Aye Finance, a specialized non-banking financial company (NBFC) focusing on micro-enterprises, has launched its primary market debut today, February 9, 2026. The initial public offering (IPO) aims to raise a total of 1,010 crore. The offer is structured as a book-building issue, consisting of a fresh equity issuance worth 710 crore and an offer for sale (OFS) of 300 crore from existing shareholders. The price band for the equity shares, which have a face value of 2 each, is set between 122 and 129. Investors have a three-day window to subscribe, with the bidding process concluding on Wednesday, February 11, 2026. For retail participants, the minimum application size is one lot of 116 shares, requiring an investment of 14,964 at the upper price limit. The company occupies a unique niche in the Indian lending landscape, catering to the "thin-file" segment of micro-scale MSMEs. These are businesses often overlooked by traditional banks, typically engaged in manufacturing, trading, and services with annual turnovers between 20 lakh and 1 crore. As of late 2025, Aye Finance managed assets totaling 6,027 crore and serviced a customer base of approximately 5.86 lakh active unique clients. The company operates through a geographically diverse network of 568 branches across 18 states and three union territories. Financially, the lender has shown significant scaling, with total income rising to 1,504.99 crore for the fiscal year ending March 2025. This represents a robust 40% year-on-year growth. Profit after tax for the same period stood at 175.25 crore. Market indicators show a cautious but optimistic sentiment. The grey market premium (GMP) currently hovers around 5, suggesting a modest listing gain of approximately 3.8%. Valuation-wise, the company is priced at roughly 14 times its FY25 earnings, which analysts view as competitive compared to listed peers. Potential investors are monitoring specific risk factors, including a rise in Gross Non-Performing Assets (NPA) to 4.85% as of September 2025 and a high employee attrition rate of 64%. However, the company’s "phygital" model—combining physical branch presence with 100% paperless digital underwriting—remains a core strength. Following the close of the subscription period, the basis of allotment is expected to be finalized on February 12. Refunds and the credit of shares to demat accounts are scheduled for February 13. Aye Finance shares are tentatively set to list on both the BSE and NSE on Monday, February 16, 2026.