Ebixcash, the Indian subsidiary of Nasdaq-listed Ebix Inc, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to raise Rs 6,000 crore through an initial public offering (IPO). The IPO will be a fresh issue of equity shares, and existing shareholders and promoters won’t offload any shares through the offer, according to the draft red herring prospectus (DRHP).
According to the document, the company might consider a pre-IPO placement of up to Rs 1,200 crore, which could result in trimming the issue size. A portion of the issue will be reserved for eligible employees. From the proceeds of the issue, Rs 1,035.03 crore will be utilised for funding working capital requirements of the company’s subsidiaries, Rs 2,747.57 crore for purchase of outstanding convertible debentures from subsidiaries, funding strategic acquisitions and 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.
The payment solutions business accounts for more than 77% of total revenues. As of September 2021, the profit stood at Rs 191.10 crore while revenue was at Rs 2,653.42 crore.
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