Aye Finance IPO: Bridging the Credit Gap, Will it Bridge to Your Portfolio?
Only 67,495 Retail Application slots available! See why this IPO is a lottery and track live subscription vs. total forms on the IPO Ji app.
Aye Finance, a new-age NBFC dedicated to empowering India's micro and small enterprises (MSEs), is set to launch its Initial Public Offering (IPO). This "phygital" lender, known for its unique blend of physical presence and advanced digital underwriting, aims to raise ₹1,010 crore. If you're an IPO investor, this could be a compelling opportunity.
Here’s everything you need to know about the Aye Finance IPO, including dates, financials, valuations, and how to apply easily with IPO Ji!
Aye Finance IPO: Key Details at a Glance
🚀 Aye Finance IPO
₹1,010 Crore Issue | Opens Feb 9, 2026
📅 OPENS FEBRUARY 9 | CLOSES FEBRUARY 11
10% Retail Quota | NSE & BSE Listing
⏰ Apply Before: Feb 11, 2026
Minimum Lot: ₹14,964 (116 shares @ ₹129)
| Feature | Details |
|---|---|
| 📅 IPO Dates | February 9 – 11, 2026 |
| 💰 Price Band | INR 122 – 129 per share |
| 🆕 Fresh Issue | INR 710 crore |
| 📤 OFS | INR 300 crore |
| 📊 Total Size | INR 1,010 crore |
| 🎯 Min Bid | 116 shares (INR 14,964 at upper band) |
| 💵 Face Value | INR 2 per share |
| 🏛️ Listing | NSE, BSE |
| 👥 Retail | 10% |
The "Supply" Side: Total Application Slots
These are the total unique applications available across categories for the Aye Finance IPO. If the number of people applying exceeds these counts, the allotment will move to a lottery system.
- Retail Form Count: 67,495 Applications
- sHNI (Small HNI) Form Count: 2,411 Applications
- bHNI (Big HNI) Form Count: 4,821 Applications
Why Aye Finance? Understanding the Business
Aye Finance is more than just an NBFC; it's a mission-driven company addressing a critical credit gap for informal MSEs. These businesses, often lacking formal credit histories, struggle to access financing from traditional banks.
- Hybrid "Phygital" Model: Combines 568 physical branches across 21 states and 3 Union Territories with AI/ML-driven digital tools for efficient underwriting and loan management.
- Focus on MSEs: Specializes in small-ticket loans (average INR 1.5 lakh) to a crucial, yet underserved, segment of the Indian economy.
- Strong Growth: Assets Under Management (AUM) have grown at a remarkable 42.60% CAGR from FY23 to FY25, reaching INR 6,027.62 crore by September 30, 2025.
- Robust Underwriting: Proprietary cluster-based underwriting and predictive analytics lead to efficient repayment, with Gross NPAs at 4.21% and Net NPAs at a healthy 1.40%.
- Extensive Reach: Serves over 5 lakh active customers, demonstrating a wide and growing customer base.
Aye Finance Financial Performance (INR Crores)
The company has shown impressive growth and profitability, especially in recent years.
📈 Aye Finance Financials
134% Revenue Growth FY23→FY25 | Profitability Achieved
FY25 Revenue | 12% Margin
Consistent Profitability Since FY24 | H1FY26: ₹844 Cr Revenue
| Metric | FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 |
|---|---|---|---|---|
| 💰 Revenue (₹ Cr) | 623.43 | 1,040.22 | 1,459.73 | 843.51 |
| 💵 Net Income (₹ Cr) | 39.87 | 171.68 | 175.25 | 64.60 |
| 📊 Margin (%) | 6.40 | 16.50 | 12.01 | 7.66 |
🚀 Strong Growth Trajectory
134% Revenue Growth (3 Years) | Apply for ₹15K Lot
✅ Apply via IPO Ji Now- Consistent Revenue Growth: Revenues have shown consistent upward trend year-on-year.
- Healthy Profitability: Net income has significantly improved, reflecting efficient operations and a strong business model.
Aye Finance IPO Valuation & Margins
💹 Aye Finance Valuation
Post-IPO PE: 23-25x | EPS Growth 106% (FY23→Post-IPO)
Post-IPO PE Ratio
At upper price band (₹129) | FY25 PE: 13-14x
| Metric | FY 2023 | FY 2024 | FY 2025 | FY26 Post-IPO |
|---|---|---|---|---|
| 📈 EPS (₹) | 2.54 | 10.50 | 9.34 | 5.24 |
| 📊 PE Ratio | – | – | 13.06-13.81x | 23.28-24.62x |
| 🔥 RONW (%) | 5.46 | 17.28 | 12.12 | – |
| 💰 NAV (₹) | 48.05 | 75.41 | 88.38 | – |
| ⚖️ Debt/Equity | 3.04 | 2.84 | 2.73 | – |
EPS Growth (FY23→FY26 Post-IPO)
NAV Growth (3 Years)
Improving Debt/Equity
🎯 Valuation Summary
Reasonable 23-25x PE for NBFC growth story | ₹15K retail lot
✅ Apply via IPO Ji (₹129 Upper Band)- Valuation: The post-issue annualized PE ratio suggests a valuation range that will be key for investors to consider against industry peers.
- Healthy RONW: A strong Return on Net Worth indicates efficient utilization of shareholder funds.
Objects of the Issue
The net proceeds from the fresh issue will primarily be used for:
- Augmenting the capital base: This is crucial for NBFCs to support future lending growth and meet regulatory capital adequacy requirements.
Aye Finance IPO Timetable
Mark your calendars to ensure you don't miss any key dates for this exciting IPO!
- IPO Opening Date: February 9, 2026
- IPO Closing Date: February 11, 2026
- Finalization of Basis of Allotment: February 12, 2026
- Initiation of refunds: February 13, 2026
- Transfer of shares to demat accounts: February 13, 2026
- Aye Finance IPO Listing Date: February 16, 2026
Peer Comparison
Comparing Aye Finance with its listed peers provides context for its valuation.
🥇 Aye Finance vs Peers
Best Revenue Size + Reasonable Valuation | 24.62x PE
Aye Finance Leads
Highest Revenue ₹1,460 Cr | Strong EPS ₹5.24 | Fair 24.6x PE
| Company | PE Ratio | EPS (₹) | RONW % | NAV (₹) | Revenue (₹ Cr) |
|---|---|---|---|---|---|
| Aye Finance | 24.62 | 5.24 | 12.12 | 88.38 | 1,459.73 |
| SBFC Finance | 33.91 | 3.15 | 11.57 | 29.10 | 1,306.16 |
| Five-Star Business | 14.58 | 36.51 | 8.65 | 214.58 | 2,847.84 |
Revenue Size
PE Valuation
All Key Metrics
🎯 Why Aye Finance Wins
Balanced Growth + Valuation | Only ₹15K Retail Lot | Apply Before Feb 11
✅ Apply via IPO Ji Now- Aye Finance's PE ratio is competitive within its segment, positioned below SBFC Finance but above Five-Star Business Finance (which has a much higher EPS).
How to Apply for Aye Finance IPO with IPO Ji
Applying for the Aye Finance IPO is seamless, especially with IPO Ji. Here's how:
- Download the IPO Ji App: Get the latest updates, GMP, and intuitive application interface.
- Select Aye Finance IPO: Once the IPO opens, it will be prominently displayed.
- Enter Details: Fill in your bid quantity (in multiples of 116 shares) and ensure "Cut-off Price" is selected.
- Enter UPI ID: Provide your UPI ID for ASBA application.
- Approve Mandate: You will receive a request on your UPI app (Google Pay, PhonePe, etc.) to approve the payment mandate. Approve it within the stipulated time.
- Track Allotment: Use the IPO Ji app to track your allotment status easily once it's finalized!
Aye Finance IPO Grey Market Premium (GMP)
Stay tuned to the IPO Ji app for the live, day-wise GMP trends for Aye Finance IPO. GMP provides an unofficial indication of market sentiment and potential listing gains, helping you make an informed decision.
