Main B2B funds and providers supplier PayMate India has filed preliminary papers with capital markets regulator Sebi to lift Rs 1,500 crore by an preliminary public providing (IPO).
The preliminary share-sale contains recent subject of fairness shares price Rs 1,125 crore and Supply-for-sale (OFS) of Rs 375 crore by promoters, buyers and different shareholders, in keeping with the draft pink herring prospectus (DRHP).
These promoting shares within the OFS embody promoters — Ajay Adiseshan and Vishvanathan Subramanian and buyers — Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth Holdings, apart from, sure current shareholders are additionally providing shares by this route.
The supply additionally features a reservation for subscription by eligible workers.
At the moment, promoter and promoter group holds 66.70 per cent stake within the firm and public shareholders personal the remaining stake.
Moreover, the corporate might contemplate a non-public placement of fairness shares aggregating as much as Rs 225 crore. If such placement is accomplished, the recent subject measurement shall be lowered.
Proceeds from its recent issuance price Rs 77 crore shall be utilized for funding for increasing enterprise into new geographies, Rs 228 crore for pursuing inorganic initiatives, Rs 688.70 crore for putting money as collateral with its monetary establishment companions to enhance its margins and common company functions .
PayMate has developed from a consumer-facing to a Enterprise-to-business (B2B) funds platform since its inception in 2006.
It’s a multi-payment class platform that comes with vendor funds, statutory funds, and utility funds, giving its prospects a “fully-integrated” B2B cost stack.
The platform additionally permits customers and their distributors, suppliers, patrons, sellers, and distributors to make use of business bank cards to make statutory funds of direct taxes and GST, in addition to utility funds.
Visa has a partnership with PayMate. It is usually a shareholder in PayMate, proudly owning 2.94 per cent of the absolutely diluted paid-up fairness share capital.
PayMate’s income from operations elevated 61.19 p.c from Rs 216.14 crore in Fiscal 2020 to Rs 348.40 crore in Fiscal 2021. Income for the nine-month interval ended December 2021 stood at Rs 843.44 crore.
ICICI Securities, HSBC Securities and Capital Markets (India) Personal Restricted, JM Monetary and SBI Capital Markets are the ebook working lead managers to the difficulty.
The fairness shares are proposed to be listed on BSE and NSE.