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PayMate India, a B2B payment solutions provider, has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise around Rs 1,500 crore through an initial public offering (IPO).As per the draft paper, Mumbai-based PayMate India plans to raise around Rs 1,500 crore through the primary route. This includes the issuance of fresh equity shares worth Rs 1,125 crore.The IPO would also comprise an offer for sale (OFS) by its existing shareholders and promoters. Rs 375 crore is to be raised through the OFS route.The offer for sale comprises of up to Rs 135 crore worth of shares by its promoter Ajay Adiseshan and up to Rs 3.29 crore worth of shares by Vishvanathan Subramanian.Institutional investors including Lightbox Ventures I, Mayfield FVCI, RSP India Fund and IPO Wealth Holdings will also offload some part of their stakes. Lightbox Ventures I plans to sale shares worth up to Rs 127.38 crore. Mayfield FVCI Ltd intends to sale shares worth Rs 15.66 crore.Founded in 2006, PayMate India is backed by digital payment giant Visa and Lightbox.The company has reserved 75 per cent of the allocation for the qualified institutional bidders (QIBs). Out of the remaining 25 per cent, 15 per cent will be allocated to non-institutional buyers and 10 per cent to retail bidders.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :PayMate India files draft papers to raise Rs 1,500 crore through IPO

PayMate India, a B2B payment solutions provider, has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise around Rs 1,500 crore through an initial public offering (IPO). ...