PayMate India to raise Rs 1,500 cr through IPO with SEBI
- ByStartupStory | May 30, 2022
PayMate India founded in 2006, as a business-to-business solution provider, has submitted a draft Red Herring Prospectus (DRHP) to the Capital Markets Regulatory Authority, the Indian Securities and Exchange Commission (SEBI), to raise approximately Rs. 150 billion through an initial public offering (IPO).
According to the draft, Mumbai-based PayMate India will collect about 1,500 rupees via the main route. This includes the issuance of new shares worth 1,125 rupees.
IPO also includes an offer to sell (OFS) by existing shareholders and promoters. Rs 375 Chlore is sourced via the OFS route. The bid includes up to Rs. 135 million shares from promoter Ajay Adiseshan and up to Rs. 329 million shares from Vishvanathan Subramanian.
Institutional investors such as Lightbox Ventures I, Mayfield FVCI, RSP India Fund, and IPO Wealth Holdings will also sell some of their shares. Lightbox Ventures I will sell stocks worth up to 127.38 rupees. Mayfield FVCI Ltd will sell shares worth Rs 15.66.
PayMate India leverages digital payment giants Visa and Lightbox. The company reserves 75% of the awards for qualified institutional investors (QIBs). Of the remaining 25%, 15% will be sent to non-institutional investors and 10% will be sent to private bidders.
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