Daily BriefsIndia

Daily Brief India: InterGlobe Aviation Ltd, EbixCash and more

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

By Sumeet Singh

  • 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

By Arun George

  • 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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