PayMate India told to re-file IPO papers with updated info

Mumbai: Securities and Exchange Board of India (Sebi) has told PayMate India, a digital payment services provider, to refile its draft initial public offering (IPO) papers to include "applicable updates/revisions".

The capital markets regulator said it returned PayMate's offer document back to its merchant bankers on January 17. PayMate said in a press release it aims to submit the mandatory system audit report (SAR) to the Reserve Bank of India by the second week of February. Submission of SAR to the central bank is part of the standard operating protocol to receive final approval from the central bank as payment aggregator, it said.

"We are confident of a quick turnaround by the RBI; and, thereafter, refiling DRHP with relevant updates along with the RBI final approval," the company said. The company recently received an in-principle nod from the RBI to operate as a B2B payment aggregator. PayMate aims to raise ₹1,500 crore through IPO that comprises fresh sale of shares worth ₹1,125 crore and a share sale by existing shareholders of ₹375 crore.