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:

Icon Facilitators Announces BSE SME IPO Approval, Targets ?22 Crore Fundraise

Crizac Limited gets Sebi Nod for Rs 1,000 cr IPO

Leading Decorative Wall Panel & Premium Laminates Brand Euro Pratik files DRHP for Rs 730 crore IPO

P S Raj Steels Receives In-Principal Approval for IPO on NSE Emerge

Jesons Industries refiles DRHP with Sebi for IPO

Standard Glass Lining Technology Limited raises Rs 123 crores from Anchor Investors

Greaves Electric Mobility Limited files DRHP for IPO

Senores Pharmaceuticals IPO subscribed 13.93 times on Day 2

Senores Pharmaceuticals IPO fully subscribed on Day 1

Speciality Fabric Manufacturer Rachit Prints files DRHP with BSE SME

Eleganz Interiors Limited files DRHP with NSE Emerge

Jungle Camps India Limited plans to raise around Rs. 30 crores from IPO

Afcons Infrastructure Ltd's IPO to open on Friday, October 25, 2024, price band set at ₹440/- to ₹463/- per Equity Share

Senores Pharmaceuticals gets Sebi nod for IPO

Telangana-based Standard Glass Lining Technology Limited gets Sebi nod for IPO

Dr. Agarwal's Health Care files DRHP for IPO

Icon Facilitators Limited files DRHP with BSE SME

Casagrand Premier Builder Limited files DRHP for Rs 1,100 crore IPO

Manba Finance Limited raises Rs. 45.25 crore from Anchor Investors

NTPC Green Energy Ltd files DRHP for IPO

Influx Healthtech Limited Files DRHP with NSE Emerge

Gala Precision Engineering IPO subscribed 201.41 times on Final Day, the most since the start of FY25

Identical Brains Studios Limited files DRHP with NSE Emerge

Gala Precision Engineering Ltd's IPO to open on Monday, September 02, 2024, price band set at ?503/- to ?529/- per Equity Share

Sanstar Limited IPO subscribed 82.98 times on Final Day

Sanstar Ltd's IPO to open on Friday, July 19, 2024, price band set at ?90/- to ?95/- per Equity Share

Three M Paper Boards Ltd's SME IPO to open on Friday, July 12, 2024

Virtual Galaxy Infotech attracts marquee investors, raises Rs 21.44 Crore ahead of IPO Launch

IT Solutions provider Orient Technologies gets Sebi nod for IPO

Accel and Flipkart-backed Zinka Logistics Solutions Limited files DRHP for IPO

Sleepwear-focused company S D Retail Limited files DRHP for SME IPO

ACME Solar Holdings Limited files DRHP for Rs 3,000 crore IPO

Nephro Care India Makes History - First SME IPO to Surpass Rs. 20,000 Crore in bids

Gala Precision Engineering gets Sebi nod for IPO

Noida-based Interarch Building Products Limited gets SEBI nod for IPO

Shivalik Engineering Industries Limited files DRHP for IPO

Niva Bupa files for Rs 3,000Cr IPO

Sagility India Limited files DRHP for IPO

Ambey Laboratories Ltd IPO to open for subscription on July 4, 2024

Nephro Care India Limited IPO opened today, Anchor Book fully subscribed

Allied Blenders & Distillers IPO subscribed 23.49 times on Final Day

Allied Blenders & Distillers IPO fully subscribed on Day 2

Allied Blenders & Distillers IPO subscribed 51% on Day 1

Stanley Lifestyles IPO subscribed 95.75 times on Final Day

Deepak Parekh-backed Nephro Care India Limited's IPO opens on Friday, June 28

Allied Blenders & Distillers Limited raises Rs. 449.1 crore from Anchor Investors

Stanley Lifestyles IPO subscribed 5.22 times on Day 2

Mason Infratech Limited IPO Opens on June 24, 2024

Stanley Lifestyles IPO fully subscribed on Day 1 led by strong retail, NII demand

Stanley Lifestyles Limited raises Rs. 161.10 crore from Anchor Investors


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

disclaimer copyright © 2005 - 2020