Aye Finance IPO ends below full subscription at 97%—What it means for investors

Aye Finance IPO: Aye Finance Ltd’s Rs 1,010 crore public issue has concluded its three-day bidding period with a subscription of 97 per cent, falling short of a full subscription, according to the provisional exchange data. Overall, investors applied for 4.42 crore shares out of the total shares on offer, marking a strong but slightly below-expected response.

Aye Finance IPO subscription status across investor categories

Qualified Institutional Buyers (QIBs) subscribed 1.50 times, with 3.72 crore shares bid against 2.48 crore shares allocated.

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Non-Institutional Investors (NIIs) subscribed a mere 0.05 times, with 6,23,616 shares bid out of 1.24 crore reserved.

Retail Individual Investors (RIIs) subscribed 0.77 times, with 63,56,452 shares bid out of 82,78,688 shares allotted.

Aye Finance IPO details

The IPO was structured as a book-built offer worth Rs 1,010 crore, comprising a mix of fresh issue of 5.50 crore shares worth Rs 710 crore and an offer-for-sale (OFS) of 2.33 crore shares worth Rs 300 crore.

The IPO's subscription window was opened from February 9 to 11, 2026, giving investors three days to apply.

The price band was set at Rs 122–129 per share, valuing the NBFC at approximately Rs 3,183.52 crore at the upper band. Each retail investor needed to apply for a minimum lot of 116 shares, translating to an investment of Rs 14,964 at the upper price.

Axis Capital Ltd served as the book-running lead manager, while Kfin Technologies Ltd acted as the registrar for the issue. The IPO had reserved 75 per cent of the net offer for institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 10 per cent for retail investors.

Aye Finance IPO allotment and listing date

Share allotment is expected to be finalised on February 12, 2026, with the listing scheduled on NSE and BSE on February 16, 2026.

About Aye Finance

Aye Finance started its operations in 1993 as a non-banking financial company which provides both secured and unsecured small business loans that include working capital loans, mortgage loans, and hypothecation loans. The business mainly focuses on delivering its services to micro-sized MSMEs, which operate in manufacturing, trading, services and allied agricultural sectors.

Aye Finance currently operates across 18 states and three union territories to serve more than 5.86 lakh active customers while building its presence in India’s MSME financing industry.

What it means for investors when an IPO isn’t fully subscribed?

With a subscription of 97 per cent, Aye Finance’s IPO is above the minimum 90 per cent threshold, meaning all investors will receive their full allocation.

However, if an IPO fails to reach the minimum subscription level of 90 per cent, the company may:

• Extend its deadline while decreasing its issue price
• Decrease the offer-for-sale portion of the issue
• If unsuccessful, the company will cancel the issue and return the subscription amount to investors.