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Fintech firm Ebixcash files draft papers for Rs.6,000-Cr IPO

MyBigPlunge  

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with Sebi to raise INR 6,000 crore through an IPO. The funds will be garnered through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component. Also, the company may explore a pre-IPO placement of up to INR 1,200 crore. The IPO proceeds will be used for funding the working capital requirements of the company's subsidiaries — Ebix Travels and EbixCash World Money. They will also be used to acquire Ebix Mauritius's outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, besides to support general corporate purposes. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, through an integrated business model.