News Update

Ebixcash and Survival Technologies receive SEBI approval for IPOs to raise Rs 7,000 crore

• ByStartupStory     |    April 25, 2023

Ebixcash Ltd and Survival Technologies have received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offerings (IPOs) totaling Rs 7,000 crore ($939 million). The companies obtained SEBI’s observation letters on April 10, which imply its go-ahead to launch the initial share-sale.

Ebixcash, a subsidiary of Nasdaq-listed Ebix Inc, plans to raise Rs 6,000 crore through the IPO. The funds will be raised through fresh issuance of equity shares, and no offer-for-sale component will be involved. The IPO proceeds will be used to fund the working capital requirements of Ebix Travels and EbixCash World Money, acquire Ebix Mauritius’ outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, and to support general corporate purposes.

Survival Technologies, a specialty chemical manufacturer, will issue equity shares worth up to Rs 200 crore and an offer-for-sale of up to Rs 800 crore by its promoters and promoter group shareholders, according to its draft papers. Proceeds from the issue will be utilized towards funding the working capital requirements of the company and other general corporate purposes. 

Ebixcash is a technology-enabled provider of digital products and services in the B2C, B2B, and financial technology arena, through an integrated business model. The company’s business encompasses four primary segments: payment solutions, travel, financial technologies, and BPO services and startup initiatives.

Survival Technologies is a Contract Research and Manufacturing Services (CRAMS) focused specialty chemical manufacturer in India. It is one of the few specialty chemical manufacturers in India manufacturing select products from the heterocyclic and fluoro organic product groups for sale in domestic and international markets.

The equity shares of both the companies will be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).

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