Aye Finance shares list flat at IPO price of Rs 129 on BSE, NSE

Shares of Aye Finance made a flat debut on Monday, opening at the IPO price of Rs 129 apiece on both the BSE and the NSE.

The listing was slightly better than grey market expectations, which had indicated a discounted debut, as the stock was trading below the issue price of Rs 129 in the unofficial market.

While GMP is not an official indicator, it often reflects near-term sentiment. A negative premium suggests the possibility of a discount listing, although actual performance will depend on broader market conditions and institutional support.


The IPO, which was open from February 9 to February 11, saw modest investor response. The issue was subscribed 1.04 times overall. Qualified institutional buyers (QIBs) subscribed 1.62 times their quota, while retail participation remained weak at 0.81 times. The non-institutional investor (NII) category was largely undersubscribed at just 0.05 times, indicating limited high-net-worth investor appetite.

Ahead of the public issue, Aye Finance raised Rs 460.51 crore from anchor investors. The IPO comprised a fresh issue of Rs 710 crore and an offer for sale of Rs 300 crore by existing shareholders.

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Business and financials

Aye Finance is a non-banking financial company (NBFC) focused on providing small-ticket secured and unsecured loans to micro and small enterprises (MSMEs). It serves over 5.86 lakh active customers across 18 states and three union territories.

For FY25, the company reported total income of Rs 1,504.99 crore and profit after tax of Rs 175.25 crore. For the six months ended September 2025, income stood at Rs 863.02 crore, while PAT came in at Rs 64.60 crore, reflecting some moderation in profitability.

With subscription only marginally above 1 time and negative GMP signals, investors will closely track institutional participation and secondary market mood on listing day. The performance could hinge on sentiment towards financial stocks and appetite for NBFC names in the current market environment.

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