Ebixcash IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 16, 2022Ebixcash Limited, a subsidiary of Ebix Inc., is an American multinational company driven by technology that emphasizes e-commerce, e-learning, cloud computing, insurance, healthcare, and financing.
Ebixcash Limited is engaged in providing digital products and services. It holds a leadership position in B2C, B2B, and the financial technology arena. The company is upcoming with an IPO in 2022.
Ebixcash IPO is entirely a Fresh Issue of equity shares. The company plans to go public and raise funds from the general public.
Further in this Ebixcash IPO Review, we will study this IPO and its aspects in detail.
| Face Value | Rs 1 |
| Price Band | Not Disclosed |
| Listing At | BSE, NSE |
| Min. Order Quantity | Not Disclosed |
| Listing Date | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.450 crore |
| IPO Size | Not Disclosed |
| Tick Size | 1 |
Ebixcash IPO Overview
Ebixcash IPO comprises a Fresh Issue of Equity Shares aggregating up to Rs. 6,000 crore.
The IPO does not consist of any Offer for Sale, and none of the promoters or investors of the company will be offloading their shares.
As per the DRHP, the company might also consider a pre-IPO placement before filing the Red Herring Prospectus with RoC. Also, a certain portion of the IPO will be reserved for eligible employees of the company.
Ebixcash IPO Important Dates
| Events | Date |
| IPO Opening Date | Not Disclosed |
| IPO Closing Date | Not Disclosed |
| Basis of Allotment Finalization | Not Disclosed |
| Refunds Initiation | Not Disclosed |
| Credit of Shares to Demat Account | Not Disclosed |
| Share Listing Date | Not Disclosed |
Ebixcash Limited filed the Draft Red Herring Prospectus with the capital market regulator, SEBI, on 9th March 2022. The company is expecting to receive the approval positively soon.
After the approval, the company will declare Ebixcash IPO Dates and will make preparations for the launch of the IPO. IPO dates are generally disseminated through RHP and public notice by the company.
The RHP will consist of IPO Opening and Closing dates with other specifications to help you bid on the IPO.
Ebixcash IPO Price, Size, Share Offerings
| Face Value | Rs.1 |
| Price Band | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.6000 crore |
| IPO Size | Not Disclosed |
Ebixcash IPO Size will be made of fresh share issue worth Rs. 6,000 crore. Ebixcash IPO Price will be determined by the company with the help of lead managers through the Book Building Process.
The face value of the shares is Rs. 1 each. The Equity Shares offered in the IPO are proposed to be listed on BSE and NSE.
The shares are being offered to the public through the fresh issue route. The company will receive the proceeds of the IPO.
Ebixcash IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| Not Disclosed | |||
Ebixcash IPO GMP will be available after the company reveals the IPO dates. The company is in the preliminary procedure of getting approval from SEBI for DRHP.
GMP will be an essential element in the determination of the share price. GMP fluctuates with trading every day. Investors, experts, and other entities observe the Grey Market Premium analyze the outcome of the IPO and evaluate its listing price on the stock exchange.
Ebixcash IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – | ||||
| 2nd Day – | ||||
| 3rd Day – | ||||
| Shares Offered or Net Issue |
Subscription is when the issuer company receives applications for allotment to the security of the company offered through IPO.
In the Book Built issue, the issue price is unknown and is determined according to the bids and demand among the investors. Investors are required to bid online for this IPO through the ASBA process.
The Ebixcash IPO Subscription will be reserved for the different categories of investors in the following manner:
- 50% of the offer will be reserved for QIBs.
- Not less than 15% of the net issue will be reserved for allocation to the Non-Institutional Bidders.
- And not less than 35% of the offer will be reserved for Retail Individual Bidders.
Ebixcash IPO Allotment Status
The basis of Ebixcash IPO Allotment will be determined after the company receives all the bids from the investors. The company will credit the equity shares in the Demat accounts of the successful bidders.
The company will not be dispatching share certificates in physical form.
Ebixcash IPO Live Performance
You can check the Ebixcash IPO Performance with just a single click. You can check Ebixcash IPO Price anytime and from anywhere.
Subscribe to Ebixcash IPO – Open Free Demat Account Now!
Ebixcash – Company Review
Ebixcash was originally incorporated as a private limited company in 2002. After that, in 2019, the company’s name was changed from Ebix Software India Private Limited to EbixCash Private Limited.
Later in the year 2022, Ebixcash was converted from a private limited company to a public limited company, and subsequently, its name was changed to EbixCash Limited.
The conversion was undertaken to pursue the IPO as a private company cannot offer its securities to the public at large. It has a restriction on the number of members.
Over the years of operations, EbixCash has become India’s largest end-to-end financial exchange. It has a last-mile network of over 6,50,000 distribution outlets across various areas and has an omnichannel online digital platform to serve better.
Products or Services
EbixCash is engaged in various businesses in four broad verticals: payments solutions, financial technologies, travel, and business processing outsourcing (BPO) services.
The entity offers a comprehensive digital platform for the convergence of financial exchange channels. It brings together the advantages of B2B, B2C, and B2B2C models within a single platform.
EbixCash is widely spread with its products in India and other 74 international locations and offers them foreign exchange, adhaar Enabled Payment Services (“AEPS”) services, pre-paid gift cards, PoS services, ticketing services, utility payments, and back-end focused SaaS and self-hosted solutions.
This technology caters to a large section of the financial sector.
Promoters and Holding
The Promoters of EbixCash Limited are:
- Ebix, Inc.
- Ebix Singapore Pte. Ltd
The management of the company comprises:
- Robin Raina, in the position of Chairman and Non-Executive Director
- Tiruvanamalai Chandrashekaran Guruprasad, in the position of Whole Time Director (Executive)
- Hans Ulrich Keller, in the position of Independent Director (Non-Executive)
- Neil David Eckert, in the position of Independent Director (Non-Executive)
- Pavan Bhalla, in the position of Independent Director (Non-Executive)
- Sriprakash Kothari, in the position of Independent Director (Non-Executive)
- Sethurathnam Ravi, in the position of Independent Director (Non-Executive)
- Uma Shankar, in the position of Independent Director (Non-Executive)
- Sunil Srivastav, in the position of Independent Director (Non-Executive)
- Vikas Verma, in the position of Executive Director
- Sumit Khadria, in the position of Chief Financial Officer
- Purnima Nijhawan, in the position of Company Secretary and Compliance Officer
Is Ebixcash good for Investment?
EbixCash Limited is a subsidiary of an American Multinational entity, Ebix Inc. The entity has been in operation since 2002. It has widened its scale of operations to a large scale. Today, it is offering its products and services in over 70+ locations in India.
It has conquered leadership positions in areas like foreign exchange, international remittance, digital payments solutions, prepaid cards, corporate & incentive solutions, domestic money remittance, insurance, and travel.
EbixCash IPO is a major step in the company’s journey where it is stepping ahead. The IPO will further accelerate the company’s operations and business.
Ebixcash Financial Statements
| Amount (in INR & Million) | |||||
| 30-Sept-21 | 30-Sept-20 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Assets | 69,356.65 | 67,970.61 | 67,936.71 | 64,665.11 | 65,527.54 |
| Revenue | 26,645.22 | 11,658.94 | 42,958.07 | 22,819.43 | 20,876.12 |
| Expense | 24,262.35 | 10,797.80 | 39,004.42 | 19,480.43 | 16,382.52 |
| Profit After Tax | 1,911.00 | (190.87) | 2,300.49 | 2,433.40 | 4,595.31 |
The total income of EbixCash for the years 2019, 2020, and 2021 were – 20,876.12 million, 22,819.43 million, and 42,958.07 million, respectively.
The profits for 2019, 2020, and 2021 were – 4,493.60 million, 3,339.00 million, and 3,953.65 million.
In the six months of the financial year 2021-22 ended 30th September 2021, the company’s total income was 26,645.22 million, and its profit was 2,382.87 million, respectively.
| Earnings per Equity Share (in Million) | |||||
| 30-Sept-21 | 30-Sept-20 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Diluted | (0.10) | (0.05) | (0.13) | 0.01 | (0.05) |
The EPS of EbixCash Limited over the years has not been very impressive. The EPS was Rs. 2.14 in the six months of financial 2021-22.
Ebixcash IPO Review
EbixCash IPO is entirely a Fresh Issue of Equity Shares. In a fresh issue, the company issues new shares to the subscribers. The promoters or any other shareholders will not be selling their shares in the IPO.
The company will receive the proceeds of the IPO and will be deploying them to fund the capital requirements of its subsidiaries.
Also, with the proceeds, EbixCash will purchase outstanding compulsorily convertible debentures from Ebix Mauritius. Additionally, the funds will also be utilized to fund strategic acquisitions and investments and other general corporate purposes.
Ebixcash IPO Details
Here are few more details you need to know before investing in Ebixcash IPO –
Ebixcash IPO Issue Object
Ebixcash has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Funding the working capital requirements of our Subsidiaries, Ebix Travels Private Limited and EbixCash World Money Limited;
- Purchase of outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius (“Ebix Mauritius”) which were issued by certain of our Subsidiaries and payment of interest on such outstanding compulsorily convertible debentures; and
- Funding strategic acquisitions and investments and general corporate purposes
Ebixcash IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Integrated business model offering a one-stop-shop for B2B, B2C and B2B2C;
- Operating in regulated industries with a large network, resulting in a high barrier to entry;
- Multiple cross-selling opportunities, synergies, network effect and wide reach for customer acquisition;
- Proprietary technology offering that is flexible and customizable for wide application across a variety of customer requirements;
- Successfully acquired complementary businesses integrated them into our ecosystem, and turned them profitable;
- Strong financial performance with a track record of consistent profitability despite COVID-19 related challenges;
- Experienced management team with a proven track record
Quantitative factors are:
| Basic EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 2.66 | 5.92 | 42.71 |
| 31-Mar-20 | 2.97 | 7.61 | – |
| Mar-19 | 4.67 | 13.45 | – |
Ebixcash IPO Lead Managers
Here are the list of Lead managers –
- MOTILAL OSWAL INVESTMENT ADVISORS LIMITED
- EQUIRUS CAPITAL PRIVATE LIMITED
- ICICI SECURITIES LIMITED
- SBI CAPITAL MARKETS LIMITED
- YES SECURITIES (INDIA) LIMITED
Ebixcash IPO Registrar to offer
Check out the details of the registrar here –
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st floor, 247 Park, L. B. S.
Marg, Vikhroli West Mumbai – 400 083
Maharashtra, India
Tel: +91 22 4918 6200
E-mail: ebixcash.ipo@linkintime.co.in
Investor Grievance E-mail:
ebixcash.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Ebixcash IPO – Other Details
- Statutory Auditor – Walker Chandiok & Co LLP, K. G. Somani & Co LLP
- Legal Counsel to the Company – IndusLaw
- Bankers to the Company – ICICI Bank Limited
Ebixcash IPO – Conclusion
The EbixCash is a progressive entity and has set its foot in the market. It has a huge customer base, and its product and service portfolio is immensely wide. EbixCash has entered into various businesses.
Also, the company itself pulls most of the revenue from the Group. The financial statement represents that it is a profit-making entity; though the EPS is not ideal, we can hope that it will deliver potential outcomes in the future.
The company is a good choice for investment purposes.
To Subscribe to Ebixcash IPO – Open Demat Account Now!
Ebixcash IPO Review FAQs
Check out the FAQs on Ebixcash IPO –
What is the Issue Size of Ebixcash IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Ebixcash IPO?
The price band for this particular IPO ranges between NA. As far as the face value of the share is of concern, it is Rs.1 per share.
What is the Ebixcash IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on NA, while the closing date is set at NA.
What is the Ebixcash IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on NA, refund initiation is on NA, credit of shares is on NA, and share listing date is on NA.
What is the Ebixcash IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of Ebixcash IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. LINK INTIME INDIA PRIVATE LIMITED. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Ebixcash IPO?
Here are the promoters of this IPO – EBIX, INC. AND EBIX SINGAPORE PTE. LTD. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Ebixcash IPO?
They have obtained the GMP of this IPO and it is NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Ebixcash IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Ebixcash Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is 2,300.49, 2020 is 2,433.40, 2019 is 4,595.31. PAT from Sept 2021 is 1,911.00.
Featured Topics