Elevation Capital, Alphabet-backed NBFC Aye Finance fixes price band for ₹1,010 crore IPO

Non Banking Financial Company Aye Finance, backed by marquee global investors such as Elevation Capital, Alphabet, LGT Capital and British International Investment, has fixed the price band for its ₹1,010 crore initial public offering (IPO).

The price band for the issue has been set at ₹122 to ₹129 per share, with a face value of ₹2 per equity share. Investors can bid in lots of 116 shares and in multiples thereafter.

At the upper end of the price band, Aye Finance values itself at ₹3,184 crore.

The Gurgaon-based, professionally managed NBFC will open its IPO

for public subscription on February 9, with the issue closing on February 11.

The IPO comprises a fresh issue of equity shares worth ₹710 crore and an offer for sale of shares aggregating to ₹300 crore by five existing shareholders, namely Alpha Wave India, MAJ Invest Financial Inclusion Fund, Alphabet backed CapitalG, LGT Capital and Vikram Jetley.

Of the total offer size, 75% has been reserved for qualified institutional buyers, 15% for non institutional investors and the remaining 10% for retail investors.

Elevation Capital is the largest shareholder in Aye Finance with a 16.03% stake, followed by LGT Capital at 13.99%, Alphabet through CapitalG at 13.14% and Alpha Wave India at 11.1%.

British International Investment and A91 Emerging Fund hold over 9% stake each.

For the financial year ended March 2025, the company reported a profit of ₹175.3 crore, up 2% from ₹171.7 crore in the previous year. Net interest income during the same period surged 37.9% to ₹858 crore from ₹622.2 crore.

Axis Capital, IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book running lead managers to the issue.

Aye Finance will finalise the IPO share allotment on February 12, while its shares are expected to debut on the stock exchanges on February 16.