Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with capital markets regulator Sebi to raise Rs 6,000 crore through an initial public offering.The funds will be garnered through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component, according to the draft red herring prospectus.
Also, the company may explore a pre-IPO placement of up to Rs 1,200 crore. If such a placement is completed, the issue size will be reduced. 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’s outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, besides to support general corporate purposes.