Infibeam Avenues shares in focus as UAE-based subsidiary to raise $25 million in pre-IPO round

Avenues World FZ-LLC is raising $25 million through a pre-IPO round and will cease to be a wholly owned step-down subsidiary of Infibeam Avenues after the round

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Infibeam Avenues shares will be in focus on March 27 as the fintech’s UAE-based subsidiary is planning to raise around $25 million through a pre-IPO round.

Avenues World FZ-LLC is raising $25 million through a pre-IPO round prior to potential listing in UAE capital market with a select group of investors. Consequently, it would cease to be a wholly owned step-down subsidiary of the company post the said fund raising.

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The transaction would be completed within next 45 days and Vavian International, the wholly owned subsidiary of the company, will continue to hold 75 percent stake or more in Avenues World FZ-LLC due to indirect dilution up to 25 percent of the post issue capital.

In a filing with the bourses, Infibeam Avenues said, “The above would not fall within the related party transaction. The promoter companies do not have any interest. Further, Avenues World FZ LLC is not a material subsidiary as per the provisions of the Companies Act, 2013 and SEBI Listing Regulations.”

On March 5, the AI-powered fintech company received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment Settlements Act, 2007 for CCAvenue.

In October 2022, Infibeam Avenues received in-principle approval from the banking regulator to operate as a Payment Aggregator (PA). Now, the RBI has granted the company the final Payment Aggregator licence.

Over the past six months, Infibeam Avenues has gained around 94 percent. On March 26, after a volatile session of trade, the stock settled at Rs 34.75, down 1.56 percent.

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