Shardul Amarchand Mangaldas & Co. has advised Aye Finance on its initial public offering consisting of equity shares worth INR 1,010 crore. Cyril Amarchand Mangaldas and Hogan Lovells acted as the domestic and international counsel to BRLMs on this transaction while JSA advised the selling shareholders.
The BRLMs on this IPO were Axis Capital, IIFL Capital Services, JM Financial and Nuvama Wealth Management.
The IPO included a fresh issue of equity shares worth INR 710 crore and an offer for sale of INR 300 crore by existing shareholders. The company’s shares were listed on BSE and NSE on February 16, 2026.
Aye Finance Limited is a non-banking financial company focused on providing business loans to micro and small enterprises across India, with a technology-driven underwriting and distribution model aimed at expanding financial inclusion.
SAM’s domestic legal counsel team was led by partner and national practice head Prashant Gupta, with support from partners Sayantan Dutta and Trishita Dasgupta, associate Ritika Khare and associates Aishwarya Chaturvedi, Deeksha Dhingra and Mihira Jaggi.
CAM’s transaction team advising the book running lead managers comprised partners Vishal Yaduvanshi and Puneet Passi, senior associate Ayushi Tiwari, and associates Ritvik Maheshwari, Sanskar Modi, Mahima Aggarwal and Abhirup Manna.
Hogan Lovells domestic legal counsel and the capital markets team was led by head of the India practice and Dubai office managing partner Biswajit Chatterjee, with support from counsel Kaustubh George, and associate Sanjana Ravjiani.
JSA’s deal team was led by lead partner Madhurima Mukherjee Saha, with support from partners Pracheta Bhattacharya and Sagar Batra, principal associate Sourav Modi, senior associates Bhavini Mohan, and Vatsla Varandani, and associates Tamanna Kapoor, and Aditya Shendye.
