Aye Finance's IPO ends with lukewarm response
13 Feb 2026, 12:08 PMThe listing of Aye Finance will go ahead because the public issue has met the minimum subscription limit of 90%.
Team Head&Tale
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Aye Finance Ltd closed its initial public offering (IPO) of 4.55 crore shares with a 97% subscription on Wednesday, underlining concerns that the interest in the broader fintech non banking financial companies (NBFCs) remains rather subdued.
The company received bids of 4.42 crore shares at a price band of Rs 122 to Rs 129.
Institutional investors subscribed the issue by 1.5 times, but the portion for non-institutional buyers was subscribed only 5%, and retail investors subscriptions stood at 77%.
The company's listing will still go ahead because the public issue has met the minimum subscription limit of 90%.
Alpha Wave, MAJ Invest, Capital G and LGT Capital sold their shares in the IPO via the offer for sale (OFS) route.
Other investors such as Elevation Capital, A91 Partners, ABC Impact and British International Investment continue to own shares in the startup.
The company had raised Rs 454.5 crore from anchor investors ahead of its Rs 1,010 crore issue kicking off for subscription on February 9.
Aye Finance had reduced the size of its IPO from Rs 1,450 crore stated in its draft red herring prospectus (DRHP) to Rs 1,010 crore.
The company's public offering was a test for the broader matured fintech non-banking financial companies (NBFCs) as private market valuations, unsecured loan are forcing fintech lenders to rethink their IPO plans. The Head and Tale recently did a deep dive into it.
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