SEBI, the stock market regulator, has requested that Mumbai-based fintech unicorn PayMate India resubmit its draft red herring prospectus (DRHP) with updated information. The regulatory body initially returned the DRHP on January 17, 2023. PayMate submitted a DRHP to the oversight authority in May 2022 for an INR 1500 IPO. A PTI report claims that as part of its first public offering (IPO), the company’s promoters, investors, and other stakeholders will issue new equity shares for INR 1,125 Cr and an OFS worth INR 375 Cr. The modification was made shortly after OYO, a hotel company, was asked by SEBI to disclose an updated DRHP along with the financial statements for the September quarter of FY23. As a result, it’s anticipated that OYO’s IPO will be delayed by three months.
SEBI asks PayMate India to refile DRHP
