Aye Finance IPO Day 3: Muted Investor Interest Persists
The initial public offering (IPO) of Aye Finance, backed by Alphabet's investment arm CapitalG, continues to see tepid investor response as it enters its third day. The issue, which opened on February 9, 2026, is scheduled to close on Wednesday, February 11, and has yet to be fully subscribed, indicating cautious market sentiment.
Pricing and Subscription Details
The price band for this mainboard IPO has been fixed at ₹122 to ₹129 per equity share. Notably, the grey market premium (GMP) remains flat at ₹0, signalling that market participants expect the stock to list broadly in line with its issue price, without significant premium or discount.
Issue Structure and Shareholding Pattern
The ₹1,010 crore IPO comprises two components: a fresh issue of 5.50 crore equity shares aggregating ₹710 crore, and an offer for sale (OFS) of 2.33 crore shares worth ₹300 crore by existing shareholders. This structure aims to raise capital for growth while allowing early investors to partially exit.
Key shareholders divesting stakes include:
- Elevation Capital: 16.03% stake
- LGT Capital: 13.99% stake
- Alphabet (via CapitalG): 13.14% stake
- Alpha Wave India: 11.1% stake
- British International Investment and A91 Emerging Fund: Each hold stakes exceeding 9%
Investment and Timeline for Investors
For retail investors, the lot size is set at 116 shares. At the upper end of the price band (₹129 per share), this translates to a minimum investment of ₹14,964. The allotment of shares is expected to be finalised on February 12, 2026, with the listing likely scheduled for February 16, 2026, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Use of Proceeds and Company Background
Aye Finance stated that the net proceeds from the fresh issue will be utilised to meet future capital requirements arising from business expansion and asset growth. Incorporated in 1993, the company operates as a non-banking financial company (NBFC) with a specialised focus on micro, small, and medium enterprises (MSMEs).
Its product portfolio includes:
- Secured and unsecured loans
- Mortgage loans
- Saral Property Loans
- Hypothecation-based financial products
This IPO represents a significant milestone for the NBFC sector, highlighting the growing interest in MSME-focused lending platforms, albeit with current investor caution reflected in the subscription numbers.
