Aye Finance IPO

AYE Finance Ltd. files DRHP with SEBI, which is a book-building issue of ₹1,010 crore. This issue is a mix of ₹710 crore of fresh issue and an offer for sale (OFS) of ₹300 crore. The IPO opens for subscription from Feb 9, 2026, to Feb 11, 2026, on the listed platform of the Indian stock exchange, i.e., BSE and NSE. The price band for this IPO is set at ₹122 to ₹129 per share, and the lot size for an application is 116. while the minimum amount of investment required by an individual investor is ₹14,964 (116 shares).

The lead managers of the IPO will be Axis Capital Ltd., IIFL Capital Services Ltd., JM Financial Ltd., Nuvama Wealth Management and KFin Technologies Ltd., which has been retained as registrar for the IPO. The Aye Finance IPO will be listed on the main board of the stock exchanges, with the IPO price range and dates still currently unknown.

Company Background

Incorporated on 12 August 1993 as Doda Finance Private Ltd. in Jalandhar, Punjab, Aye Finance Ltd. changed its name to Aye Finance Private Ltd. in 2014, which marked the beginning of Aye Finance Ltd.'s transformation into a public Ltd. company. The Reserve Bank of India (RBI) categorizes Aye Finance Ltd. as a systemically important non-deposit-taking Non-Banking Financial Company (NBFC). Aye Finance Ltd. is also permitted by the Reserve Bank of India to operate from both its branch office located in New Delhi, India, and its head office located in Gurgaon, India. The transition of Aye Finance from being a private company to becoming a publicly traded company will be of immense significance in the history of Aye Finance's decade-long journey, providing commercial banking services to an unserved segment of the Indian economy, micro-enterprises.

Operations & Product Range

Aye Finance Ltd, based in India, provides credit solutions for small enterprises that are typically outside the banking system. Their unique cluster-based lending model allows them to assess the potential for credit risk among these micro-enterprises through studying particular sectors. Aye Finance provides a range of loan products such as mortgage loans, Saral property loans, and hypothecation loans, all designed to meet the needs of small manufacturers' and service providers' working capital and future growth. The micro-lending focus is one of the major themes of the Aye Finance IPO.

Facilities & Capacity

Aye Finance operates 527 branches across 21 states, serving over 500,000 micro-enterprises. Using a "phygital" model, its 9,245 employees combine personal interaction with digital systems. As of mid-2025, its assets under management reached ₹5,721 crore. The company focuses on manufacturing and trading businesses with annual turnovers between ₹10 lakh and ₹1 crore.

Brands and Market Image

Aye Finance has developed an identity as a technology-based lending company for micro-entrepreneurs with a commitment to financial inclusion. Their branding uses their data science capabilities to help small business owners secure financing by closing the credit gap caused by the lack of formal documentation. In the competitive landscape surrounding the Aye Finance IPO, the company is often compared to other listed players like SBFC Finance and Five Star Business Finance. Their commitment to high corporate governance and consistent performance has helped them secure credit ratings such as [IND] A for their debt instruments.

Revenue Streams and Business Model

This business helps small entrepreneurs who don’t have a formal credit background (also known as the "missing middle"). They assist them with access to working capital and mortgage financing via their extensive 478 branches using an engine that incorporates Artificial Intelligence (AI). They generate 89% of their revenue from interest on loans, plus fees for processing and profit from assigning financial instruments.

Management & Shareholding

Managing Director Sanjay Sharma is at the helm of Aye Finance Ltd. and has been there for over thirty years as a veteran in the banking and finance fields. Before helping to create Aye Finance, he held senior-level positions at well-known organizations, including ICICI Bank and HDFC Bank, where he focused on retail lending and microfinance activities.

Board & Key Management

At the top of Aye Finance’s corporate structure is the Board of Directors, led by Managing Director Sanjay Sharma, who, together with his management team, provides the company with strategic leadership and direction. The management team includes seasoned professionals, including Company Secretary and Compliance Officer Vipul Sharma and Krishan Gopal, both of whom bring extensive experience in finance and technology that has facilitated the growth of Aye Finance into a scale that would be desirable to potential investors exploring opportunities to invest in the IPO of Aye Finance.

Govinda Rajulu Chintala, Chairperson and Independent Director, is likewise on the board. He had a long career before becoming a member of the board as Chairman of NABARD (The National Bank for Agriculture and Rural Development)—so he has vast experience in creating regulations & financing in rural India. The institutional shareholders of the company include Elevation Capital, Capital "G" (Google's Growth fund), and British International Development, which provides a global view of the MSME-linked lending model.