Market regulator Sebi has returned the draft prospectus of the ₹1,500 crore initial public offering (IPO) of the multi-payment category platform, PayMate India. The company filed its IPO papers in May last year. The regulator has advised Paymate to refile with certain updates.
As per the latest processing issues, Sebi's observation letter on Paymate IPO is "offer document returned", adding, "with an advise to re-file post applicable updates/revisions."
The document was returned on 17 January.
ICICI Securities is the co-ordinating lead manager for Paymate's IPO.
Paymate filed IPO papers on May 30, 2022. As per the draft prospectus, the IPO comprised a fresh issue of ₹1,125 cr and an offer for sale of up to ₹375 crore -- taking the total size of the offer to ₹1,500 crore.
The company counts companies like Visa, Mayfair 101, Lightbox Brand Capital, Mayfield and Sherpalo Ventures as its investors.