SME lender Aye Finance board approves IPO plan

14 Dec 2024, 12:47 AM

Aye Finance has received its board approval to launch Rs 1450 crore ($174 million) initial public offering (IPO).

Team Head&Tale

Gurugram-based non-banking financial company Aye Finance has received its board approval to launch Rs 1450 crore ($174 million) initial public offering (IPO).

The company, in its board’s approval during an extraordinary general meeting held on December 11, approved the IPO plans.

The IPO will include a fresh issue of shares valued at up to Rs 885 crore ($106.2 million), along with an offer for sale (OFS) component totaling Rs 565 crore ($67.8 million).

In September, the SME lender raised Rs 250 crore in its Series G funding round led by Singapore-based ABC Impact. The round also saw participation from British International Investment -- which also led Aye’s Series F round of Rs 310 crore ($37 million) in December 2023. In June this year, the company also raised $30 million in debt.

This investment boosts the firm’s assets under management (AUM) to over $850 million. 

Aye Finance offers financial services to micro and small enterprises -- with loans ranging from Rs 50,000 to Rs 1,000,000. The NBFC has given loans to more than 5 lakh businesses.