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IPO News
EbixCash gets Sebi nod for Rs 6,000 crore IPO
Posted On : 2023-04-25 09:01:38( TIMEZONE : IST )
EbixCash Limited, a technology enabled provider of digital products and services with a leadership position in the B2C, B2B and financial technology arena through its integrated business model has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 6,000 crore through an initial public offering (IPO).
The company had filed preliminary IPO papers with Sebi on March 9, 2022.
The IPO comprises equity shares of face value of Re 1 each which is a complete fresh issue of shares and the entire proceeds will go to the company. The offer also includes a reservation for subscription by eligible employees.
Additionally, the company, in consultation with the lead bankers to the issue may consider a further issue of specified securities through a private placement aggregating up to Rs 1200 crore. If such placement is completed, the fresh issue size will be reduced.
The issue proceeds will be utilised to the tune of Rs 1,035.03 crore for working capital requirements of its subsidiaries, 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 market leader in international remittance based on Gross Transaction Value (GTV) and a leading non-bank travel exchanges. It has four primary business segments, payment solutions, travel, financial technologies and business processing outsourcing ("BPO") services and start-up initiatives.
The company provides a variety of products in India and in over 75 international jurisdictions, which includes front-end focused domestic and international money remittance, foreign exchange ("Forex"), pre-paid gift cards, utility payments, Aadhaar Enabled Payment Services ("AEPS") services, PoS services, ticketing services; and back-end focused SaaS and self-hosted solutions for the financial sector including lending and wealth management operations, bus exchange technology, insurance and healthcare technology.
Motilal Oswal Investment Advisors Limited, Equirus Capital Private Limited, ICICI Securities Limited, SBI Capital Markets Limited and Yes Securities (India) Limited are the book running lead managers for the issue, and Link Intime India Private Limited is the registrar.
