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Aye files DRHP for Rs 1,450 Cr IPO; largest backer Elevation skips OFS

EntrackrEntrackr · 8m ago
Aye files DRHP for Rs 1,450 Cr IPO; largest backer Elevation skips OFS
Medial

Capital G-backed microlending platform Aye (formerly Aye Finance) has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. According to the DRHP, the company aims to raise a total of Rs 1,450 crore through its IPO. This includes a fresh issue of equity shares worth Rs 885 crore (approximately $105 million) and an offer for sale (OFS) amounting to Rs 565 crore (approximately $67 million). LGT Capital and Capital G will divest Rs 150 crore and 136.8 crore worth of shares in OFS (offer for sale), respectively, while A91 Fund and Alpha Wave will offload Rs 100 crore each in the secondary sale. MAJ Invest, along with Harleen Kaur Jetley and Vikram Jetley, will sell Rs 78 crore worth of shares at the same time. Notably, Elevation Capital, being the largest shareholder, is not participating in Aye Finance's offer for sale. The equity shares offered through the RHP are proposed to be listed on the BSE and NSE with the help of lead managers like Axis Capital, IIFL Capital, JM Financial, and Nuvama Wealth Management. Aye Finance offers three loan products with values ranging from Rs 50,000 to Rs 1,000,000: quasi-mortgage loans, hypothetical loans, and add-on loans. It operates across 398 locations in 22 states in India, providing financial services to micro and small enterprises, primarily in manufacturing, trading, and service industries. As per RHP, Elevation Capital (formerly SAIF Partners) is the largest external stakeholder with 16.19% followed by LGT Capital and Alpha Wave which hold 14.13% and 11.21%, respectively. Other notable investors include CapitalG at 10.26%, BII at 9.51%, and A91, which holds 9.23% in the company. During the previous fiscal year (FY24), Aye recorded a revenue of Rs 1,040 crore with profits standing at Rs 172 crore in the same period. Moreover, the first half of the ongoing fiscal year (H1FY25) has been impressive for the company, where it posted a revenue of Rs 692 crore with a profit of Rs 144 crore. The company ended FY24 with assets under management (AUM) of Rs 4,463 crore, while its AUM grew to Rs 4,980 crore H1FY25. According to startup data intelligence platform TheKredible, Aye Finance has raised Rs 2,610 crore (more than $300 million) in total funding including Rs 1,250 crore ($150 million) in equity. It competes with several NBFCs including Indifi, Axio (formerly Capital Float), Lendingkart, Flexiloans and others.

Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr · 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

Aye Finance profit halves in Q1 FY26; revenue up 21%

EntrackrEntrackr · 10d ago
Aye Finance profit halves in Q1 FY26; revenue up 21%
Medial

Microlending platform Aye Finance has shown moderate growth in the first quarter of the ongoing fiscal year (Q1 FY26). The firm’s revenue grew by 21% over the period, while profit fell by 50%. Aye Finance's revenue from operations increased 21.5% to Rs 407 crore in Q1 FY26, compared to Rs 335 crore in Q1 FY25, its unaudited financial statements sourced from the company’s website show. On a quarter-on-quarter basis, Aye Finance’s operating revenue remained flat at Rs 407 crore in Q1 FY26 as compared to Rs 409 crore in Q4 FY25. Aye Finance generated the majority of its revenue from interest income which accounted for 89% of income. This revenue source increased 16% to Rs 361 crore in Q1 FY26. The rest of the revenue came from gains on fair value and commissions. The company also made Rs 9 crore from non-operating sources which took Aye Finance’s total revenue to Rs 416 crore in the first quarter. On the expense front, finance cost remained the largest cost center for Aye Finance, accounting for 33% of its total expenditure. This expense increased by 17% year-on-year, rising to Rs 126 crore in Q1 FY26 from Rs 108 crore in Q1 FY25. Employee benefit rose 40% to Rs 115 crore in Q1 FY26 from Rs 82 crore in Q1 FY25. Overall, Aye Finance's total costs grew 39% to Rs 375 crore in Q1 FY26 from Rs 269 crore in Q1 FY25. Due to expense outpacing revenue growth, profit decreased 50% to Rs 30.5 crore in Q1 FY26 from Rs 61 crore in Q1 FY25. The company reported a positive EBITDA of Rs 172 crore. Aye Finance received final approval from the market regulator for its public listing, following the submission of its Draft Red Herring Prospectus (DRHP) in December. The forthcoming IPO will include a fresh issue of equity shares totaling Rs 885 crore, alongside an offer-for-sale (OFS) of Rs 565 crore. Investors such as LGT Capital, CapitalG LP, A91 Emerging Fund I LLP, and Alpha Wave Ventures are expected to participate in the OFS.

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