Sebi returns draft of Paymate’s ₹1,500 cr IPO with advise for refiling

Market


Market regulator Sebi has returned the draft prospectus of the 1,500 crore initial public offering (IPO) of the multi-payment category platform, PayMate India. The company filed its IPO papers in May last year. The regulator has advised Paymate to refile with certain updates.

As per the latest processing issues, Sebi’s observation letter on Paymate IPO is “offer document returned”, adding, “with an advise to re-file post applicable updates/revisions.”

The document was returned on January 17.

ICICI Securities is the co-ordinating lead manager for Paymate’s IPO.

Paymate filed IPO papers on May 30, 2022. As per the draft prospectus, the IPO comprised a fresh issue of 1,125 cr and an offer for sale of up to 375 crore — taking the total size of the offer to 1,500 crore.

From the total size of the IPO, 75% of the portion was said to be reserved for qualified institutional buyers (QIBs) as per the draft, while 15% for non-institutional investors and the rest 10% for retail investors.

Under the OFS, promoters Ajay Adiseshan and Vishvanathan Subramanian planned to offload 134.73 crore and 3.3 crore. While investors such as Lightbox Ventures I, Mayfield FVCI, and RSP India Fund are going to participate as well.

ICICI Securities, JM Financial, HSBC Securities and Capital Markets, and SBI Capital Markets are acting as the book-running lead managers. While Link Intime India is the registrar of the offer.

Paymate is a leading B2B payments and services provider that digitizes, automates, and streamlines business to business (“B2B”) payments in supply chains. The company commenced operations in 2006 and since then has transformed from being consumer-facing into a B2B payments platform.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments