Shardul Amarchand Mangaldas & Co (SAM), Cyril Amarchand Mangaldas (CAM), Hogan Lovells, Lee & Lee and JSA worked on the initial public offering of Aye Finance, comprising shares valued at about USD111.4 million, on the BSE and NSE.
SAM acted as India legal counsel to Aye Finance. The SAM transaction team was led by partner and national practice head Prashant Gupta, with partners Sayantan Dutta and Trishita Dasgupta. Senior associate Ritika Khare as well as associates Aishwariya Chaturvedi, Deeksha Dhingra and Mihira Jaggi assisted the team.
The IPO comprised a fresh issue of shares worth USD78.9 million and existing shareholders offering shares valued at USD33.3 million. The shares were listed on the BSE and the NSE.
The offering was undertaken in compliance with applicable Indian securities laws and included international placements to qualified institutional buyers in the US under Rule 144A and to offshore investors.
The bookrunning lead managers were Axis Capital, IIFL Capital Services (formerly IIFL Securities), JM Financial and Nuvama Wealth Management.
CAM acted as India legal counsel to the book-running lead managers, with partners Vishal Yaduvanshi and Puneet Passi leading the transaction team. The team also comprised senior associate Ayushi Tiwari, as well as associates Ritvik Maheshwari, Sanskar Modi and Mahima Aggarwal, and associate Abhirup Manna. Hogan Lovells and Lee & Lee acted as international legal counsel to the book-running lead managers.
Managing partner of the Dubai office Biswajit Chatterjee led Hogan Lovells’ capital markets team, with support from counsel Kaustubh George and associate Sanjana Ravjiani.
JSA counselled the selling shareholders, with partner Madhurima Mukherjee Saha leading the team. Partners Pracheta Bhattacharya and Sagar Batra and principal associate Sourav Modi provided support. Senior associates Bhavini Mohan and Vatsla Varandani, as well as associates Tamanna Kapoor and Aditya Shendye also assisted.
Aye Finance is an MSME-focused non-banking financial company that serves micro and small enterprises across manufacturing, trading, services and allied agriculture sectors, with operations in 18 states and three union territories.
