New IPO: PayMate India to refile DRHP after receiving final nod from RBI for payment aggregator licence

It obtained in-principle approval from RBI for the cost aggregator authorisation in December.

PayMate India was requested by the Securities and Change Board of India (Sebi) to refile the paperwork for the Preliminary Public Providing (IPO) with sure updates. The transfer could delay the corporate’s preliminary share sale.

In line with sources, the corporate was requested to replace DRHP with remaining cost aggregator authorisation and different materials updates if any.

“Following our receipt of in-principle approval from RBI for the Fee Aggregator (PA) authorisation lately. We can be able to submit the obligatory SAR (System Audit Report) by the primary or second week of February,” the corporate stated in a press release.

SAR is part of the usual working protocol to get the ultimate permitted PA authorisation from the Reserve Financial institution of India (RBI).

“We’re assured of a fast turnaround by RBI, and thereafter refiling DRHP with related updates together with the RBI remaining approval,” PayMate India stated.

PayMate India had filed the Draft Purple Herring Prospectus (DRHP) for a 1,500 crore IPO with the Sebi in Could 2022.

The proposed IPO contains a recent difficulty of fairness shares value 1,125 crore and an Supply-For-Sale (OFS) of 375 crore by promoters, buyers and different shareholders.

The corporate’s promoters — Ajay Adiseshan and Vishvanathan Subramanian and buyers — in addition to Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings are to promote shares via the OFS.

Moreover, sure present shareholders are providing to dump shares via this route.

Presently, the promoter and promoter group maintain 66.70 per cent stake within the firm and the remaining is with public shareholders.

In line with an replace on Sebi’s web site on Monday, the regulator returned the corporate’s DRHP on January 17, 2023, with recommendation to refile it put up relevant updates/revisions.

PayMate is a multi-payment class platform that comes with vendor funds, statutory funds, and utility funds, giving its prospects a fully-integrated B2B cost stack.

The platform additionally permits shoppers and their distributors, suppliers, patrons, sellers, and distributors to make use of business bank cards to make statutory funds of direct taxes and GST in addition to utility funds.

Visa has a partnership with PayMate. It is usually a shareholder in PayMate, proudly owning 2.94 per cent of the absolutely diluted paid-up fairness share capital.

Earlier this month, Sebi returned the draft IPO papers of home-grown cellular maker Lava Worldwide and Oravel Stays Ltd, the mum or dad firm of travel-tech agency OYO, and requested them to refile the paperwork with sure updates.


An IPO is the method by which a personal firm can go public by providing its inventory to most of the people for the primary time.
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