Sebi asked B2B payment and service providers
PayMate India will refile documents for the initial public offer with some updates.
PayMate India had filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India in May 2022.
According to the draft papers, the proposed Initial Public Offering (IPO), includes a fresh issue of equity shares in the amount of Rs 1,125 crore and an offer-for-sale of Rs 375 million by promoters, investors, and other shareholders.
Ajay Adiseshan, VishvanathanSubramanian, and other investors, are the promoters of the company. They, along with Lightbox Ventures I and Mayfield FVCI Ltd., RSP India Fund LLC. and IPO Wealth Holdings, will sell shares through this OFS. Some existing shareholders have offered to sell shares via this route.
Promoter and promoter group currently hold 66.70% of the company’s shares, while the remainder is owned by public shareholders.
Sebi posted an update Monday on its website, stating that the regulator had returned the company’s DRHP January 17, 2023. The advice was to file it again after any revisions or updates.
However, no specific details were provided.
PayMate, a platform with multiple payment categories, integrates vendor payments, statutory and utility payments. This gives its customers a fully-integrated, B2B payment system.
