Ebixcash IPO: The Subsidiary of Ebix inc Has Filed For Rs 6000 IPO

Ebixcash Ltd, a Nasdaq-listed Indian subsidiary of Ebix Inc, has filed draft papers for an IPO with market regulator SEBI to raise Rs 6,000 crore through a new issue of shares. According to the draft, the company may also explore a pre-IPO placement of up to Rs 1,200 cr.

The funds from the IPO are worth Rs 1,035.03 Cr to cover the working capital requirements of Ebix Travels Pvt Ltd and EbixCash World Money Ltd. The funds would be utilized to acquire Ebix Mauritius's outstanding compulsorily convertible debentures, worth Rs 2,747.57 cr.

The issue's lead managers are Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets, and Yes Securities.

As of September 2021, it had total borrowings of Rs 1454.62 crore. Earlier on Wednesday, Ebix (EBIX) reported fourth-quarter earnings, excluding one-time items, of 66 cents a share on $266.8 million in revenue.

Ebixcash

Ebixcash operates in a number of financial services companies, including B2C distribution, B2B back-end systems, digital payments solutions, domestic and international money transfer services, travel, insurance, and corporate and incentive solutions.

The domestic remittance, currency, international remittance, and pre-paid cards/gift cards are the main services provided by the company. It also provides CMS, AEPS, food card programs, cost management, and incentive programs, among other services.
The company combines B2B, B2C, and B2B2C business models into a single omnichannel platform, with goods available in India and over 75 other countries. As of December 31, it has over 650,000 physical agent distribution locations in India and Southeast Asia for payment solutions, remittance, travel, and insurance goods.