Skift India Daily: EbixCash Gets Regulatory Nod for Long-Anticipated $732 Million IPO
Photo Credit: EbixCash receives over 80 percent of its revenue from the payments services business. Pictured is Pushkar Lake, a sacred lake in Rajasthan, India. Image by rawpixel.com on Freepik">Freepik / rawpixel.com
Skift Take
Despite being embroiled in legal tussles related to acquisitions, EbixCash made its way to the market by generating relatively stable revenues and profits within the high-growth Indian economy.
Travel exchange company EbixCash — the Indian arm of insurance software company Ebix — has been granted regulatory approval for its long-awaited initial public offering (IPO). The IPO is expected to raise between $732 million to $975 million, making it one of the largest IPOs in the financial services sector in India. The company has already filed a draft red herring prospectus, but the IPO is still subject to the necessary approvals, market conditions, and other factors. In the run-up to the anticipated IPO, EbixCash had filed its prospectus with the Indian stock market regulator Securities and Exchange Board of India (SEBI) on March 10, 2022 after CEO Robin Raina declared on the company’s quarterly earnings call that EbixCash would file its prospectus "imminently." Ebix declared its intent to raise $787 million via the IPO, while retaining a significant majority stake in EbixCash. While EbixCash operates in several segments — payment solutions, travel, financial technolog
