EbixCash, Survival Technologies get Sebi nod to launch IPO

Two companies, EbixCash and Survival Technologies, have received capital markets regulator Sebi's nod to launch their initial public offers.

EbixCash and Survival Technologies have received final observations from Sebi. In the regulator's parlance, a final observation letter is equivalent to approval.
Noida-based EbixCash, a technology-enabled provider of digital products in the B2C and B2B space, is planning to raise Rs 6,000 crore through its IPO.

The IPO is completely fresh equity of shares of face value of Rs 1 each.

Additionally, the company may consider a further issue of specified securities through a private placement aggregating up to Rs 1200 crore. If such placement is completed, the fresh issue size will be reduced.

The company plans to use its proceeds for working capital requirements, purchase of outstanding convertible debentures from its subsidiaries, and funding strategic acquisitions and investments.

EbixCash has four primary business segments, payment solutions, travel, financial technologies, and business processing outsourcing (BPO) services and start-up initiatives.

The company provides a variety of products in India and over 75 international jurisdictions, including front-end focused domestic and international money remittance, foreign exchange, prepaid gift cards, utility payments, and Aadhaar Enabled Payment Services (AEPS) services, among others.

Motilal Oswal Investment Advisors, Equirus Capital Private, ICICI Securities, SBI Capital Markets and Yes Securities (India) are the book-running lead managers for the issue, and Link Intime India is the registrar.

Meanwhile, Mumbai-based speciality chemical maker Survival Technologies is looking to raise Rs 1,000 crore through the initial share sale, consisting of a fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to Rs 800 crore.

The company may consider a Pre-IPO placement the issue size will be reduced accordingly, if it is done.

The proceeds from the fresh issuance worth Rs 175 crores will be used towards funding its working capital requirements and general corporate purposes.

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. Its key customers include multinational corporations such as Evonik Industries, Chori Co, and BioSpectra Inc, among others.

JM Financial and ICICI Securities are the book-running lead managers, and Link Intime India Private is the registrar of the issue.