Aye Finance Limited, a non-banking financial company (NBFC) focused on micro and small enterprises, has taken a key step towards its initial public offering (IPO). The company filed its Draft Red Herring Prospectus (DRHP) on December 16, 2024, followed by the Red Herring Prospectus (RHP) on February 3, 2026, confirming the IPO timeline and final offer structure.
One of the most notable changes between the DRHP and RHP is the reduction in the total issue size, signalling a more calibrated fundraising approach ahead of listing.
Issue Size Reduced from DRHP to RHP
As per the DRHP, Aye Finance had proposed a total IPO size of ₹1,450 crore. However, in the RHP, the company has revised the total offer size downward to ₹1,010 crore.
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DRHP Total Issue Size: ₹1,450 crore
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RHP Total Issue Size: ₹1,010 crore
The IPO continues to be a combination of a fresh issue and offer for sale (OFS).
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Fresh Issue: Up to ₹710 crore
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Offer for Sale: Up to ₹300 crore
All equity shares have a face value of ₹2 per share.
Anchor Book and IPO Timeline Fixed
With the RHP filing complete, the IPO schedule is now officially fixed. Importantly, the anchor investor portion will open on February 6, 2026, ahead of the public issue.
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Anchor Book Opening: February 6, 2026
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IPO Opens: February 9, 2026 (Monday)
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IPO Closes: February 11, 2026 (Wednesday)
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Basis of Allotment: February 12, 2026
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Refunds & Demat Credit: February 13, 2026
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Tentative Listing Date: February 16, 2026 (Monday)
IPO Reservation Structure
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Qualified Institutional Buyers (QIBs): Not less than 75% of the net offer
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Non-Institutional Investors (NIIs): Not more than 15% of the net offer
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Retail Individual Investors: Not more than 10% of the net offer
Also Read – Fractal Analytics IPO Clash With Aye Finance See Here Detail About Fractal Analytics IPO
About Aye Finance Limited
Incorporated in 1993, Aye Finance Limited is a non-banking financial company (NBFC) focused on providing secured and unsecured loans to micro-scale MSMEs. The company primarily offers working capital and business expansion loans to enterprises operating in manufacturing, trading, services, and allied agriculture sectors.
As of September 30, 2024, Aye Finance had 5,08,224 active customers across 18 states and 3 Union Territories. The company follows a phygital operating model, combining branch-led customer acquisition through 499 branches with technology-driven underwriting and collections to ensure scalable and disciplined lending.
Product Portfolio
Aye Finance offers a diversified set of loan products, including:
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Mortgage Loans
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‘Saral’ Property Loans
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Secured Hypothecation Loans
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Unsecured Hypothecation Loans
Book Running Lead Managers (BRLMs)
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Axis Capital Limited
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IIFL Securities Ltd
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JM Financial Limited
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Nuvama Wealth Management Limited
Registrar to the Offer
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KFin Technologies Limited
The price band for the Aye Finance IPO has not been finalised yet and will be announced by the company at a later stage in consultation with the book running lead managers. Investors should note that details related to the price band, lot size, and minimum investment amount will be disclosed closer to the IPO opening date through an official advertisement and stock exchange filings.
Disclaimer – This article is for information purposes only and does not constitute investment advice or a recommendation to apply for the IPO. Investors are advised to read the Red Herring Prospectus (RHP) carefully and consult their financial advisor before making any investment decision.
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