NBFC Aye Finance’s initial public offering (IPO) got off to a slow start on the first day of bidding, with the issue subscribed 3% as of 13:09 IST.
The IPO failed to attract any interest from qualified institutional buyers (QIBs), with the segment getting zero bids against 2.48 Cr shares reserved for the category.
Non-institutional investors (NIIs) also showed a tepid response on the first day, bidding for just 72,036 shares against an allocation of 1.24 Cr shares, translating to a 1% subscription.
Retail investors’ participation was marginally better but still subdued. They placed bids for 14.98 Lakh shares against 82.78 Lakh shares on offer, translating to 18% subscription.
Overall, the IPO received bids for 15.7 Lakh shares against a total offer size of 4.55 Cr shares.
Last week, the MSME-focussed NBFC raised ₹454.5 Cr from anchor investors by allotting 3.52 Cr equity shares at ₹129 per share – the upper end of the price band. Of the total, 76.74 Lakh shares, or 21.8% of the total anchor round, were picked up by two domestic mutual funds, Bank of India and Nippon Life India via four schemes.
The company’s IPO will close on Wednesday (February 11), while its shares are expected to to list on the exchanges on Monday (February 16).
The NBFC’s public issue comprises a fresh issue of shares worth ₹710 Cr and an OFS component of up to ₹300 Cr. At the upper end of its ₹124 to ₹129 price band, the IPO values the NBFC at about ₹3,183 Cr.
The company plans to utilise the fresh proceeds from the IPO to meet its future capital requirements.
Founded in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance offers small-ticket business loans to MSMEs. It offers working capital and business expansion loans against hypothecation of working assets or against security of property to customers across manufacturing, trading, service and allied agriculture sectors.
In H1 FY26, its net profit declined 40% to ₹64.6 Cr from ₹106.8 Cr in the year-ago period. Operating revenue rose 21.8% YoY to ₹843.5 Cr during the period under review.
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