Aye Finance sold its shares in the price band of Rs 122-129 apiece, which could be applied for a minimum of 116 shares and its multiples thereafter between February 9-11.
Aye Finance is likely to finalize the basis of allotment of its shares on Thursday, February 12. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate Friday, February 13 or latest over the weekend. The NBFC player saw a weak response from the investors during the three-day bidding.
The IPO of Aye Finance was open for bidding between February 09 and February 11. It had offered its shares in the price band of Rs 122-129 per share with a lot size of 116 shares. The company raised a total of Rs 1,010 crore via IPO, which included a fresh shares sale of Rs 710 crore and offer-for-sale (OFS) up to 2.32 crore shares worth Rs 300 crore.
The issue was overall subscribed only 97 per cent, attracting bids for only Rs 570.45 crore through just 43,800 applications. The portion for qualified-institutional bidders (QIBs) was subscribed 1.50 times. The portion for retail bidders and non-institutional investors (NIIs) remained undersubscribed at only 77 per cent and only 5 per cent bidding, respectively.
The grey market premium (GMP) of Aye Finance has seen a sharp correction on the back of muted bidding and fragile market sentiments. Last heard, it was commanding a no premium in the unofficial market, suggesting a weak listing pop for the investors. The GMP stood around Rs 4-6 before the issue kicked-off.
Incorporated in 1993, New Delhi-based 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.
IIFL Capital Services, JM Finance, Axis Capital and Nuvama Wealth Management are the book running lead managers for the Aye Finance IPO and KFin Technologies is the registrar of the issue. Refund initiations and credit of shares is likely to be done by Friday, February 13. Shares of the company shall be listed on both BSE and NSE on Monday, February 16.
Investors, who had bid for the issue of Aye Finance, can check the allotment status on the Bombay Stock Exchange (BSE) website:
Visit https://www.bseindia.com/investors/appli_check.aspx
Under the issue type, click Equity
Under the issue name, select Aye Finance Limited in the dropbox
Write the application number
Add the PAN card ID
Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
