The issue is priced in the range of ₹122 to ₹129 per share, with a face value of ₹2 per equity share.
Investors can bid in lots of 116 shares and in multiples thereafter. At the upper end of the price band, the IPO values the company at around ₹3,183 crore.
What brokerages are saying
SBI Securities: Avoid
According to SBI Securities, the company is shifting its focus towards an asset-backed strategy by increasing the share of mortgage loans, which are higher-ticket and longer-tenure loans. This shift is expected to lower the company’s credit cost, which is currently high at 7% (H1FY26 annualised) compared to its peers.
The company’s profit declined 40% YoY in H1FY26, primarily due to a sharp rise in impairment costs, NIM compression, and higher operating expenses.
At the upper price band of ₹129, the issue is valued at an adjusted P/BV of 2.0x on post-issue capital.
SBI Securities said that it would prefer to monitor the progress in reducing credit costs under the company’s mortgage-heavy loan mix strategy.
Hence, the brokerage has recommended investors to ‘Avoid’ the issue and track the company’s performance post listing.
Sushil Finance: Invest for the long term
Aye Finance offers exposure to India’s growing micro-MSME sector. Considering the volatility and risks associated with the NBFC sector, and after evaluating the company’s risks, opportunities, and valuation, Sushil Finance recommends investors to invest in the issue with a long-term horizon.
Aye Finance raises ₹454.5 cr from anchor investors
Ahead of the issue opening, Aye Finance raised ₹454.5 crore from anchor investors. Participants in the anchor round included Bank of India, Nippon Life India, Goldman Sachs, Societe Generale, BNP Paribas, New York State Teachers Retirement System and Ashoka India, among others.
The public issue comprises a fresh issue of shares worth ₹710 crore and an offer for sale of up to ₹300 crore. Under the OFS, five existing shareholders Alpha Wave India, MAJ Invest Financial Inclusion Fund, Alphabet-backed CapitalG, LGT Capital and Vikram Jetley will offload their stakes.
Elevation Capital is the largest shareholder in Aye Finance with a 16.03% stake, followed by LGT Capital at 13.99%, Alphabet through CapitalG at 13.14% and Alpha Wave India at 11.1%. British International Investment and A91 Emerging Fund hold over 9% stake each.
Of the total issue size, 75% has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.
The company plans to utilise the fresh proceeds from the IPO to meet its future capital requirements.
Founded in 2014 by Sanjay Sharma and Vikram, Aye Finance provides small-ticket business loans to MSMEs.
Its product offerings include working capital and business expansion loans, secured against hypothecation of working assets or property, catering to customers across manufacturing, trading, services and allied agriculture sectors.
On the financial front, Aye Finance reported a 40% decline in net profit to ₹64.6 crore in the first half of FY26, compared with ₹106.8 crore in the year-ago period. Operating revenue, however, rose 21.8% to ₹843.5 crore from ₹692.2 crore in H1 FY25.
Axis Capital, IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book running lead managers to the issue.
The company will finalise the IPO share allotment on February 12, with listing on the exchanges expected on February 16.