Sebi has asked B2B payments and services provider
PayMate India to refile the documents for the initial public offering with certain updates.
PayMate India had filed the Draft Red Herring Prospectus (DRHP) for a Rs 1,500 crore-IPO with the Securities and Exchange Board of India (Sebi) in May 2022.
The proposed Initial Public Offering (IPO) comprises fresh issue of equity shares worth Rs 1,125 crore and an Offer-for-sale (OFS) of Rs 375 crore by promoters, investors and other shareholders, according to the draft papers.
The company’s promoters — Ajay Adiseshan and Vishvanathan Subramanian and investors — as well as Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings are to sell shares through the OFS. Besides, certain existing shareholders are offering to offload shares through this route.
Currently, promoter and promoter group hold 66.70 per cent stake in the company and the rest is with public shareholders.
According to an update on Sebi’s websi
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