Non-banking financial company (NBFC) Aye Finance Ltd. listed flat in its stock market debut on Monday. The stock opened at Rs 129 on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), compared to the issue price of Rs 129.
In an interview with NDTV Profit, Sanjay Sharma, Managing Director of Aye Finance Limited delved on the key aspects and changes the company will focus on. From the IPO expectations Sharma said, "We entered the market at a challenging time, and despite that, our IPO was fully subscribed. The capital raised will be extremely valuable for our growth—we are, after all, a growth-oriented company. This infusion will strengthen our net worth. In the lending business, maintaining a strong capital adequacy ratio is crucial, and this funding will allow us to comfortably sustain the required ratio while expanding. With this capital, we expect to grow our current Assets Under Management (AUM) of about Rs 6,100 crore to roughly double, or slightly more than double, this level."
"We are currently present in 18 states and three Union Territories, so there isn't a pressing need for rapid branch expansion. However, with our existing network and the natural addition of new branches, we believe we will be well-positioned to achieve the growth the company aims for," Sharma added.
The initial public offering of Aye Finance received 97% subscription on the final day of bidding on Wednesday.
The Qualified Institutional Buyers (QIBs) portion was subscribed to 1.5 times. Demand from Non-Institutional Investors (NIIs) remained weak at 0.05 times, while the retail investor segment also stayed undersubscribed at 0.77 times.
The total issue was Rs 1,010 crore with the price band of Rs 122- Rs 129. The company has received bids more than the offer size at the upper cap of the price band.
"Effectively against total bid size of Rs 1,010 crore, the IPO has been completely subscribed. However, in the NSE and BSE, total number of shares is computed always at the lower cut-off of the band," the company spokesperson said.
About Aye Finance
Classified as a middle-layer NBFC, Aye Finance focuses on lending to micro and small enterprises (MSEs), a segment that remains largely underserved by traditional banks. As of September 30, 2025, Aye Finance operated across 18 states and three Union Territories, serving around 5.9 lakh active customers, with assets under management (AUM) of Rs 6,027.6 crore.
Axis Capital Ltd, IIFL Capital Services, JM Financial, and Nuvama Wealth Management are the book-running lead managers.
The company proposes to utilise the net proceeds from the fresh issue to strengthen its capital base, supporting future capital requirements arising from the expansion of its business and asset base.
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