Elevation Capital, Alphabet-backed NBFC Aye Finance to launch Rs 1,010-crore IPO on February 9

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• Aye Finance to launch Rs 1,010 crore initial share sale on February 9
• IPO comprises fresh issue Rs 710 crore, OFS Rs 300 crore
• Aye Finance shares to trade on the bourses effective February 16

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Gurgaon-based professionally managed NBFC Aye Finance, which is backed by several marquee global investors including Elevation Capital, Alphabet, and British International Investment, is set to launch its Rs 1,010 crore initial share sale for public subscription next week on February 9.

The IPO is a combination of fresh issuance of equity shares worth Rs 710 crore, and an offer-for-sale of Rs 300 crore worth shares by five shareholders - Alpha Wave India, MAJ Invest Financial Inclusion Fund, Alphabet-backed CapitalG, LGT Capital Invest Mauritius PCC with Cell E/VP, and Vikram Jetley.

The Sanjay Sharma and Vikram Jetley-founded non-banking financial company – middle layer (NBFC-ML) providing loans to micro scale micro, small and medium enterprises (MSMEs) across India will launch its one-day IPO anchor book on February 6, while the offer for the public will close on February 11.

The firm will finalise IPO share allotment by February 12 and its shares will be available for trading on the bourses effective February 16.

Up to 75 percent of the offer size has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 10 percent shares for retail investors.

Aye Finance that claims among the leading NBFCs providing business loans to the largely underserved micro scale enterprises in India, with 5.86 lakh active unique customers with assets under management (AUM) of Rs 6,027.6 crore as of September 2025 will utilise fresh issue proceeds for augmenting its capital base to meet future capital requirements arising out of growth of business and assets.

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Elevation Capital is the largest shareholder in the NBFC with 16.03 percent stake, followed by LGT Capital Invest Mauritius PCC with Cell E/VP (13.99 percent), Alphabet through CapitalG (13.14 percent), and Alpha Wave India (11.1 percent shares), while British International Investment, and A91 Emerging Fund hold over 9 percent stake each.

Aye Finance, the leading small-ticket lender in MSME ecosystem that competes with listed peers like SBFC Finance, and Five-Star Business Finance, has recorded profit of Rs 64.6 crore for six months period ended September 2025, registering a 40 percent decline compared to Rs 107.8 crore in same period previous fiscal. However, net interest income in the same period grew by 15.6 percent to Rs 475 crore, up from Rs 411 crore.

Profit in the financial year ended March 2025 came in at Rs 175.3 crore, growing 2 percent compared to Rs 171.7 crore in previous year, while net interest income in the same period surged 37.9 percent to Rs 858 crore, up from Rs 622.2 crore.

Axis Capital, IIFL Capital Services, JM Financial, and Nuvama Wealth Management are acting as the book running lead managers for the Aye Finance IPO.

Meanwhile, Apax Partners, and TPG-backed enterprise artificial intelligence company Fractal Analytics will also open its Rs 2,834-crore IPO for public subscription on the same date.