EbixCash IPO expected to hit Street in July; here’s what management says
EbixCash has stated that in financial year 2022-23, the revenue earned by the company stood at Rs 2456 crore
EbixCash – a platform as a service (PaaS) company – is all set to launch its IPO. The company, which operates in the areas of payments, travel and technology, expects to launch the IPO in July, its Chairman and CEO Robin Raina said in an exclusive interaction with Zee Business Managing Editor Anil Singhvi.
EbixCash aims to raise Rs 6,000 crore – which will make it the biggest public offer of 2023 till date – through the planned IPO, which will be a completely fresh issue. The company will soon announce the price at the right valuation, Raina said.
EbixCash has stated that in financial year 2022-23, the revenue earned by the company stood at Rs 2456 crore. And as per the restated consolidated financial statements, the company's revenue from operations for financial year 2022-23 was Rs 2,371.93 crore and the total income was Rs 2,616.67 crore.
The number of acquisitions done by the company from 2016 to 2019 stands at 26 and USD 680 million has been infused in India during this period for acquisitions. The company further stated that as disclosed on page 114 of the DRHP), it has undertaken 10 material acquisitions during the financial years 2016 to 2021 for a total consideration of Rs 36,135 million.
Ebix informed that it has tie-ups with 27 international schools for foreign exchange remittances, with aggregators like Credila, etc. The company has also partnered with payment processors Western Union, Flywire, TransferMate, Cohort Go, and Paymytuition, which have direct associations with universities.
"We are undisputed leader in forex technology in India with highest market share in educational remittance. Between April and December 2021, the company' market share in outward remittances towards studies abroad by Indian residents was 17%," the company said in a statement.
(This copy has been updated with clarifications made by EbixCash to Zee Business)
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