Indian company Ebix aims for an Initial Public Offering (IPO) as their revenue increases
In a significant move for the Indian financial sector, EbixCash, the India-based consumer platform, has announced plans to go public with an Initial Public Offering (IPO) worth up to $787 million. The news, reported by Lucy Ingham on LinkedIn, comes as EbixCash continues to make waves in the industry with its impressive growth.
According to the latest financial reports published by Ebix, EbixCash was the main contributor to the significant Year-on-Year (YoY) revenue climb of 59% to $991 million. The company saw a YoY increase of 94% in the same period, making it a standout performer in the market.
The focus of the announcement is on changes in remittances, a significant economic factor for India. Remittances from Indian expatriates, primarily in Gulf countries, the US, UK, and Canada, have long been a crucial aspect of India's economy. However, trends are now shifting towards digital and crypto payment solutions for cross-border transfers.
While the specific changes in remittances are not mentioned in the report, it is clear that EbixCash is at the forefront of these changes. The company is the only segment to see consistently positive growth over the past five years.
However, Ebix is not immune to the effects of the Covid-19 pandemic. The company has experienced headwinds from the pandemic, affecting travel, remittances, e-learning, and global consulting revenues.
In a positive note, Ebix's Risk Compliance Solutions segment saw its first positive growth of 17% this year. Around $350 million from the IPO will be used to reduce the company's outstanding debt.
Ebix published its Q4 and FY 2021 results alongside the IPO announcement. Despite the challenges posed by the pandemic, EbixCash remains a key player in the remittance market, with its growth trajectory showing no signs of slowing down.
Read also:
- EPA Administrator Zeldin travels to Iowa, reveals fresh EPA DEF guidelines, attends State Fair, commemorates One Big Beautiful Bill
- Musk announces intention to sue Apple for overlooking X and Grok in the top app listings
- Cybertruck's Disappointing Setback, Musk's New Policy, Mega-Pack Triumphs, Model Y's Anticipated Upgrade Prior to Refresh (Week of January 25 for Tesla)
- Innovative Company ILiAD Technologies Introduces ILiAD+: Boosting Direct Lithium Extraction Technology's Efficiency Substantially
%20as%20their%20revenue%20increases){kind=link}