Paramotor Digital Technology filed its updated draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,000 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 698 crore and an offer for sale (OFS) of shares aggregating up to Rs 302 crore by promoters Sonia Pankaj Asher and Rahul Anand.
The company will use the proceeds from the fresh issue primarily for customer acquisition, retention, and brand and business promotion initiatives, for which it has earmarked Rs 355 crore. The company also plans to allocate Rs 94 crore to technology development, cloud infrastructure services, and IT assets, and Rs 38 crore to office infrastructure. The remaining amount will be utilised for general corporate purposes. Motilal Oswal Investment Advisors and Equirus Capital are the book-running lead managers to the issue.
Founded in 2016, Paramotor Digital operates across prepaid payment instruments (PPIs), digital gifting, rewards and loyalty solutions, and enterprise technology services.
