Ebixcash files with capital market regulator for IPO

The Indian subsidiary of Ebix Inc, Ebixcash has filed draft papers with SEBI for a Rs 6,000 crore IPO. The IPO comprises of fresh equity issue of up to Rs 6,000 crore. 

In addition, this offering includes odd-lot reservations for subscriptions by eligible employees. The employee reserve portion shall not exceed 5% of the share capital paid after issuance.

It will use the proceeds from the IPO to fund the necessary funds of its subsidiaries Ebix Travels and Ebixcash World Money to purchase unpaid Ebix Asia Holdings Inc and Mauritius Compulsory Convertible Bonds issued by certain subsidiaries and such unpaid.

The company is also planning to explore a pre-IPO placement of up to Rs 1,200 crore. If the placement is completed, the issue size will be reduced. It has more than 6.5 lakh physical agent distribution locations throughout India and Southeast Asia payment solutions, emittance, travel and insurance products.

Ebixcash brings together the best B2B, B2C, and B2B2C models in a single omni-channel platform, offering products in India and more than 75 countries. As of December 2021, they are using "Phygital" to integrate over 650,000 physical agent distribution outlets for payment solutions, money transfers, travel and insurance products across India and Southeast Asia.

The lead managers and advisors of the company for the IPO includes Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets, YES Securities Ltd.