Public Market

IPO

Independent non-bank ATM operator India1 Payments files IPO papers

Economic Times  

Bengaluru-headquartered India1 Payments Ltd (formerly BTI Payments) has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The share-sale comprises fresh issuance of equity shares worth INR 150 crore and an offer for sale (OFS) of 10,305,180 equity shares by promoters and investors. Proceeds from the fresh issue will be utilized to repay debt, fund capital expenditure requirements of the company for setting up of ATMs in India and for general corporate purposes. The OFS consists of sale of 1 lakh equity shares by the Banktech Group, up to 25.08 lakh equity shares by BTI Payments Singapore, up to 49.94 lakh equity shares by India Advantage Fund S3 I, up to 24.86 lakh equity shares by India Advantage Fund S4 I and up to 2.16 lakh equity shares by Dynamic India Fund S4 US. JM Financial, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue. Promoted by the Banktech Group, India1 Payments was incorporated in 2006 and subsequently invested in by ICICI Ventures in 2013. It is an independent non-bank ATM operator. As of June 30, 2021, it operated a network of 8,520 ATMs across 14 states and union territories.