February 17th, 2026 | New Delhi: Shardul Amarchand Mangaldas & Co. (“SAM”) acted as domestic legal counsel to Aye Finance Limited in connection with its initial public offering of equity shares aggregating to approximately ₹1,010 crore (USD 111.42 million). The IPO comprised a fresh issue of equity shares worth ₹710 crore and an offer for sale of ₹300 crore by existing shareholders. The equity shares were listed on BSE Limited and the National Stock Exchange of India Limited on February 16, 2026.
The issue was undertaken in compliance with Indian securities regulations and included international offerings to qualified institutional buyers in the United States under Rule 144A and offshore investors under Regulation S. Aye Finance, a leading MSME-focused non-banking financial company, serves micro and small enterprises across manufacturing, trading, services, and allied agriculture sectors, with a presence across 18 states and 3 union territories. The offering supports the company’s growth strategy and strengthens its capital base for expanding credit access to underserved micro enterprises.
The SAM transaction team was led by Prashant Gupta, Partner and National Practice Head – Capital Markets; Sayantan Dutta, Partner; and Trishita Dasgupta, Partner, with support from Ritika Khare, Senior Associate; Aishwariya Chaturvedi, Associate; Deeksha Dhingra, Associate and Mihira Jaggi, Associate.