ICICI Securities, Axis Capital & Edelweiss Financial Services Chosen as Lead Managers for Proposed EbixCash IPO
- Up to Two More Investment Bankers to be Added Soon as Lead Managers
- ICICI Securities Chosen as Left Banker
NOIDA, India and JOHNS CREEK, Ga., Sept. 04, 2019 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that its EbixCash Indian subsidiary has signed engagement letters with three of the leading investment banks, for the EbixCash initial public offering (IPO) targeted for Q2 2020.
Ebix announced the appointment of ICICI Securities as the Left Banker, besides being one of the Book Running Lead Managers for the IPO. The Company also announced the appointment of Axis Capital and Edelweiss Financial Services as Book Running Lead Managers for the proposed IPO. ICICI, Axis and Edelweiss are considered amongst the top investment bankers in India in terms of reach, number of issues handled, money raised and overall performance. Each of them features in most of the top 3 and/or top 5 rankings of investment banks in India. All of these firms plan to initiate equity research coverage of EbixCash after the IPO.
The Company also announced that it plans to add up to two more investment banks as Book Running Lead Managers, in view of the expected size of the proposed IPO, including adding an international investment banker to the list.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets.
- EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year.
- EbixCash’s inward remittance business in India conducts approx. $5 billion gross annual remittance business, confirming its undisputed leadership position in India.
- EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. The Company has also signed an agreement to acquire Yatra Online subject to regulatory and Yatra shareholder approvals.
- EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, travel technology in India; besides having grown its international expanse to Europe, Middle East, Africa and ASEAN countries.
- EbixCash’s investments in targeted asset-lite technology startups like Routier and AHA taxis have positioned it as a key player in niche sectors like trucking logistics and intercity corporate and consumer cab travel respectively.
EbixCash today is one of India’s top on-Demand Financial and insurance exchanges, with consistent operating margins of approximately 30% and a consistent organic and inorganic growth rate that has led to EbixCash handling Gross Merchandise Value (GMV) of $18 billion including its proposed acquisition of Yatra.
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. For more information, visit the Company’s website at
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Darren Joseph
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David Collins or Chris Eddy
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