New Delhi, Feb. 6 -- Aye Finance Ltd is headed for a public market debut at a valuation below its last funding round, becoming the first non-bank lender to test the appetite after months of sector-wide delays.

The venture capital-backed microlender has set a price band of Rs.122-129 per share for its initial public offering (IPO), valuing the company at approximately Rs.3,200 crore at the upper end. The pricing places the firm's valuation slightly below that of its 2025 series G round, its management told Mint, without sharing details.

"While we started actively working on the IPO around July-August, the markets have been choppy, particularly for the financial segment. Our merchant bankers advised us to wait, which stretched the timelin...