EbixCash and Survival Technology get SEBI nod to raise funds via IPO: Check details
2 min read . Updated: 24 Apr 2023, 07:34 PM IST
PremiumThe IPO consists of equity shares of face value of Re 1 each, which is a complete fresh issue of shares and the entire proceeds will go to the company.
EbixCash Ltd, a technology enabled provider of digital products and services has received final nod from Securities and Exchange Board of India (SEBI), to raise ₹6,000 crore via an initial public offering (IPO). On March 9, 2022, the company submitted preliminary IPO papers to SEBI.
The IPO consists of equity shares of face value of Re 1 each, which is a complete fresh issue of shares and the entire proceeds will go to the company. The book running lead managers (BRLM) for the issue are Motilal Oswal Investment Advisors Ltd, Equirus Capital Private Ltd, ICICI Securities Ltd, SBI Capital Markets Ltd and Yes Securities (India) Ltd. The registrar of the issue is Link Intime India Pvt Ltd.
The issue proceeds will be used, according to the Draft Red Herring Prospectus (DRHP), to the tune of ₹1,035.03 crore for working capital requirements of its subsidiaries, ₹2,747.57 crore for purchase of outstanding convertible debentures from its subsidiaries, and funding strategic acquisitions and investments in addition to general corporate proposals.
Additionally, the company might consider about issuing additional specified securities through a private placement for a total of up to ₹1,200 crore along with the issue's lead bankers. If such a placement is successful, the size of the new issue will be decreased.
Accordinf to DRHP, EbixCash is a market leader in international remittance based on Gross Transaction Value (GTV) and a leading non-bank travel exchanges. It has four primary business segments, payment solutions, travel, financial technologies and business processing outsourcing (“BPO") services and start-up initiatives.
Mumbai-based Survival Technologies Ltd, a contract research and manufacturing services has received final nod from SEBI, to raise ₹1,000 crore through an IPO. The company filed preliminary IPO papers with SEBI on December 28, 2022.
The public offering, with a face value of ₹2, consists of an offer-for-sale (OFS) of up to ₹800 crore and a fresh issue of equity shares worth up to ₹200 crore.
Promoter and selling shareholders consist of Vijaykumar Raghunandanprasad Agrawal up to ₹544.41 crore, Nimai Vijay Agrawal up to ₹212.41 crore, and Prabha Vijay Agrawal up to ₹43.18 crore.
The company may consider a pre-IPO placement for particular securities for cash in consultation with the issue's lead bankers. Once such a placement is finished, the issue size will be decreased.
Working capital needs and other general corporate purposes would be funded with the proceeds from the new issuance, which will total ₹175 crores.
The issue's registrar is Link Intime India Pvt Ltd, and the book-running lead managers are JM Financial Ltd and ICICI Securities Ltd.
Survival Technology is one of the few speciality chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in India and globally, according to a CRISIL Report mentioned in the DRHP.