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HomeIPOAye Finance

About Aye Finance

Incorporated in 1993, Aye Finance Limited is an NBFC that provides secured and unsecured small business loans for working capital, including mortgage loans, ‘Saral’ Property Loans, secured and unsecured hypothecation loans, mainly to micro-scale MSMEs.The company provides business loans for business expansion, secured by working assets or property, to customers in manufacturing, trading, service, and allied agriculture sectors. The company is catering to 508,224 active customers across 18 states and three union territories with substantial assets under management.The company operates through a ‘phygital’ approach, integrating personal service through 499 branches across 18 states and three union territories with sophisticated digital capabilities to cater to customers across the country as of September 30, 2024. Product Offerings: Mortgage Loans Saral’ Property Loans Secured Hypothecation Loans Unsecured Hypothecation Loans During the six months ended September 30, 2024 and September 30, 2023, and Fiscals 2024, 2023, and 2022, the company had 8,388, 5,684, 6,825, 5,724, and 4,837 full-time employees.

Checklist Quality Analysis

Revenue Growth

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Aye Finance

Aye Finance

Open Date

Feb 9, 2026

Close Date

Feb 11, 2026

listed

Min Investment

₹14,964

Lot Size

116 Shares

Issue Size

₹1010 Cr

Price Range

₹122 - ₹122

Listing Date

Feb 16, 2026

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Company Valuation

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Grey Market Premium (GMP) Trend

Aye Finance IPO - Issue Objectives

The company will use the net IPO proceeds to strengthen its capital base for future funding needs.

Capital requirements and issue expenses

100%

1

Capital requirements and issue expenses

The company will use the net IPO proceeds to strengthen its capital base for future funding needs.

100.00%

IPO Subscription Status

QIB
1.62x
NII
0.05x
Individual
0.81x
Total
1.04x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Aye Finance

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)30-Sep-24 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue863.021,504.99717.051,071.75643.34
EBITDA
Expenses
Profit After Tax64.60175.25107.80171.6839.87
Assets7,116.016,338.635,819.054,869.593,126.00
Net Worth1,727.371,658.871,593.171,232.65754.49
Reserves1,689.581,621.081,555.391,192.72724.04
Borrowing5,218.504,526.334,083.103,498.992,296.16

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Leading lender to micro MSMEs in India

The company is a specialised NBFC that focuses on micro enterprises, which make up about 98% of India's MSME sector. It targets borrowers with an annual turnover of ₹0.2 to 1 crore, a group that banks often overlook. As of September 30, 2025, the company had 586,825 active customers. This makes it the MSME lender with the largest customer base as compared to other NBFCs, operating in a broad and underdeveloped credit market.

02

Strong pan-India sourcing and low concentration risk

As of September 30, 2025, the company operated 568 branches in 18 states and 3 union territories. This makes it one of the most geographically diverse MSME-focused NBFCs in India. The top three states contributed to 41.3% of AUM, reducing the concentration of risk and allowing for growth.

03

Technology-driven model

Aye Finance uses a cloud-based ‘phygital’ model to serve micro-ticket MSME loans efficiently. The average loan amount is ₹0.018 crore. As of September 30, 2025, the company has achieved 100% paperless and cashless disbursements, which helps them scale up cost-effectively. They have automated underwriting in over 70 business clusters, with about 24% processed straight-through. This is supported by AI/ML models, allowing for scalable growth without significant capital expenses.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Negative operating cash flows

The company has reported negative operating cash flows consistently since FY22, driven by rapid loan disbursements. Net cash outflows from operations were ₹454.88 crore in H1 FY26, ₹811.78 crore in FY25, and ₹1,322.83 crore in FY24. Ongoing operating cash deficits increase dependence on external loans and capital markets to support growth.

02

Higher credit risk from unsecured loan exposure

Unsecured loans made up 37.97% of AUM as of September 30, 2025, totalling ₹2,288.88 crore. This is an increase from 30.26% in FY23, showing a higher-risk asset mix. The gross NPA ratio for unsecured loans was 5.70%, which indicates a high credit risk and a greater chance of loss since there is no collateral.

Contact Details

Aye Finance

M-5, Magnum House-I, Community Centre, Karampura, New Delhi, New Delhi, 110015

+911244844000
secretarial@ayefin.com
https://www.ayefin.com/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
ayefinance.ipo@kfintech.com
https://ipostatus.kfintech.com/

Aye Finance IPO - FAQs

Aye Finance IPO is a Mainboard IPO. The issue is priced at 122-₹129. The minimum order quantity is 116 Shares. The IPO opens on 9 Feb, and closes on 11 Feb. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-02-06
  • Bidding Starts2026-02-09
  • Bidding Ends2026-02-11
  • Allotment Finalisation2026-02-12
  • Release of Funds2026-02-13
  • Demat Transfer2026-02-13
  • Listing2026-02-16
04

Diversified and cost-efficient funding platform

The company has a balanced mix of liabilities. It includes term loans and PTCs accounting for 59.02%, NCDs at 28.95%, and ECBs contributing 12.03%. This structure helps reduce concentration and refinancing risks. The average cost of borrowing remained steady at 11.2% in H1FY26, showing an improved credit profile. Bank borrowings rose from 18.57% in FY23 to 29.95% as of FY25, and was 31.38% as of September 30, 2025. This change reflects a move toward more stable and cost-effective funding.

05

Data-driven collections supporting asset quality

Stage 2 assets improved to 1.65% of gross loans as of September 30, 2025, down from 1.82% in FY25. This marks the lowest percentage among peer MSME-focused NBFCs. Non-starter assets stayed low at 0.08% in H1FY26. Early delinquency levels fell to 0.29% from 0.34%, reflecting disciplined execution and effective portfolio management.

03

Asset quality risks in micro-enterprise lending

Aye Finance’s portfolio faces high credit risk. Gross NPAs rose from 2.49% in FY23 to 4.21% in FY25, reaching ₹272.42 crore. Net NPAs stayed high at 1.78%, with a provision coverage ratio of 64.47%. Failing to manage Stage 3 assets could seriously impact profitability and capital adequacy.

04

Reliance on customer data for credit assessment

As of September 30, 2025, 37.17% of new customers were first-time borrowers without previous formal credit history, which raised underwriting risk. Loans to new customers made up 47.28% of total disbursements in the six months ending September 30, 2025. While misleading or incorrect cases were only 0.53%, errors in credit assessment can lead to higher credit losses.