ICICI Securities, Axis Capital & Edelweiss Financial Services Chosen as Lead Managers for Proposed EbixCash IPO
September 04 2019 - 7:29AM
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 www.ebix.com
CONTACT:
Darren JosephIR@ebix.com or 678 281 2027
David Collins or Chris EddyCatalyst Global - 212-924-9800 or
ebix@catalyst-ir.com
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