EbixCash, the fintech arm and Indian subsidiary of Ebix, received final observation from Securities and Exchange Board of India (Sebi) for a public issue to raise Rs 6,000 crore via an initial public offering. EbixCash is a provider of digital products and services in the B2C, B2B and fintech spaces. The IPO is entirely a fresh issue of equity shares with face value of Re 1 each. The IPO proceeds will go to the company. EbixCash will utilise the money to the tune of Rs 1,035.03 crore for working capital requirements of its subsidiaries, and Rs 2,747.57 crore for purchase of outstanding convertible debentures from its subsidiaries and funding strategic acquisitions and investments besides general corporate proposes.
EbixCash is a technology-enabled provider of digital products and services, holding a leadership position in B2C, B2B and the financial technology arena through an integrated business model. Payment solutions, travel, financial technologies, business processing outsourcing services and start-up initiatives are the primary functional areas.
A portion of the issue is also reserved for subscription by employees. Moreover, the company might consider raising funds via private placement of up to Rs 1,200 crore. If the placement is successful, EbixCash might consider reducing the issue size accordingly. Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets, Yes Securities (India) Ltd are the book running lead managers that will advise the company on the IPO. Link Intime India Private Limited is the registrar. EbixCash had first filed for an IPO back in March 2022.