EbixCash receives SEBI nod to float Rs 6000 crore IPO

12 Apr 2023 , 10:54 AM

Mobile payment solution provider, EbixCash has received the approval from markets regulator SEBI to raise funds through initial public offer. The company had filed DRHP with the Securities and Exchange Board of India in March 2022 and received approval in April 2023. 

As per DRHP, the company wants to raise Rs 6000 crore from issue of fresh equity shares and no component of offer for sale, making it one of the largest public offers in the financial sector of India. 

As per DRHP, the company will use net proceeds towards the funding of working capital requirements of Ebix Travels Private Limited and EbixCash World Money Limited, for purchase of outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius and funding strategic acquisitions and investmentsand general corporate purposes.

EbixCash is in four primary business segments: payment solutions, travel, financial technologies, business processing outsourcing services, and startup initiatives. It had posted a profit of Rs 230 crore for FY21 against Rs 243.3 crore in the previous fiscal. Its revenues jumped 91.36% to Rs 4,152.5 crore in FY21.

Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets and Yes Securities are the merchant bankers of the IPO. Link Intime India Private Limited is the registrar for the same.