Ebix's Indian financial services unit plans 75B rupee IPO – Mint

EbixCash Global Services Pvt. Ltd. is planning to launch a 75.00 billion Indian rupee IPO, Mint reported Feb. 22, citing two people aware of the development.

The Indian unit of the Nasdaq-listed Ebix Inc. will likely file the draft prospectus for the listing within the week, and the IPO will entirely comprise fresh shares, the unnamed sources said.

EbixCash, which provides digital payment solutions including business-to-customer distribution, business-to-business services, domestic and international money transfer services and back-end systems, processes more than US$18 billion in gross merchandise value, according to its website.

Motilal Oswal, Equirus Capital, ICICI Securities, SBI Capital and Yes Securities are advising EbixCash on the IPO, from which the company is targeting a valuation of roughly 375.00 billion rupees, one of the sources added. The company did not respond to Mint's email for confirmation, according to the publication.

As of Feb. 22, US$1 was equivalent to 74.68 Indian rupees.