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Sebi has asked B2B payments and services provider
PayMate India to refile the documents for the initial public offering with certain updates.
The proposed Initial Public Offering (IPO) comprises fresh issue of equity shares worth Rs 1,125 crore and an Offer-for-sale (OFS) of Rs 375 crore by promoters, investors and other shareholders, according to the draft papers.
The company's promoters -- Ajay Adiseshan and Vishvanathan Subramanian and investors -- as well as Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings are to sell shares through the OFS. Besides, certain existing shareholders are offering to offload shares through this route.
Currently, promoter and promoter group hold 66.70 per cent stake in the company and the rest is with public shareholders.
According to an update on Sebi's website on Monday, the regulator returned the company's DRHP on January 17, 2023 with an advise to refile it post applicable updates/revisions.
However, specific details were not disclosed.
PayMate is a multi-payment category platform that incorporates vendor payments, statutory payments, and utility payments, giving its customers a fully-integrated B2B payment stack.
The platform also allows consumers and their vendors, suppliers, buyers, dealers, and distributors to use commercial credit cards to make statutory payments of direct taxes and GST as well as utility payments.
Visa has a partnership with PayMate. It is also a shareholder in PayMate, owning 2.94 per cent of the fully diluted paid-up equity share capital.
Earlier this month, Sebi returned the draft IPO papers of home-grown mobile maker Lava International and Oravel Stays Ltd, the parent company of travel-tech firm OYO, and asked them to refile the documents with certain updates.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, January 23 2023. 18:49 IST