EbixCash and Survival Technologies have received approval from market regulator SEBI (Securities and Exchange Board of India) to launch their IPOs (initial public offer) and raise ₹7,000 crore.
They had filed preliminary IPO papers last year (between March 2022 and December 2022), and the regulator issued observation letters, meaning a nod to proceed with the launch of IPOs, to both companies on April 10, 2023.
Noida-based EbixCash is planning to raise around ₹6,000 crore via public issue. The funds will be raised via fresh issuance of equity shares, while there'll be no OFS or offer for sale.
EbixCash, which was incorporated on April 26, 2002, proposes to utilise the net proceeds towards funding the working capital requirements of subsidiaries, Ebix Travels Private Limited and EbixCash World Money Limited. It wants to purchase outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius; and fund strategic acquisitions and investments.
EbixCash is a technology-enabled provider of digital products and services in the B2C, B2B and financial technology arena through an integrated business model. The company organises its business along four primary business segments, (i) payment solutions, (ii) travel, (iii) financial technologies and (iv) business processing outsourcing (“BPO”) services and start-up initiatives.
The company focuses on the convergence of financial exchange channels, processes, and entities. It provides different products in India and in over 75 international jurisdictions, including front-end focused domestic and international money remittance, foreign exchange (“Forex”), pre-paid gift cards, utility payments, Aadhaar Enabled Payment Services (“AEPS”) services, PoS services, ticketing services; and back-end focused SaaS and self-hosted solutions for the financial sector, including lending and wealth management operations, bus exchange technology, insurance, and healthcare technology.
The company also provides BPO call centre services to companies in the financial, insurance, telecommunications and travel industries, among others, assisting these industries in the fulfilment of sales or customer support functions.
Motilal Oswal Investment Advisors, Equirus Capital Private, ICICI Securities, SBI Capital Markets and Yes Securities (India) are the book-running lead managers for the public issue. Link Intime India is the registrar.
Survival Technology is a contract research and manufacturing services (“CRAMS”) focused speciality chemical manufacturer in India. As per a CRISIL report, it is one of the leading CRAMS companies in India in terms of manufacturing select chemical products as of March 31, 2022. It is engaged in the supply of specialty chemicals with multiple applications and many products we sell domestically are import substitutes that were formerly imported from China. It engages with customers across product lifecycles, i.e., providing extensive in-house research for the development of products, commercial scale process development, and manufacture of commercial quantities of products.
JM Financial and ICICI Securities are the book-running lead managers of the issue. Link Intime India Private is the registrar.
