Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
IPO News

| More

PayMate India files DRHP for IPO to raise Rs 1500 crore

Posted On: 2022-06-01 22:49:00 (Time Zone: IST)


Mumbai-based PayMate India ("The Company"), a leading B2B payments and services provider that digitizes, automates and streamlines business to business ("B2B") payments in supply chains, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO) with a fresh issue of Rs 1125 crore and Offer-for-sale of Rs 375 crore.

The issue has a face value of Re 1 per equity share for the proposed share sale. The Offer is being made through the Book Building Process, wherein not less than 75% of the Offer shall be available for allocation to Qualified Institutional Buyers, not more than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders.

The Offer for Sale comprises up to Rs 134.73 crore by Ajay Adiseshan and up to Rs 3.29 crore by Vishvanathan Subramanian ("Promoter Selling Shareholders"), up to Rs 127.38 crore by Lightbox Ventures I, up to Rs 15.66 crore by Mayfield FVCI, Ltd., up to Rs 2.74 crore by RSP India Fund. LLC, up to Rs 17.01 crore by IPO Wealth Holdings Pvt Ltd ("Investor Selling Shareholders"), up to Rs 1.96 crore by G. Adiseshan, up to Rs 11.45 crore by Uma Vishvanathan, up to Rs 15.37 crore by Dhruv Pratap Singh, up to Rs 26.56 crore by Probir Kumar Roy, up to Rs 13.27 crore by Alexander Kuruvilla and up to Rs 5.59 crore by Anand Rajaram ("Other Selling Shareholders"). The offer also includes a reservation for subscription by eligible employees.

Additionally, the company, in consultation with the lead bankers to the issue may consider a private placement of equity shares aggregating up to Rs 225 crore. If such placement is completed, the fresh issue size will be reduced.

As on date of the DRHP filing the promoter and promoter group held 66.70% in the company and the rest was held by Public shareholders.

The proceeds from its fresh issuance worth Rs. 77 crore will be utilised for Investment for expanding our business into new geographies, Rs 228 crore for pursuing inorganic initiatives, Rs 688.70 crore for placing cash as collateral with its financial institution partners to improve its margins and general corporate purposes.

PayMate has developed from a consumer-facing to a B2B payments platform since its inception in 2006. They are a market leader in B2B payment services based on digital technologies, with a customer base that spans a wide range of industries, including IT distribution, FMCG, paints, financial services, cement, auto auxiliary, travel and airline, media, manufacturing, and logistics.

It is a multi-payment category platform that incorporates vendor payments, statutory payments, and utility payments, giving its customers a "fully-integrated" B2B payment stack. The platform's strength comes from its flexibility to integrate with a variety of clients across their payment services spectrum. Crompton Greaves Consumer Electricals Limited, Kansai Nerolac Paints Limited, SBI Cards and Payment Services Limited, and Jay Bharat Maruti Limited are among the 480 enterprises that have subscribed to the enterprise plan on its platform ("Enterprise Customers") to receive payments from their buyers, dealers, and distributors.

The platform also allows consumers and their vendors, suppliers, buyers, dealers, and distributors to use commercial credit cards to make statutory payments of direct taxes and GST, as well as utility payments.

Visa has a partnership with PayMate. Visa cards accounted for more than 90% of commercial credit cards handled through the systems as of December 31, 2021. Visa is also a shareholder in PayMate, owning 2.94 percent of the fully diluted paid-up Equity Share capital.

The brand launched its platform in the UAE in 2018 through PayMate LLC, its subsidiary in the UAE, as a Visa-certified Business Payment Solution Provider. It is also aiming to expand into other parts of the Central Europe, Middle East and Africa ("CEMEA") region as well.

As on December 31, 2021, it had 49,953 Customers, of which 480 were Enterprise Customers and 49,473 were small and medium enterprises which subscribed for basic plan on its platform ("SME Customers"). In terms of Transaction processing volume (TPV) processed, it is India's largest B2B payments player and one of the fastest growing providers of on-line, card-based payment-processing services, with a TPV of ?77,731.45 million in December 2021.

In Fiscal 2021, it completed the merger with Zaitech Technologies, which has enabled it to integrate the credit evaluation and scoring technology of Zaitech Technologies with the payments platform, thereby offering an integrated payments and credit platform.

According to RedSeer report quotes in its DRHP, the total global TPV for B2B payments, excluding cross-border payments, increased from around USD 101 trillion (Rs 7846.91 trillion) in 2018 to USD 114 trillion (Rs 8856.91 trillion) in 2021, and is predicted to increase to almost USD 142 trillion (Rs 11032.29 trillion) in 2025, representing a CAGR of 5.7 percent from 2020. In 2021, the B2B payment market in India and the Gulf Cooperation Council (GCC) will be worth around USD 12 trillion (Rs 932.31 trillion), and by 2025, it will be worth around USD 17 trillion (Rs 1320.77 trillion).

PayMate's revenue from operations increased 61.19 percent from Rs 216.14 crore in Fiscal 2020 to Rs 348.40 crore in Fiscal 2021, primarily due to an increase in the local transaction fees and international transaction fees. Revenue for the nine-month period ended December 2021 stood at Rs 843.44 crore.

ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and SBI Capital Markets Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

USFDA issues Form 483 for Glenmark Pharmaceuticals Ltd's Aurangabad facility

Concord Enviro System files DRHP to raise funds via IPO

Innova Captab files DRHP with SEBI to raise funds via IPO

Allied Blenders and Distillers files DRHP for Rs 2000 crore IPO

Noida-based India Exposition Mart gets Sebi nod for IPO

Artefact Projects Limited bags projects assignments with Fees of Rs. 30.72 crores

Delta Corp subsidiary Deltatech Gaming files its DRHP for Rs. 550 crore IPO

ASM Technologies Ltd recommends final dividend of Rs. 2.50

Balaji Speciality Chemicals Ltd to raise funds through IPO

QIBs lead the way on final day for Aether Industries, Overall Issue subscribed 6.26 times

Shilpa Pharma Lifesciences Ltd to file for IPO

Aether Industries Ltd's IPO to open on May 24, 2022, sets price band at ?610 to ?642 per Equity Share

Strong retail demand for eMudhra IPO on Day 1

Ethos IPO fully subscribed on last day of bidding

eMudhra Ltd raises Rs 123.83 crore from anchor investors

Ethos IPO: Retail Book crosses halfway mark on Day 1, Subscribed 27% Overall

Ethos Limited IPO opens for subscription

eMudhra Limited's IPO to open on May 20, 2022, sets price band at ?243 to ?256 per Equity Share

Ethos Ltd raises Rs 141.69 crore from 9 anchor investors

Logistics Services Provider Pristine Logistics & Infraprojects files DRHP for IPO

Paradeep Phosphates Ltd IPO to open for subscription on May 17, 2022

LIC IPO - Day 5 - Overall Issue Subscribed 1.79 times; Policy holders' portion booked 5.04 times

LIC IPO - Day 4 - NII Segment fully subscribed, Overall Issue Subscribed 1.66 times

Venus Pipes & Tubes' IPO to open on May 11, sets price band at ? 310 to ? 326 per Equity Share

LIC IPO - Day 3 - Overall Issue Subscribed 1.38 times

Sanathan Textiles, Syrma SGS Technology, Aether Industries, 3 others get Sebi nod for IPO

LIC IPO to open on May 4, sets price band at ? 902 to ? 949 per Equity Share

Sah Polymers files DRHP with SEBI to raise funds via IPO

Kaynes Technology files DRHP with SEBI, to raise funds through IPO

Prasol Chemicals Limited files for Rs 800 crore IPO

Hariom Pipe Industries' IPO subscribed 7.93 times on Final Day, Retail portion booked 12.15 times

Hariom Pipe Industries' IPO subscribed 3.44 times on Day 4

Venus Pipes and Tubes Limited gets SEBI nod for IPO

Agro Chemical Co, Dharmaj Crop Guard gets SEBI nod for Rs 300 crore IPO

Hariom Pipe Industries' IPO subscribed 1.88 times on Day 3, Retail portion booked 4.66 times

Hariom Pipe Industries' IPO subscribed 1.48 times on Day 2, Retail portion booked 3.55 times

Hariom Pipe Industries' IPO subscribed 67% on Day 1, Retail portion fully subscribed

Hariom Pipe Industries Limited's IPO to open on March 30, 2022

Retail Jeweller Joyalukkas India files DRHP with SEBI to raise Rs 2,300 Crs via IPO

Nasdaq-listed Yatra Online Inc's Indian Subsidiary files DRHP for its IPO

Veranda Learning Solutions Limited IPO to open on March 29, 2022

Krishna Defence and Allied Industries Limited to launch Rs 11.89 crore SME IPO

Maini Precision Products Limited gets SEBI nod for Rs 900 crs IPO

Cool Caps Industries Limited IPO receives subscription of 7.5 times

Life Insurance Corporation of India and eMudhra gets Sebi nod for IPO

EbixCash files DRHP for IPO with SEBI, to raise Rs 6,000 crore

Hexagon Nutrition gets Sebi nod for Rs. 600 crore IPO

India Exposition Mart files DRHP for Rs 600 crore IPO

Suraj Estate Developers files for an IPO, to raise Rs 500 Crs

Elin Electronics gets SEBI's nod for Rs 760 crore IPO


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020