Aye Finance IPO 2026: Issue Price, GMP, Dates, Issue Size & Complete Review

The Aye Finance IPO is one of the most talked-about public issues this week, and for good reason. It's a ₹1,010 crore offering from an NBFC that's built its entire business around a segment most big banks still ignore — micro and small enterprises.

But there's a catch. While the MSME lending story sounds promising on paper, the company's recent financials raise some questions. Profit fell 40% in the first half of FY26. Gross NPAs are creeping up. And the grey market premium has been lukewarm at best.

So is the Aye Finance IPO worth applying for? Or should you sit this one out? Let's go through every detail — the Aye Finance IPO issue price, dates, GMP, issue size, and the risks.

Aye Finance IPO Dates and Schedule

Here's the full timeline for the Aye Finance IPO:

The subscription window is just three days, so if you're planning to apply, you'll want to do it early — especially since retail allocation is only 10% of the total issue.

Aye Finance IPO Issue Price and Lot Size

The Aye Finance IPO price band has been set at ₹122 to ₹129 per share. If you've been searching for the Aya Finance IPO price, this is the confirmed range from the company's Red Herring Prospectus.

At the upper end of the band:

• Lot size: 116 shares
• Minimum investment (retail): ₹14,964

For HNI investors, the minimum bid is 14 lots (1,624 shares), which works out to approximately ₹2.09 lakh.

Aye Finance IPO Issue Size

The total Aye Finance IPO issue size is ₹1,010 crore, split into two parts:

• Fresh issue: ₹710 crore (~5.50 crore new equity shares)
• Offer for sale (OFS): ₹300 crore (~2.33 crore existing shares)

The fresh issue proceeds will primarily go toward strengthening the company's capital base to support future lending growth. The OFS portion allows early investors and institutional backers to partially exit their positions.

Quota breakdown:

• QIB (Qualified Institutional Buyers): 75%
• NII (Non-Institutional / HNI): 15%
• Retail: 10%

That 10% retail quota is worth paying attention to. In oversubscribed IPOs, a smaller retail allocation means tougher allotment odds. If you're applying as a retail investor, keep your expectations realistic on allotment.

Aye Finance IPO GMP Today

The Grey Market Premium for the Aye Finance IPO — sometimes searched as the Aya Finance IPO GMP — has been choppy since the issue was announced.

At a GMP of ₹5, the expected listing price would be around ₹134 — an upside of roughly 3.9% over the upper band price of ₹129. At ₹0 GMP, the stock would list flat at issue price.

Compared to other recent IPOs, that's a fairly muted premium. It suggests the grey market isn't pricing in a blockbuster listing, but it's not expecting a disaster either.

Keep in mind that GMP is an unofficial, unregulated number based on grey market trading. It can swing rapidly in either direction and shouldn't be the only basis for your decision.

Who Is the Owner of Aye Finance?

Aye Finance was founded in 2014 by Sanjay Sharma and Vikram Jetley, both of whom brought deep experience in financial services and consumer banking.

Sanjay Sharma, the company's Managing Director, has over 25 years of experience in consumer banking and financial services. He's been the driving force behind Aye Finance's strategy of targeting micro-scale MSMEs — the borrowers that traditional banks don't want to deal with.

The company is headquartered in Gurugram, Haryana, and has raised approximately $164 million in total funding across multiple rounds before this IPO. Major investors include A91 Partners, CapitalG (formerly Google Capital), LGT Lightstone, and MAJ Invest.

As of the pre-IPO shareholding, founders hold approximately 6.38% of the company, while institutional funds collectively hold about 78.88%.

Aye Finance IPO Details: What Does the Company Do?

For those looking for complete Aya Finance IPO details — here's what the company actually does and why it matters.

Aye Finance is a non-banking financial company (NBFC) registered with the RBI. Its core business is providing small-ticket business loans to micro-scale MSMEs — typically enterprises with annual turnovers between ₹20 lakh and ₹1 crore. Think of the small manufacturer running a workshop, the local trader operating from a market, or the service provider running a modest setup. These businesses need working capital, but most banks won't lend to them because of the paperwork, the risk, and the ticket size. That's where Aye Finance comes in.

The company operates a "phygital" model — a mix of physical branch presence and digital underwriting. It uses a cluster-based approach, lending to groups of similar businesses in specific geographies, which helps it understand risk better than a one-size-fits-all credit model.

The geographic diversification is one of Aye Finance's strengths. It's not concentrated in one or two states — the AUM is reasonably balanced across regions, which reduces geographic risk.

The company offers both secured loans (backed by property or assets) and unsecured working capital loans. Products include mortgage loans, Saral property loans, and hypothecation loans for business expansion.

Aye Finance IPO: Financial Performance

This is where things get interesting — and a bit complicated.

The revenue and AUM growth story is genuinely strong. But lending businesses are ultimately judged on credit quality, and Aye Finance's rising NPAs are a flag that can't be ignored. For an NBFC focused on micro-scale borrowers, even a mild economic disruption can trigger higher defaults — and that's exactly what the H1 FY26 numbers suggest is happening.

Strengths and Risks at a Glance

Aye Finance IPO Listing Price Prediction

Based on the current GMP range and the upper band price of ₹129:

Given the mixed analyst sentiment and the recent profit decline, a flat to modest premium listing seems most likely. A strong subscription from institutional investors could push it higher, but blockbuster listing gains look unlikely at this point.

How to Apply for the Aye Finance IPO

You can apply through any of the following:

1. UPI-based applications through your trading app (Sahi, Zerodha, Groww, Upstox, etc.)
2. ASBA (Application Supported by Blocked Amount) through your bank's net banking portal
3. Physical forms at designated bank branches

Make sure your demat account and UPI ID are linked and active. The last date to apply is February 11, 2026, by 5 PM.