SEBI asks PayMate India to refile DRHP

January 25, 2023

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Mumbai-based fintech unicorn PayMate India has been asked by stock exchange regulator SEBI to resubmit its draft red herring prospectus (DRHP) with updated information. On January 17th, 2023, the regulatory body initially returned the DRHP.

In May 2022, PayMate submitted a DRHP to the regulatory body for an INR 1500 IPO. According to a PTI report, its IPO includes a fresh issuance of equity shares valued at INR 1,125 Cr and an OFS of INR 375 Cr by promoters, investors, and other stakeholders. The change occurs shortly after SEBI requested that OYO, a chain of hotels, share an updated DRHP along with the financial statements for the September quarter of FY23. OYO’s IPO is expected to be postponed by three months as a result.

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