EbixCash files draft papers with SEBI for INR 6,000-cr IPO
EbixCash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with capital markets regulator SEBI to raise INR 6,000 crore through an initial public offering (IPO).
The funds will be garnered through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component, according to the draft red herring prospectus.
Also, the company may explore a pre-IPO placement of up to INR 1,200 crore. If such a placement is completed, the issue size will be reduced.
Proceeds of the IPO will be used for funding the working capital requirements of the company’s subsidiaries — Ebix Travels and EbixCash World Money.