruments at Rs 288.83 Cr in FY25 against Rs 131.40 Cr in FY24, a rise of 119.81%, over a year in which total income rose 40.42% from Rs 1,071.75 Cr to Rs 1,504.99 Cr.
Profit after tax was Rs 171.68 Cr in FY25's prior year, FY24, and Rs 175.25 Cr in FY25, a rise of 2.08%, on revenue 40.42% higher; PAT equalled 16.02% of revenue in FY24 and 11.64% in FY25.
The business description reports gross NPAs of 4.85% at 30 September 2025 against 4.21% at 31 March 2025, and 37.97% of assets under management unsecured; the financials in this record end at FY25 and do not cover the September 2025 half-year.

Easy to miss in the prospectus

Borrowings stood at Rs 4,526.33 Cr at 31 March 2025 in the financials; the business description reports Rs 5,218.50 Cr at 30 September 2025, 15.29% higher over those six months, alongside assets under management of Rs 6,027.62 Cr at the same date.
The record carries no valuation, anchor-book, allocation or peer figures, no promoter holding and no post-issue share count, so the Rs 122-129 band cannot be set against book value or per-share earnings within it; the subscription data covers only the closing day of the 9-11 February 2026 window.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, Nuvama Wealth Management Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 16 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

Aye Finance — company website · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 9 Feb 2026
Closes: 11 Feb 2026
Allotment: 12 Feb 2026
Lists: 16 Feb 2026
Revenue (FY25): ₹1,505 Cr
Profit (FY25): ₹175 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.