Liquidity Events
Aye Finance's Rs.1,010-Cr IPO scrapes through
Gurugram-based non-banking financial company (NBFC) Aye Finance's INR 1,010 crore IPO attracted bids that exceeded the issue size in value terms. Qualified institutional buyers (QIBs) subscribed 1.5 times their portion, while retail investors subscribed 77% and non-institutional investors subscribed 5% of their respective segments. The company had previously raised INR 454.5 crore from anchor investors.The IPO comprises a fresh issue of shares worth INR 710 crore and an offer for sale of INR 300 crore by existing shareholders. This public issue, which included an exit by Alphabet Inc., marks the global technology company's first from an Indian portfolio company.The company plans to use the proceeds from the fresh issue to strengthen its capital base and support business expansion.Aye Finance offers unsecured credit to MSMEs (micro, small and medium enterprises) in manufacturing and service clusters across 21 states.
Between April-14 and Aug-24, Aye Finance had raised about USD 378 M across equity and debt from Google/Alphabet, Elevation Capital, Lightrock India, Alpha Wave Global, A91 Partners, British International Investment, FMO, responsAbility, Northern Arc Capital and others.
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