(Bloomberg) -- Paymate India Pvt, a business-to-business payment solution provider, has selected banks for its Mumbai initial public offering that could raise about $400 million, according to people familiar with the matter.
ICICI Securities Ltd., JM Financial Ltd. and Nomura Holdings Inc. were picked to help arrange the share sale, which could take place as soon as next year, said the people, who asked not to be identified as the discussions are private. Paymate plans to file a draft prospectus for the IPO as early as September, they added.
Deliberations are ongoing and more banks could be added at a later stage, the people said. Representatives for ICICI Securities and JM Financial declined to comment, while representatives for Nomura and Paymate couldn't be reached immediately for comment.
Paymate, founded by entrepreneur Ajay Adiseshann, has a presence in India and the United Arab Emirates and is expanding across central Europe, the Middle East and Africa, according to its website. The Mumbai-based company counts Visa Inc., Recruit Strategic Partners and boutique investment firm Mayfair 101 among its backers. SBI Cards & Payment Services Ltd. and ICICI Bank Ltd. are some of their business partners.
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