SEBI asks PayMate India to refile DRHP with updates

B2B payments and services provider PayMate India has been asked to refile draft red herring prospectus by SEBI along with certain updates. The company had filed DRHP for Rs 1,500 crore-IPO with the market regulator in May 2022. 

According to DRHP 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.

The promoters of the company are 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 offloading shares through this route.

According to the SEBI website, the company is advised to refile draft papers with certain updates and revisions on January 17. However, there are no specific details disclosed by SEBI.

PayMate India is a multi-payment category platform that incorporates vendor payments, statutory payments, and utility payments, giving its customers a fully-integrated B2B payment stack. It 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 also has partnership with PayMate, it owns 2.94% of the fully diluted paid-up equity share capital. 

ICICI Securities, HSBC Securities and Capital Markets (India) Private Limited, JM Financial and SBI Capital Markets are the book running lead managers to the issue.