Aye Finance Sets INR 122–129 Price Band for INR 1,010 Cr IPO The IPO will open for public subscription on February 9 and close on February 11.
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Microlending platform Aye Finance has announced a price band of INR 122 to INR 129 per equity share for its initial public offering, following the filing of its red herring prospectus with the Securities and Exchange Board of India.
According to the prospectus, the IPO will open for public subscription on February 9 and close on February 11. The anchor book is scheduled to open on February 6. At the upper end of the price band, the company's valuation is estimated at around USD 352 million.
Aye Finance is a Gurugram-based, technology-driven NBFC founded in 2014 by Sanjay Sharma and Vikram Jetley, providing working capital, expansion and asset purchase loans to micro and small enterprises, targeting underserved and informal businesses across India through digital lending platforms.
The public issue comprises a fresh issue of shares worth INR 710 crore and an offer-for-sale of up to INR 300 crore by existing shareholders, taking the total issue size to about INR 1,010 crore.
Shares will be sold through the OFS by co-founder Vikram Jetley and investors including Alpha Wave India I LP, MAJ Invest Financial Inclusion Fund II, CapitalG LP, and LGT Capital Invest Mauritius PCC with Cell E/VP.
Aye Finance received regulatory approval in April last year. Axis Capital, IIFL Capital, Nuvama, and JM Financial are the book-running lead managers for the issue.
As per the filing, Elevation Capital is the largest external shareholder with a 16.03 percent stake, followed by LGT Capital at 13.99 percent and Alpha Wave at 11.10 percent.
