Shardul Amarchand Mangaldas & Co (SAM), Cyril Amarchand Mangaldas (CAM), JSA, Hogan Lovells and Lee & Lee advised on Aye Finance’s ₹1,010 crore IPO.

The IPO comprised a fresh issue of ₹710 crore and an offer for sale of ₹300 crore by existing shareholders. The equity shares were listed on BSE Limited and National Stock Exchange of India Limited on February 16, 2026.

Aye Finance is an MSME-focused non-banking financial company serving micro and small enterprises across manufacturing, trading, services and allied agriculture sectors. The offering strengthens the company’s capital base and supports its strategy to expand credit access to underserved micro enterprises across India.

SAM acted as domestic legal counsel to Aye Finance in relation to the IPO.

The team was led by Partner Prashant Gupta (National Practice Head – Capital Markets), with support from Partner Sayantan Dutta and Partner Trishita Dasgupta, Senior Associate Ritika Khare, and Associates Aishwariya Chaturvedi, Deeksha Dhingra, & Mihira Jaggi.

Cyril Amarchand Mangaldas advised the book running lead managers — Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited and Nuvama Wealth Management Limited — on the IPO.

The team was led by Partner Vishal Yaduvanshi (Regional Co-head – Capital Markets – North), with support from Partner Puneet Passi, Senior Associate Ayushi Tiwari, and Associates Ritvik Maheshwari, Sanskar Modi, Mahima Aggarwal, and Abhirup Manna.

Hogan Lovells and Lee & Lee acted as international legal counsel to the book running lead managers.

JSA acted as legal counsel to the selling shareholders in relation to the offer for sale component of the IPO.

The team was led by 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.