Highlights of Final NOD:
- PayMate India plans to refile its draft IPO papers with the Securities and Exchange Board of India (SEBI) after receiving final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
- The company received in-principle approval from the RBI for payment aggregator authorization in December.
- SEBI asked PayMate to update its documents for the IPO with certain updates, which may delay the company’s initial public offering.
- PayMate plans to submit a mandatory System Audit Report (SAR) by early February as part of the process to receive final approval from the RBI.
- The proposed IPO includes a 1,125 crore fresh issue of equity shares and a 375 crore Offer-For-Sale by promoters, investors, and other shareholders.
- Visa is a partner and shareholder in PayMate, owning 2.94% of the fully diluted paid-up equity share capital.
- SEBI also recently returned draft IPO papers of Lava International and Oravel Stays Ltd, parent company of OYO, and asked them to refile with necessary updates.
- PayMate is a multi-payment platform that incorporates vendor payments, statutory payments, and utility payments, providing a fully-integrated B2B payment stack for customers.
Details of Final NOD:
Indian fintech company PayMate announced plans to resubmit draft IPO papers to the Securities and Exchange Board of India (SEBI) after receiving final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
In December, PayMate received in-principle approval from the RBI for payment aggregator authorization.
SEBI requested that PayMate update their documents with the final payment aggregator authorization and any other necessary updates, which may delay the company’s initial public offering.
PayMate plans to submit a mandatory System Audit Report (SAR) by early February as part of the process to receive final approval from the RBI.
The company stated confidence in receiving swift approval from the RBI and subsequently refiling the DRHP with necessary updates and the final approval from the RBI.
In May 2022, PayMate filed a Draft Red Herring Prospectus (DRHP) for a 1,500 crore IPO with SEBI.
The proposed IPO includes a 1,125 crore fresh issue of equity shares and a 375 crore Offer-For-Sale by promoters, investors, and other shareholders.
PayMate’s promoters and investors, as well as Lightbox Ventures I, Mayfield FVCI Ltd, RSP India Fund LLC, and IPO Wealth Holdings, are among those selling shares through the OFS.
Promoters and the promoter group currently hold 66.70% stake in the company, with the remaining stake held by public shareholders.
SEBI returned the company’s DRHP on January 17th, 2023 and advised refiling with necessary updates or revisions.
This is is a multi-payment platform that incorporates vendor payments, statutory payments, and utility payments, providing a fully-integrated B2B payment stack for customers.
The platform also allows customers to make statutory payments and utility payments using commercial credit cards.
Visa is a partner and shareholder in PayMate, owning 2.94% of the fully diluted paid-up equity share capital.
SEBI also recently returned draft IPO papers of Lava International and Oravel Stays Ltd, parent company of OYO, and asked them to refile with necessary updates.
For More Latest News Click Here
