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The Aye Finance IPO subscription period is scheduled to commence on Monday, February 9, and will end on Wednesday, February 11. The allocation for anchor investors for the Aye Finance IPO is likely to take place on Friday, February 6. Aye Finance IPO price band has been set between ₹122 and ₹129 per equity share, with a face value of ₹2.

Founded in 1993, Aye Finance Limited is a non-banking financial company (NBFC) that offers both secured and unsecured small business loans targeting working capital needs, including mortgage loans and 'Saral' Property Loans, as well as hypothecation loans, primarily aimed at micro-scale MSMEs.

The firm offers business loans aimed at facilitating business growth, secured by working assets or property, to clients in sectors such as manufacturing, trading, services, and related agriculture.

As per the company's red herring prospectus (RHP), the company's listed peers include SBFC Finance Ltd (with a P/E of 27.32), and Five-Star Business Finance Ltd (with a P/E of 12.07).

For the fiscal year ending in March 2025, Aye Finance achieved a profit of ₹175.3 crore, showing a slight increase from ₹171.7 crore the previous year.

Net interest income experienced a significant rise of 37.9%, reaching ₹858 crore, up from ₹622.2 crore.

As of September 2025, the company served 5.86 lakh unique active customers and managed assets amounting to ₹6,027.6 crore, indicating its growing presence in the lending sector.

Aye Finance IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹129 with no premium or discount in the grey market according to investorgain.com.

Following the grey market activities over the past week, today's IPO GMP is trending downward and is anticipated to decrease further. Experts indicate that the minimum GMP is ₹0.00 and the maximum is ₹5.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

The ₹1,010 crore offering consists of a new equity issuance amounting to ₹710 crore and a ₹300 crore share sale by existing investors like Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG (affiliated with Alphabet), LGT Capital, and Vikram Jetley. At the upper limit of the pricing range, the company's valuation stands at approximately ₹3,184 crore.

Among the major investors, Elevation Capital has a 16.03% stake, closely followed by LGT Capital with 13.99%, Alphabet through CapitalG at 13.14%, and Alpha Wave India with an 11.1% holding. British International Investment and A91 Emerging Fund both possess stakes greater than 9%.

The firm stated that the proceeds from the latest offering will be used to meet upcoming capital requirements resulting from business growth and asset development.

Axis Capital, IIFL Capital Services, JM Financial, and Nuvama Wealth Management serve as the lead managers, while Kfin Technologies Ltd. acts as the registrar for the offering.

As per SBICAP Securities, Fractal Analytics functions within a specialized area of Data Analytics, utilizing AI derived from both internal research and development and external models. It maintains a robust presence in its four key industries, serving major multinational corporations as clients, with an average relationship duration of over eight years among its top 10 clients.

The brokerage said that the upper price band of ₹900, the offering is priced at a FY25 P/E ratio of 78.9x based on the post-issue capitalization. This valuation appears high given the relatively modest revenue growth, which is projected at an 18% compound annual growth rate from FY23 to FY25, along with a 20% year-over-year increase in the first half of FY26.

The brokerage firm indicated that the company's attrition rate remains high (16.3% in FY25 compared to 15.7% in the first half of FY26). Factors like clients bringing services in-house, particularly with the rise of AI tools, could result in client loss and affect the company’s business model.

"Considering the elevated valuation, we assign a NEUTRAL rating to the issue and would like to track the performance of the company for a few quarters post listing," said SBICAP Securities.

As per Swastika Investmart, the firm has experienced a notable recovery, shifting from a ₹55 crore loss in FY24 to a ₹221 crore profit in FY25, fueled by a 26% increase in revenue. At the upper limit of ₹900, the valuations appear high at approximately 79x (post) FY25 P/E, but this reflects a rarity premium for a publicly traded AI platform. This investment is most appropriate for high-risk, growth-oriented investors with a 3–5 year perspective who wish to capitalize on the global GenAI trend.

Aye Finance IPO subscription status was 3% on day 1, so far. The retail portion is subscribed 15%, and NII portion and Qualified Institutional Buyers (QIBs) portion are yet to receive bids.

The company has received bids for 13,02,100 shares against 4,55,32,785 shares on offer, at 12:03 IST, according to data on BSE.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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