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Capital markets regulator SEBI has given its clearance to fintech company EbixCash to launch its planned IPO.
EbixCash is one of the largest companies in the international remittance business. It converges the front-end distribution channels with back-end tech functions across the payments solutions, insurance, travel and fintech sectors. It has 4 main business segments: Travel, Payments Solutions, Fintech and BPO & Startups.
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It has a distribution network of 650,000 outlets while operating an omnichannel online digital platform. It has a presence in 4,000 cities and 75,000 villages across India. Moreover, it also has a presence in 20 international airports and 12 seaports.
With over 500,000 agent outlets in 5 countries, the company has a client base of over 17,900 clients and a unique registered base of over 6 million registered users.
In this public offer, the company is planning to raise funds to the tune of Rs 6,000-8,000 crores, making it one of India's largest financial sector IPOs. According to the company's press release, it is working on the next steps with its advisors to launch its offer.
According to the company's Draft Red Herring Prospectus, the company will be using the funds raised for the working capital requirements of 2 subsidiaries, purchase outstanding debentures from its Mauritius arm, fund strategic acquisitions and other general corporate purposes.
Equirus Capital, SBI Capital Markets, ICICI Securities, Motilal Oswal Investment Advisors and Yes Securities are the merchant bankers, while Link Intime India Pvt. Ltd. is the registrar of the issue.
- Aman Agarwal
