The early investors of MSME-focused NBFC Aye Finance have booked notable gains on their investments by offloading part of their holdings in the company. The shares of the NBFC, whose IPO closed with 97% subscription, are set to list on the bourses on Monday (February 16).
Danish asset management and investment firm MAJ Invest emerged as the biggest gainer from the public listing by offloading most of its holdings in the NBFC. At the issue price of ₹129 per share, the upper end of the price band, the firm raked in ₹139.7 Cr by selling 1.08 Cr shares. This translated to a 1.7X return on its initial investment. Post the sale, the investment firm owns 6.21 Lakh shares of Aye Finance worth ₹8 Cr.
The biggest return on investment was raked in by LGT Capital Partners, the alternative investment firm owned by the princely family of Leichenstein. Through its Mauritius PCC (protected cell company), the investment firm made a 2.4X gain on its initial investment in the NBFC by offloading 23.25 Lakh shares worth ₹30 Cr. LGT Capital continues to hold 2.47 Cr shares of Aye Finance, worth ₹319.8 Cr, making it the biggest shareholder among the selling investors.
Aye Finance’s IPO consisted of a fresh issue of shares worth ₹710 Cr and an offer-for-sale (OFS) component of up to ₹300 Cr. At the upper end of its ₹124 to ₹129 price band, the IPO valued the NBFC at about ₹3,183 Cr (about $351.4 Mn). Ahead of the commencement of the bidding for its public issue, the company raised ₹454.5 Cr from anchor investors.
CapitalG, which is the independent growth fund of Google’s parent company Alphabet Inc, offloaded 63.95 Lakh shares worth ₹82.5 Cr, translating to a 2.2X gain on its initial investment. The investment firm continues to hold 1.32 Cr shares of Aye Finance worth ₹171.4 Cr.
Global investment company Alpha Wave sold 23.25 Lakh shares worth ₹30 Cr through the public listing, bagging a 1.4X gain on its initial investment.
Notably, Elevation Capital was the largest shareholder in the NBFC, with a 16.2% stake prior to the IPO. The VC fund didn’t sell any shares via the OFS.
Cofounder Vikram Jetley Nets ₹17.7 Cr
Aye Finance cofounder Vikram Jetley sold 13.74 Lakh shares via the OFS, raking in ₹17.7 Cr. He still holds 15.15 Lakh shares of the NBFC worth ₹19.5 Cr.
Founded in 2014 by Jetley and Sanjay Sharma, Aye Finance offers small-ticket business loans to MSMEs. The company’s total assets under management stood at INR 6,027.6 Cr at the end of September 2025, growing 21% YoY.
In H1 FY26, its net profit declined 40% to ₹64.6 Cr from ₹106.8 Cr in the year-ago period. Operating revenue rose 21.8% YoY to ₹843.5 Cr during the period under review.
The post Aye Finance IPO: Alphabet’s CapitalG Mints ₹83 Cr, LGT Capital Scores 2.4X Return appeared first on Inc42 Media.
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