In today’s briefing:
- Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m
- EbixCash IPO: The Bull Case
Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m
- InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia.
- In this note, we will talk about the lockup dynamics and possible placement.
EbixCash IPO: The Bull Case
- EbixCash (EBIXC IN), a subsidiary of Ebix Inc (EBIX US) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.
- EbixCash’s Forex operations have emerged as a leader in India’s airport Forex business. Also, EbixCash’s inward remittance business in India is the clear market leader.
- The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving balance sheet, and declining leverage.
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