India1 Payments IPO: India1 Payments files IPO papers with Sebi

New Delhi: India1 Payments Ltd, formerly known as BTI Payments, on Tuesday filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The initial share-sale comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale (OFS) of 10,305,180 equity shares by promoters and investors, according to the draft red herring prospectus (DRHP).

The OFS consists of sale of 1 lakh equity shares by the Banktech Group, up to 25.08 lakh equity shares by BTI Payments Singapore, up to 49.94 lakh equity shares by India Advantage Fund S3 I, up to 24.86 lakh equity shares by India Advantage Fund S4 I and up to 2.16 lakh equity shares by Dynamic India Fund S4 US.

The company may consider a pre-IPO placement of up to Rs 30 crore. Proceeds from the fresh issue will be utilized to repay debt, fund capital expenditure requirements of the company for setting up of ATMs in India and for general corporate purposes.

India1 Payments, promoted by the Banktech Group, was incorporated in the year 2006 and subsequently invested by ICICI Ventures in 2013. Headquartered in Bengaluru, India1 Payments is a leading independent non-bank ATM operator in the country.

As of June 30, 2021, it operated a network of 8,520 ATMs across 14 states and union territories which the company brands as “india1ATM”.

The company’s ATM business is focused on semi urban regions and rural regions, where 7,619 ATMs are located. JM Financial, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue.