Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, and speciality chemical manufacturer Survival Technologies have received Sebi's go-ahead to raise funds totalling Rs 7,000-crore through initial public offerings.
These companies had filed preliminary IPO papers with the regulator between March 2022 and December 2022. They obtained its observation letters on April 10, an update with the Securities and Exchange Board of India (Sebi) showed.
In Sebi's parlance, its observation implies its go-ahead to launch the initial share-sale. Going by the draft papers, Ebixcash will raise Rs 6,000 crore through an IPO.
The funds will be garnered through fresh issuance of equity shares and there will be no offer-for-sale (OFS) component.
Proceeds of the IPO will be used for funding the working capital requirements of the company's subsidiaries — Ebix Travels and EbixCash World Money.
In addition, the funds would be utilised to acquire Ebix Mauritius' outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, and to support general corporate purposes.
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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 business encompasses four primary segments — payment solutions, travel, financial technologies, and BPO services and startup initiatives.
The IPO of Survival Technologies comprises a fresh issue of equity shares aggregating up to Rs 200 crore, and an OFS of up to Rs 800 crore by its promoters and promoter group shareholders, according to its draft papers.
Proceeds from the issue to the tune of Rs 175 crore will be utilised towards funding the working capital requirements of the company and other general corporate purposes.
The Mumbai-based firm is a Contract Research And Manufacturing Services (CRAMS) focused speciality chemical manufacturer in India. It is one of the few speciality chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in domestic and international markets. The equity shares of the two companies will be listed on both the bourses — NSE and BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
