IPO Update: EbixCash to File Draft Papers for $1 Billion IPO

IPO Update: EbixCash to File Draft Papers for $1 Billion IPO According to sources, EbixCash, the Indian subsidiary of Nasdaq-listed Ebix Inc., would file draught papers for its initial public offering (IPO) to raise up to Rs 7,500 crore. Business-to-customer (B2C) distribution, business-to-business (B2B) back-end systems, digital payments solutions, domestic and international money transfer services, travel, insurance, and corporate and incentive solutions are among the company's financial services businesses. According to the corporation, it processes over $18 billion in gross merchandise value. S Ravi was previously appointed to the company's board of directors as an independent director ahead of a potential IPO in India. Ravi currently serves on the boards of Aditya Birla Health Insurance Co. Ltd. and SBI Payment Services, among other firms, and is the chairman and director of Tourism Finance Corporation of India, a government financial institution that promotes tourism. Ebix, Inc. (NASDAQ: EBIX) is a provider of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, with 50+ offices on six continents. Ebix's main focus in the insurance sector is to develop and deploy a wide variety of on-demand insurance and reinsurance exchanges, as well as provide Software-as-a-Service ("SaaS") enterprise solutions in the areas of CRM, front-end and back-end systems, outsourced administration, and risk compliance services all over the world. According to sources, the IPO will be a fully new issue of shares. Investment banks Motilal Oswal, Equirus Capital, ICICI Securities, SBI Capital, and Yes Securities are advising the company, which plans to go public at a valuation of roughly Rs 37,500 crore. With the purchase of ItzCash from Essel Group in 2017, EbixCash entered India. Through an aggressive inorganic growth strategy, the corporation has grown its operations in India. Since its arrival on the Indian continent, it has purchased 26 businesses in a variety of industries, including currency, remittance, education, fintech, and tourism. Through its brands Via and Mercury, the company caters to over 10,000 corporate clients and has agreements with global travel providers such as Travelport and Sabre. With a "Phygital" strategy that combines 320,000 physical distribution locations in numerous Southeast Asian Nations ("ASEAN") countries with an Omni-channel online digital platform, EbixCash is now one of India's leading on-demand financial and insurance exchanges. In India and other markets, the Company's EbixCash Financial exchange portfolio includes leadership in areas such as domestic and international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, loans, wealth management, and so on. The proposed EbixCash IPO's Lead Managers will be ICICI Securities, Axis Capital, SBI Capital, and Edelweiss Financial Services reportedly.