Aye Finance IPO sails through on day 3; check bidding status, latest GMP & more

The initial public offering (IPO) of Aye Finance managed to sail through on the third and last day of the bidding, led by institutional bidders, despite a muted interest from the investors. The issue was overall booked little more than 10 per cent on the first day of the bidding and was booked nearly 17 per cent on day two.

Aye Finance is selling its shares in the price band of Rs 122-129 apiece. Investors can apply for a minimum of 116 shares and its multiples thereafter. It is looking to raise Rs 1,010 crore via IPO, which includes a fresh share sale of Rs 710 crore and an offer-for-sale (OFS) of up to 5.50 crore equity shares worth Rs 300 crore.

According to the data, the investors made bids for 4,38,93,124 equity shares, or 96 per cent, compared to the 4,55,32,785 equity shares offered for the subscription by 3.45 pm on Tuesday, February 11, 2026. The bidding for the issue, which kicked off on Monday, February 09, shall conclude today.

Leading the bidders, the portion reserved for qualified institutional bidders (QIBs) was subscribed 1.50 times. The allocation for retail investors was subscribed 73 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of only five per cent as of the same time.

Incorporated in 1993, New Delhi-Aye Finance is an NBFC offering secured and unsecured small business loans for working capital, including mortgage loans, ‘Saral’ Property Loans, secured and unsecured hypothecation loans, primarily to micro-scale MSMEs.

As branch productivity improves and operating leverage strengthens, it could deliver sustained earnings growth and margin expansion, said SMIFS. "We recommend investors to subscribe to the issue with a long-term investment horizon, supported by structural industry tailwinds, scalable business model, and potential for long-term value creation," he said.

Ahead of its IPO, Fractal Analytics raised Rs 460.51 crore from 19 anchor investors as it allocated 3,52,32,558 equity shares at Rs 129 apeice. It reported a net profit at Rs 64.60 crore with a revenue of Rs 863.02 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 175.25 crore with a revenue of Rs 1504.99 crore for the financial year 2024-25.

The issue is priced at a post-issue P/BV of 1.3 times, below the peer average. The discount appropriately reflects its elevated GNPAs and credit costs, offering a risk-adjusted entry point for long-term investors. On the positive side, it has demonstrated strong growth in its top line, said Choice Broking. 

While the declining ROE and ROA highlight operational pressures amid industry stress, the recovering NBFC sector and potential tailwinds support a favourable medium- to long-term growth outlook. Considering these near-term operational challenges alongside the growth potential, we assign a 'subscribe for long term' rating for this issue," it adds.

Aye Finance has reserved 75 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have only 10 per cent of shares allocated towards them. At the current valuations, Aye Finance shall command a market capitalization close to Rs 3,185 crore.

Last heard, Aye Finance was commanding no grey market premium (GMP), suggesting a muted listing for investors. IIFL Capital Services, JM Finance, Axis Capital and Nuvama Wealth Mangement are the book running lead managers for the IPO and KFin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Monday, February 16.