India, Feb. 9 -- NBFC Aye Finance's initial public offering (IPO) got off to a slow start on the first day of bidding, with the issue subscribed 3% as of 13:09 IST.

The IPO failed to attract any interest from qualified institutional buyers (QIBs), with the segment getting zero bids against 2.48 Cr shares reserved for the category.

Non-institutional investors (NIIs) also showed a tepid response on the first day, bidding for just 72,036 shares against an allocation of 1.24 Cr shares, translating to a 1% subscription.

Retail investors' participation was marginally better but still subdued. They placed bids for 14.98 Lakh shares against 82.78 Lakh shares on offer, translating to 18% subscription.

Overall, the IPO received bids for 15.7 La...