PayMate India files papers with Sebi to raise Rs 1,500 cr through IPO

Leading B2B funds and providers supplier PayMate India has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,500 crore through an initial public offering (IPO).

The preliminary share-sale includes recent concern of fairness shares price Rs 1,125 crore and Offer-for-sale (OFS) of Rs 375 crore by promoters, buyers and different shareholders, in accordance to the draft crimson herring prospectus (DRHP).

Those promoting shares within the OFS embrace promoters — Ajay Adiseshan and Vishvanathan Subramanian and buyers — Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings, moreover, sure present shareholders are too providing shares through this route.

The provide additionally features a reservation for subscription by eligible workers.

Currently, promoter and promoter group holds 66.70 per cent stake within the firm and public shareholders personal the remaining stake.

Additionally, the corporate might take into account a personal placement of fairness shares aggregating up to Rs 225 crore. If such placement is accomplished, the recent concern dimension will likely be lowered.

Proceeds from its recent issuance price Rs 77 crore will likely be utilised for funding for increasing enterprise into new geographies, Rs 228 crore for pursuing inorganic initiatives, Rs 688.70 crore for putting money as collateral with its monetary establishment companions to enhance its margins and basic company functions.

PayMate has developed from a consumer-facing to a Business-to-business (B2B) funds platform since its inception in 2006.

It 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, consumers, sellers, and distributors to use industrial bank cards to make statutory funds of direct taxes and GST, in addition to utility funds.

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

PayMate’s income from operations elevated 61.19 p.c from Rs 216.14 crore in Fiscal 2020 to Rs 348.40 crore in Fiscal 2021. Revenue for the nine-month interval ended December 2021 stood at Rs 843.44 crore.

ICICI Securities, HSBC Securities and Capital Markets (India) Private Limited, JM Financial and SBI Capital Markets are the ebook working lead managers to the problem.

The fairness shares are proposed to be listed on BSE and NSE.

(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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