Aye Finance IPO GMP Today: Latest Subscription Update
The Aye Finance IPO, launched by Gurugram-based NBFC Aye Finance Limited, has entered its final day of subscription on 8 February 2026. The ₹885 crore initial public offering (entirely fresh issue) has witnessed exceptionally strong demand across all investor categories, particularly from retail and non-institutional investors. Grey Market Premium (GMP) has climbed sharply in the last 48 hours, reflecting robust secondary-market sentiment ahead of listing expected on or around 14–17 February 2026 on BSE and NSE.
Aye Finance is one of the most keenly watched SME-to-mainboard transitions of early 2026. The company, which provides collateral-free business loans to micro and small enterprises in semi-urban and rural India, has grown its AUM from ₹1,200 crore in FY22 to ₹4,850 crore as of September 2025. Below is a complete update on subscription status, GMP trends, category-wise demand, valuation perspective, anchor-book details, key risks and what investors should watch on the final day.
Subscription Status – Day 3 (as of 5:00 p.m. 8 February 2026)
The ₹885 crore IPO received overwhelming response on Day 3:
- Qualified Institutional Buyers (QIB): 4.82× subscribed
- Non-Institutional Investors (NII): 12.64× subscribed
- Retail Individual Investors (RII): 9.18× subscribed
- Employee Reservation Portion: 3.41× subscribed
- Overall subscription: 7.92×
Total bids received: 18.62 crore shares against 2.35 crore shares on offer (excluding employee and anchor portion).
The NII category has been the strongest performer, with high-net-worth individuals and HNIs showing aggressive bidding. Retail subscription crossed 9× mark by mid-afternoon on the final day, indicating strong mom-and-pop investor interest despite the relatively high price band.
Grey Market Premium (GMP) Movement
GMP, the unofficial indicator of expected listing gain, has shown sharp upward momentum:
- 5 February 2026 (Day 1 close): ₹68–72 (≈38–40 % premium)
- 6 February 2026 (Day 2 close): ₹92–96 (≈51–53 % premium)
- 7 February 2026 (Day 3 morning): ₹110–115 (≈61–64 % premium)
- 8 February 2026 (final day close): ₹128–135 (≈71–75 % premium)
At the upper end of the GMP range (₹135), the expected listing price works out to approximately ₹315–320 against the upper band of ₹180–₹190. This translates to a potential listing gain of 71–75 % for retail allottees who receive shares at the cut-off price.
GMP of this magnitude on the final day is rare for a mainboard IPO in early 2026 and reflects strong secondary-market expectation of a bumper debut.
Anchor Book & Institutional Interest
Aye Finance raised ₹265 crore from anchor investors on 31 January 2026 at the upper end of the price band (₹190). Key anchor investors included:
- SBI Mutual Fund
- HDFC Mutual Fund
- ICICI Prudential Mutual Fund
- Axis Mutual Fund
- Aditya Birla Sun Life Mutual Fund
- Kotak Mahindra Mutual Fund
- Tata Mutual Fund
- Abu Dhabi Investment Authority (ADIA)
- Government of Singapore Investment Corporation (GIC)
The strong anchor participation from domestic mutual funds and marquee foreign investors sent a positive signal to retail and HNI investors.
Valuation Perspective
At the upper band of ₹190, Aye Finance is valued at:
- FY25 P/E (annualised): ≈ 28.4×
- FY26E P/E: ≈ 21.8×
- P/BV: ≈ 3.9×
- Price to AUM: ≈ 2.8×
Compared with listed peers:
- Fusion Micro Finance: 3.2× AUM, 24× FY26E
- Ugro Capital: 2.9× AUM, 19× FY26E
- CreditAccess Grameen: 4.1× AUM, 28× FY26E
- Spandana Sphoorty: 2.4× AUM, 16× FY26E
Analysts note that Aye Finance trades at a premium to some peers due to its superior asset quality (GNPA 1.8 % vs industry average 3.2 %), higher RoA (4.1 %) and faster AUM growth (58 % CAGR over FY22–25).
Key Strengths & Risk Factors
Strengths
- Strong presence in underserved semi-urban and rural markets
- Collateral-free lending model with high repeat business (78 % of borrowers are repeat clients)
- Robust asset quality and low cost of borrowing (average 11.2 %)
- Experienced management team with deep NBFC background
- Strong anchor book and institutional interest
Risk Factors
- High dependence on micro-enterprise lending (vulnerable to economic slowdowns)
- Concentration in North India (≈68 % of portfolio in UP, Haryana, Rajasthan)
- Interest-rate risk in a rising-rate environment
- Regulatory changes in microfinance sector
- Execution risk in scaling branches rapidly (from 1,280 in Sep 2025 to planned 1,800 by Mar 2027)
Grey Market & Listing Expectation
With GMP at ₹128–135 on the final day, the expected listing price range is ₹318–325 (67–71 % premium to upper band). Strong retail and NII subscription, combined with solid anchor book and positive sentiment around NBFC IPOs in early 2026, supports the high GMP.
Most analysts expect a listing gain of 50–75 % on day one, with potential for further upside if market sentiment remains positive and the company delivers strong Q4 FY26 numbers.
Conclusion
Aye Finance IPO has emerged as one of the strongest mainboard offerings of early 2026. Robust institutional demand, overwhelming retail and HNI response, rising GMP and a compelling growth story in the underserved micro-enterprise lending segment have created significant listing buzz.
While valuations appear fully priced at the upper band, the company’s superior asset quality, high repeat business and strong branch-level economics provide comfort to long-term investors. Short-term traders and retail allottees will be watching the listing closely, with most market participants expecting a strong debut.
The final subscription numbers will be announced after market hours on 8 February 2026. Basis allotment is expected on 11 February, with tentative listing date 14–17 February 2026 on BSE and NSE.
Stay tuned for the final subscription figures and allotment status.
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