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B2B payments enabler PayMate files DRHP to raise Rs.1,500-Cr

Economic Times  

Mumbai-based B2B payment services provider PayMate India has filed its draft red herring prospectus (DRHP) for an INR 1,500 crore IPO, which includes an issuance of fresh equity shares worth INR 1,125 crore. The remaining INR 375 crore will consist of an offer for sale (OFS) by existing shareholders and promoters. In the OFS, promoters including Ajay Adiseshan and Vishvanathan Subramanian will sell up to INR 134.73 crore and INR 3.29 crore, respectively. Institutional investors including Lightbox Ventures I, Mayfield FVCI, RSP India Fund, IPO Wealth Holdings will also offload some stakes. The primary proceeds will be used for expanding into new geographies, pursuing inorganic initiatives, and as collateral with financial institutions to improve margins. ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and SBI Capital Markets are the book running lead managers to the issue.