Updated on 16.02.2026|12:32 PM
Aye Finance Limited is set to launch its Initial Public Offering (IPO) on Monday, February 9, 2026 and close on Wednesday, February 11 2026. It is a leading Non-Banking Financial Company (NBFC) specializing in micro-enterprise lending. You can track all the upcoming and live IPOs at our IPO calendar hub page.
The Gurugram-based lender addresses the credit needs of India's "missing middle"—micro-businesses often excluded from formal banking due to a lack of documentation. Through its cluster-based underwriting model, Aye Finance has built a robust presence with 568 branches across 18 states.
The IPO, aiming to raise approximately ₹1,010 Crore, comprises a Fresh Issue of ₹710 Crore and an Offer for Sale (OFS) of ₹300 Crore. The price band has been fixed at ₹122 to ₹129 per share.
In this article, you will find Aye Finance IPO GMP today, price band, and a detailed review. You can track subscription status of this and all other IPOs at our regularly updated ipo subscription status hub page and for allotment status, check the IPO allotment status hub page.
Briefs of Aye Finance IPO Details:
- Price Band: ₹122 – ₹129 per equity share
- IPO Open / Close Dates: February 9, 2026 – February 11, 2026
- Lot Size: 116 Shares (Minimum Investment: ₹14,964)
- Issue Size: ₹1,010 Crores
- Fresh Issue: ₹710 Crores
- Offer for Sale (OFS): ₹300 Crores
- Registrar: KFIN Technologies Limited
- Listing Exchange: NSE, BSE
Kfin Technologies limited is the registrar of this IPO and if you want to know allotment status, share transfer and refund related issues, you can visit our details guide on how to check allotment status at Kfintech which has all the step by step details.
What Is The Aye Finance IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) is a dynamic, unofficial indicator of market sentiment and changes daily based on demand.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 129.00 | 129.00 | 0.00 |
What Are The Important Aye Finance IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, February 9, 2026
- IPO Close Date: Wednesday, February 11, 2026
- Basis of Allotment Date: Thursday, February 12, 2026
- Refund Initiation Date: Friday, February 13, 2026
- Credit of Shares: Friday, February 13, 2026
- Listing Date: Monday, February 16, 2026
What Are The Objectives of Aye Finance IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Augmentation (710 Crores): The primary objective is to augment the company's Tier-I capital base. This will ensure adequate capital adequacy to support the future growth of its loan assets and business operations.
- General Corporate Purposes: To fund ongoing operational activities and strategic initiatives.
How is The Financial Performance of Aye Finance?
The following table summarises the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 863.02 | 1,504.99 | 1,071.75 | 643.34 |
Profit After Tax (PAT) | 64.27 | 174.5 | 171.26 | 42.86 |
EBITDA | 352.79 | 715.18 | 568.93 | 280.80 |
Net Worth | 1,727.37 | 1,658.87 | 1,232.65 | 754.49 |
Total Borrowing | 5,218.50 | 4,526.33 | 3,498.99 | 2,296.16 |
Assets | 7,116.01 | 6,338.63 | 4,869.59 | 3,126.00 |
Source: RHP
Financial Analysis & Observations:
Total Income:
Aye Finance has demonstrated a robust growth trajectory, with Total Income rising to ₹1,504.99 Crores in FY25 from ₹643.34 Crores in FY23. This growth mirrors the company's aggressive expansion in AUM (Assets Under Management) across semi-urban markets.
Profit After Tax (PAT):
The company witnessed a significant jump in profitability, with PAT increasing to ₹174.5 Crores in FY25 from just ₹42.86 Crores in FY23. However, the PAT for the first half of FY26 stood at ₹64.27 Crores, reflecting the impact of increased credit costs associated with the unsecured portfolio.
EBITDA:
Operational strength is evident with EBITDA reaching ₹715.18 Crores in FY25. The company has managed to improve its operational efficiency, although the cost-to-income ratio remains higher than some peers due to its high-touch "phygital" model.
Net Worth:
The Net Worth has strengthened consistently, reaching ₹1,727.37 Crores as of September 2025. This buildup of equity reserves supports the company's leverage capacity.
Total Borrowing:
To fuel its loan book, borrowings have scaled up to ₹5,218.50 Crores by September 2025. With a Debt-to-Equity ratio of roughly 3.02, the company is leveraging its balance sheet to maximize lending reach while diversifying its funding sources across banks and debt markets.
Assets:
The total asset base has more than doubled since March 2023, standing at ₹7,116.01 Crores in September 2025. This rapid asset creation underlines the massive demand for credit in the micro-enterprise sector.
What is the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (Basic EPS) of ₹9.51, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 13.56x at the upper end of the price band (₹129).
P/E Ratio = ₹129(Price) / ₹9.51(Earnings Per Share)
P/E Ratio ≈ 13.56x
Peer Comparison Table (FY 2025 Data):
| Company | Face Value (₹) | Basic EPS (₹) | P/E Ratio |
Aye Finance Limited | 2 | 9.51 | 13.56 |
| SBFC Finance Limited | 10 | 3.21 | ~27.32 |
| Five-Star Business Finance | 1 | 36.61 | ~12.07 |
Analysis:
Aye Finance is entering the market at a P/E multiple of approximately 13.56x based on its FY25 Basic EPS of ₹9.51.
When compared to SBFC Finance, which trades at a significantly higher multiple (above 27x), Aye Finance appears attractively priced. However, investors should note that Five-Star Business Finance, a larger and highly efficient player with superior asset quality, trades at a comparable multiple of around 12.07x. This pricing strategy suggests that Aye Finance is leaving some value on the table for investors, balancing its high-growth potential against the risks inherent in its unsecured loan portfolio.
What is the Industry Outlook of Aye Finance Limited?
Growth Potential:
The credit gap for Indian MSMEs is estimated to be over $300 billion. NBFCs like Aye Finance play a critical role in bridging this gap, especially for businesses that cannot provide collateral.
Market Trends:
The sector is evolving with a "phygital" approach—combining digital underwriting with physical collections. While demand is robust, regulatory scrutiny on unsecured lending and asset quality remains a key theme for the industry.
What Are The Strengths and Risks of Aye Finance IPO?
Strengths:
- High Yields: The company commands industry-leading yields on advances (~28%), indicating strong pricing power in its niche.
- Granular Portfolio: With a low average ticket size (₹0.18 million), credit risk is diversified across a large number of borrowers.
- Growth Track Record: Aye Finance has delivered the highest AUM CAGR among its peers over the last three years, proving the scalability of its cluster-based model.
Risks:
- Asset Quality: A Gross NPA ratio of 4.85% (as of Sept 2025) is higher than peers like Five-Star Business Finance. This reflects the riskier nature of the unsecured micro-loan segment.
- Operational Costs: The high-touch model results in a cost-to-income ratio of over 52%, which is higher than many efficient NBFCs.
- Cash Flow: The company has reported negative operating cash flows in recent years due to aggressive disbursement growth, necessitating constant external funding.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Valuation: At a P/E of ~13.56x, the IPO is priced at a discount to high-growth peers like SBFC but is in line with established players like Five-Star.
- Risk-Reward: The high yields offered by the business come with elevated NPA risks. Investors must weigh the robust growth against the credit costs.
- Sector Exposure: This is a direct play on the financial inclusion of India's micro-enterprises.
Key Takeaways
- IPO Price: ₹129 per share (Upper Band).
- Min Investment: ₹14,964 (116 Shares).
- Allotment Date: February 12, 2026.
- Listing: NSE & BSE on February 16, 2026.
FAQs on Aye Finance IPO
What is Aye Finance IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the updated gmp at our gmp hub page.
What is Aye Finance IPO price band?
The price band is fixed at ₹122 to ₹129 per equity share.
What is Aye Finance IPO allotment date?
The allotment status is expected to be finalized on Thursday, February 12, 2026.
How to check Aye Finance IPO allotment status?
Investors can check the status on the website of KFIN Technologies Limited or via the NSE/BSE IPO allotment portals.
What is Aye Finance IPO listing date?
The shares are tentatively scheduled to list on Monday, February 16, 2026.
Investment Perspective on Aye Finance IPO
Aye Finance presents a high-growth opportunity in the micro-lending space with attractive valuation multiples. However, the elevated NPA levels and operating costs are significant factors to consider. This investment is suitable for those with a higher risk appetite who believe in the long-term structural growth of the Indian MSME sector.
Disclaimer:
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This article does not constitute a recommendation to buy or sell.
