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Alphabet, Elevation Capital, LGT-backed Aye Finance plans to float Rs 1,450-crore IPO, files draft papers with SEBI

Aye Finance, backed by investors like Alphabet, Elevation Capital, and LGT, has filed draft papers with SEBI to launch an IPO aiming to raise Rs 1,450 crore. The IPO includes a fresh issue of equity shares worth Rs 600 crore and an offer for sale of Rs 850 crore by existing shareholders. The funds raised will be used to strengthen the company's capital base to meet future capital requirements and for onward lending. The company, which provides business loans to micro enterprises, reported a significant increase in its total income and profit after tax for the fiscal year ending March 2024, with total income rising to Rs 1,037 crore from Rs 662 crore the previous year, and profit after tax increasing to Rs 114 crore from Rs 19 crore.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/ipo/alphabet-elevation-capital-lgt-backed-aye-finance-plans-to-float-rs-1-450-crore-ipo-files-draft-papers-with-sebi-12891390.html ]