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

It obtained in-principle support from RBI for the outgo aggregator authorisation successful December.

PayMate India was asked by the Securities and Exchange Board of India (Sebi) to refile the documents for the Initial Public Offering (IPO) with definite updates. The determination whitethorn hold the company's archetypal stock sale.

According to sources, the institution was asked to update DRHP with last outgo aggregator authorisation and different worldly updates if any.

"Following our receipt of in-principle support from RBI for the Payment Aggregator (PA) authorisation recently. We volition beryllium successful a presumption to taxable the mandatory SAR (System Audit Report) by the archetypal oregon 2nd week of February," the institution said successful a statement.

SAR is simply a portion of the modular operating protocol to get the last approved PA authorisation from the Reserve Bank of India (RBI).

"We are assured of a speedy turnaround by RBI, and thereafter refiling DRHP with applicable updates on with the RBI last approval," PayMate India said.

PayMate India had filed the Draft Red Herring Prospectus (DRHP) for a ₹1,500 crore IPO with the Sebi successful May 2022.

The projected IPO comprises a caller contented of equity shares worthy ₹1,125 crore and an Offer-For-Sale (OFS) of ₹375 crore by promoters, investors and different shareholders.

The company's promoters -- Ajay Adiseshan and Vishvanathan Subramanian and investors -- arsenic good arsenic Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings are to merchantability shares done the OFS.

Besides, definite existing shareholders are offering to offload shares done this route.

Currently, the promoter and promoter radical clasp 66.70 per cent involvement successful the institution and the remainder is with nationalist shareholders.

According to an update connected Sebi's website connected Monday, the regulator returned the company's DRHP connected January 17, 2023, with proposal to refile it station applicable updates/revisions.

PayMate is simply a multi-payment class level that incorporates vendor payments, statutory payments, and inferior payments, giving its customers a fully-integrated B2B outgo stack.

The level besides allows consumers and their vendors, suppliers, buyers, dealers, and distributors to usage commercialized recognition cards to marque statutory payments of nonstop taxes and GST arsenic good arsenic inferior payments.

Visa has a concern with PayMate. It is besides a shareholder successful PayMate, owning 2.94 per cent of the afloat diluted paid-up equity stock capital.

Earlier this month, Sebi returned the draught IPO papers of home-grown mobile shaper Lava International and Oravel Stays Ltd, the genitor institution of travel-tech steadfast OYO, and asked them to refile the documents with definite updates.