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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Augmenting the capital base
The fresh proceeds will strengthen the company's capital base to support the future growth of its loan assets and onward lending.
(₹ in Crore)
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Aye Finance Limited is a non banking financial company that was incorporated in 1993 and lends to micro and small businesses across India. It offers both secured and unsecured small business loans for working capital, along with mortgage loans, its Saral property loan product, and secured and unsecured hypothecation loans, aimed mainly at micro scale enterprises in the informal MSME segment that are often underserved by mainstream lenders. The company is one of the larger NBFCs focused on micro enterprise lending in the country. As of 30 September 2025 it served a base of roughly 5 to 6 lakh active customers through a network of close to 500 branches spread across 18 states and three union territories, and it reported assets under management of about Rs 6,028 crore. Its lending model relies on a proprietary credit assessment approach built for thin file and informal borrowers, together with a field based collection system, and its loan book is granular with small ticket sizes that spread risk across many customers. Aye Finance is a professionally managed company with no identifiable promoter, having been backed over the years by institutional and private equity investors. Its financials show a large and growing balance sheet funded substantially by borrowings, in the pattern typical of a lender. The fresh proceeds of this offering are directed at strengthening the capital base so the company can support the continued growth of its loan assets, while the offer for sale portion provides partial exits to existing shareholders.
Promoter Name is not available
Aye Finance raised about Rs 454.50 crore from 19 anchor investors, who were allotted 35,232,674 shares at the issue price of Rs 129 each ahead of the opening. The anchor book drew a mix of foreign and domestic institutions, including Bay Pond, Ithan Creek Master Investors, Integrated Core Strategies, Societe Generale, Ashoka India Equity Investment Trust, BNP Paribas Financial Markets, Abakkus, HDFC Life Insurance, 360 ONE and Bank of India Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 5:30 AM
Focus on underserved micro-MSMEs
The company lends to small informal businesses that mainstream banks tend to avoid, a large and under-penetrated market where it has built specialised expertise.
Proprietary credit underwriting
It assesses thin-file and informal borrowers with a cluster-based, data-driven model designed for customers who lack conventional credit records.
Granular, diversified loan book
Small ticket sizes spread across many customers and regions reduce concentration risk in the portfolio.
Wide branch network
A pan-India footprint of nearly 500 branches supports deep reach into semi-urban and rural markets.
Consistent AUM growth
Assets under management have scaled steadily on a repeatable operating model.
Credit default risk
Lending to micro-enterprises with volatile cash flows exposes the book to higher delinquency during economic stress.
Dependence on borrowing access
As a lender, the business relies on continuous access to funding, and any tightening of credit lines could constrain growth.
Interest rate volatility
Movements in borrowing costs can compress the spread between what the company pays and what it earns.
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Reliance on borrower and third-party information
Credit decisions depend partly on data whose accuracy the company cannot fully control.
Regulatory change for NBFCs
Shifts in NBFC rules on capital, provisioning or lending practices could affect operating flexibility.