Aye Finance IPO tops fundraising target by value, share bids close at 97%
Aye Finance's Rs 1,010 crore IPO was subscribed 97% overall on day 3, with bids received for 4.42 crore shares against 4.55 crore shares on offer.
Aye Finance Ltd.’s Rs 1,010 crore initial public offering (IPO) attracted bids exceeding the issue size in value terms, even as the share sale was subscribed 97% based on total shares bid on the final day on Wednesday.
According to a company spokesperson, the issue was fully covered when measured by the value of bids at the upper end of the price band, although exchange data reflected subscription below 100% on a share basis.
The 97% figure reflects demand calculated at the floor price of Rs 122 per share, while most bids were placed closer to the cap price of Rs 129 per share, the spokesperson added.
Qualified institutional buyers (QIBs) led the demand, whose portion was subscribed 1.5 times. QIBs placed bids for 3.74 crore shares against 2.48 crore shares reserved. Within the institutional category, foreign institutional investors accounted for bids worth 2,84 crore shares, while domestic financial institutions bid for 21.70 lakh shares. Mutual funds sought 42.75 lakh shares, and others bid for 23.39 lakh shares.
Retail investors subscribed 77% of their portion, with the segment bidding for 63.56 lakh shares compared to 82.78 lakh shares reserved. Of these, 53.67 lakh shares were bid at the cut-off price, while price bids accounted for 9.88 lakh shares.
The non-institutional investor segment saw limited demand and was subscribed at just 5%. Investors in the category bid for 6.23 lakh shares against 1.24 crore shares on offer. Within this segment, applications above Rs 10 lakh were subscribed 2%, while bids in the Rs 2 lakh to Rs 10 lakh category reached 11%.
The public issue, backed by Alphabet Inc., marks the technology giant’s first exit from an Indian portfolio company. Aye Finance's IPO comprises a fresh issue of shares worth Rs 710 crore and an offer for sale of Rs 300 crore by existing shareholders.
Ahead of the public issue, Aye Finance raised Rs 454.5 crore from anchor investors. It has set a price band of Rs 122–129 per share, valuing it at Rs 3,184 crore at the upper end.
Proceeds from the fresh issue will be used to strengthen the company’s capital base and support business expansion. Classified as a middle-layer non-banking financial company, Aye Finance focuses on lending to micro and small enterprises. As of September 30, 2025, the lender operated across 18 states and three Union Territories, serving about 5.9 lakh active customers with assets under management of Rs 6,027.6 crore.
The shares are scheduled to list on the BSE and NSE on February 16.
(The copy was updated with spokesperson comments.)
Edited by Suman Singh