Aye Finance Limited’s Initial Public Offering to open on Monday, February 9, 2026, price band set at Rs 122 – Rs 129 per Equity Share

(L-R) Mr. Sanjay Sharma, Managing Director, and  Mr. Sovan Satyaprakash, Chief Financial Officer at Aye Finance Limited IPO Press Conference

• Price band of Rs 122 – Rs 129 per Equity Share bearing face value of Rs 2 each (“Equity Shares”)
• Bid/Offer Opening Date – Monday, February 9, 2026, and Bid/Offer Closing Date – Wednesday, February 11, 2026.
• Minimum Bid Lot is 116 Equity Shares and in multiples of 116 Equity Shares thereafter

 

Mumbai, February 4, 2026: 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 (“IPO” or “Issue”) 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.

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 (NBFCs) 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 (AUM) of ₹ 60,276.22 million, as of September 30, 2025. (source - CRISIL Report)

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. (source - CRISIL Report).

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, wherein not more than 75% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 10% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively. 

 

AYE FINANCE LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated February 03, 2026 with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., Axis Capital Limited at www.axiscapital.co.in, IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) at www.iiflcapital.com, JM Financial Limited at www.jmfl.com, Nuvama Wealth Management Limited at www.nuvama.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.ayefin.com/. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 33 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States (a) only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act and referred to in the Red Herring Prospectus as “U.S. QIBs”), (b) QPs, as defined in Section 2(a)(51) of the U.S. Investment Company Act (persons who are both a U.S. QIB and a QP are referred to as “Entitled QPs”); in transactions exempt from the registration requirements of the U.S. Securities Act, and (ii) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. The Company has not been and will not be registered under the U.S. Investment Company Act and investors will not be entitled to the benefits of the U.S. Investment Company Act. The Company is relying on the exemption provided by Section 3(a)(7) of the U.S. Investment Company Act, and as a result the Equity Shares are being offered and sold in the United States and to U.S. Persons only to persons who are Entitled QPs. The Company may be a “covered fund” for purposes of the “Volcker Rule” contained in the Dodd-Frank Act (Section 619: Prohibitions on Proprietary Trading and Certain Relationships with Hedge Funds and Private Equity Funds). Accordingly, entities that may be “covered banking entities” for the purposes of the Volcker Rule may be restricted from holding the Company’s securities and should take specific advice before making an investment in our Company.

Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Documents. The investors are advised to refer to page 484 of the RHP for the full text of the disclaimer clause of SEBI.

Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 498 of the RHP for the full text of the disclaimer clause of BSE.

Disclaimer Clause of NSE (the designated Stock Exchange): It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Documents have been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 498 of the RHP for the full text of the disclaimer clause of NSE.