Shares of Aye Finance listed on the stock exchanges without a premium, opening at the issue price on both the BSE and the National Stock Exchange. The stock subsequently declined in early trade.
On the BSE, Aye Finance shares debuted at Rs 129, which was the upper end of the IPO price band. The stock opened at the same level on the National Stock Exchange. The listing at Rs 129 indicated that investors did not receive any premium over the issue price at the time of debut.
Shortly after listing, the stock came under pressure. At around 10:14 a.m., the company’s shares were trading at Rs 122 on the BSE, down Rs 7 from the listing price. This represented a decline of approximately 5.43 percent.
The listing was largely in line with grey market indications. Prior to listing, the company’s unlisted shares were trading in the grey market at around Rs 127. Based on grey market data, the shares were expected to list at a discount of about 1.5 percent to the issue price. The flat debut on both the BSE and the National Stock Exchange, followed by a decline, aligned with those indications.
The IPO comprised a fresh issue of 5.5 crore shares, with the company targeting to raise approximately Rs 710 crore. In addition, 2.33 crore shares were offered under the offer for sale component, amounting to around Rs 300 crore.
The price band for the IPO was fixed at Rs 122 to Rs 129 per share. Each lot consisted of 116 shares, requiring a retail investment of approximately Rs 14,964 for one lot.
According to the red herring prospectus, the proceeds from the fresh issue are to be used primarily to strengthen the company’s capital base to support future business expansion and asset growth requirements.
The IPO was open for subscription from February 9 to February 11, 2026. The issue was subscribed 97 percent overall.
Qualified Institutional Buyers subscribed 1.55 times their allotted portion. The retail investor category was subscribed 77 percent. The Non-Institutional Investors category received 0.05 percent subscription.
The subscription levels were reflected in the listing performance, with the shares opening at the issue price and declining thereafter.
