EbixCash IPO Launch in July, Anticipating Record-breaking Debut
EbixCash, a leading platform as a service (PaaS) company specializing in payments, travel, and technology, is gearing up for what is expected to be the largest initial public offering (IPO) of 2023 with a highly anticipated July street debut. In an exclusive interview with Anil Singhvi, Managing Editor of Zee Business, Robin Raina, Chairman and CEO of EbixCash, revealed valuable insights, confirming the scheduled IPO launch in July.
Raina emphasized that the company will announce the IPO price at an appropriate valuation. With plans to raise an impressive Rs 6,000 crore solely through fresh issuance, EbixCash aims to set a new record for this year’s public offerings. As a wholly-owned subsidiary of Nasdaq-listed technology firm Ebix Inc (symbol: EBIX), both the parent company and its subsidiary have consistently reported profits for the past 23 years.
Since its inception, EbixCash has achieved profitability on a monthly, quarterly, and yearly basis. Raina expressed his firm belief that any business venture should yield profits from day one. Founded in 2001, EbixCash operates under the umbrella of Ebix Inc, which has been in operation since 1973. Investors in Ebix Inc have witnessed their investments double in value over the past 2-2.5 months.
Market expert Anil Singhvi highlighted that an Indian listing will unlock substantial value for Ebix Inc. The market has shown significant interest in the stock, reflecting a clear understanding of the potential value unlocking theme.
EbixCash also demonstrated its financial strength in the last fiscal year, boasting zero debt in India and consistent generation of free cash flow (FCF), according to Group CFO Sumit Khadria. The company achieved a revenue of Rs 2,500 crore, a profit after tax of Rs 750 crore, and an FCF of Rs 810 crore during the financial year 2022-23.
Operating at the intersection of front-end distribution channels and back-end technology solutions, EbixCash offers a comprehensive suite of payment solutions as well as services in the travel, insurance, and financial technology sectors. With a workforce of 11,000 employees across India and a track record of 26 organic acquisitions from 2016 to 2020, EbixCash is well-positioned for further expansion.
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The management of EbixCash plans to utilize a portion of the IPO proceeds for mergers and organic growth initiatives. Currently operational in 75 countries, the company has a strong presence in the lending business, serving customers in 60 countries. Robin Raina highlighted the global reach of EbixCash and its commitment to continued expansion.
By announcing its highly anticipated IPO, EbixCash is poised to make a significant mark in the financial landscape, attracting investors with its impressive financial performance, extensive industry experience, and global presence.
EbixCash seamlessly integrates front-end distribution channels with back-end technology operations, catering to a wide range of industries including payments solutions, travel, insurance, and financial technology. With a workforce of over 10,500 employees, the EbixCash Exchange operates across various sectors and maintains 191 offices throughout the Asia Pacific region.
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