Aye Finance, an SME-focused non-banking finance company, is preparing for an Initial Public Offering (IPO) aiming to raise ₹1,700-2,000 crore.
The company plans to list on the stock market within the next 9-12 months. To manage the IPO, Aye Finance has appointed four merchant bankers: Axis Capital, JM Financial, Nuvama, and IIFL Securities.
IPO Filing Timeline
Formal filing for the IPO is expected within the next 1-2 months.
Last December, Aye Finance raised ₹310 crore in a Series-F funding round from British International Investment (BII), with additional contributions from existing investors like Waterfield Fund of Funds and A91 Partners.
Following this funding, the company’s valuation rose by 30% to $250 million.
Key Stakeholders as of September 2023
As of September 2023, Aye Finance had raised equity capital of about ₹85,200 crore. The major shareholders include:
Elevation Capital: 19.86%
LGT Capital: 17.38%
CapitalG: 16.43%
Falcon Edge (now Alpha Wave): 13.32%
A91 Partners: 10.32%
MAJ Invest: 7.11%
Promoter Sanjay Sharma: 3.16%
Employee Welfare Trust: 1.81%
Company Performance
Aye Finance specializes in providing working capital finance to small and medium enterprises.
By the end of FY 2024, the company’s loan book was valued at ₹4,473 crore, with a net profit of ₹161 crore, up from ₹57 crore in FY 2023.
