Ebixcash Ltd. has submitted documents for Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise Rs 6,000 crore from the IPO.
Ebixcash Ltd. has submitted documents for Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise Rs 6,000 crore from the IPO. The company is the Indian unit of Ebix Inc (Ebixcash Inc) listed in the US market Nasdaq.
No intention to bring OFS
According to the documents submitted by EbixCash, the company will raise this amount by issuing fresh shares. The Company does not intend to bring an Offer for Sale (OFS). Apart from this, the company can also consider the option of pre-IPO placement of Rs 1,200 crore. In this case the issue size will be reduced.
The company will increase the working capital
The proceeds of the IPO will be used by the Company to meet the working capital requirements of its subsidiaries Ebix Travels and Ebixcash World Money.
Let us tell you that LIC’s IPO has been approved by the market regulator SEBI. SEBI has issued the observation letter for this. The government has set a target of raising Rs 60,000 crore from this IPO.
