Paramotor Digital Technology Ltd has confidentially filed for an IPO with Sebi, leveraging the pre-filing route for greater flexibility in its market debut.
Fintech and enterprise technology firm Paramotor Digital Technology Ltd has confidentially filed draft papers with markets regulator Sebi for an initial public offering (IPO), according to a public notice issued by the company.
The company submitted its draft papers under Sebi's pre-filing route, which allows issuers to keep details related to the issue size and other key information confidential until a later stage.
This route has been increasingly favoured by companies seeking more flexibility in their IPO preparations and responding to market conditions before a public filing.
In a public notice, Paramotor said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".
According to sources, Motilal Oswal Investment Advisors and Equirus Capital are the book-running lead managers to the issue.
Incorporated in 2016, Paramotor Digital Technology operates a diversified technology platform catering to both consumers and enterprises across India. Its business spans consumer spend management, rewards and loyalty solutions, digital gifting and enterprise technology services.
Paramotor's portfolio includes SpendPro, a prepaid card-based spend management platform; RewardOn, an enterprise rewards and loyalty management solution; yayyy.shop, a direct-to-consumer digital gifting marketplace; and DevStack, its enterprise technology and software development services vertical.
The company's asset-light, technology-driven business model positions it to benefit from increasing digital adoption in consumer spending, enterprise engagement and business process digitisation.
Its yayyy.shop platform offers consumers access to prepaid and branded gift cards across multiple categories, while RewardOn enables enterprises to design and manage digital rewards programmes for employee engagement, customer loyalty and channel incentives.
DevStack focuses on developing business-critical software applications and enterprise platforms, helping organisations build customised and scalable digital solutions.