Ebix leaps as India unit receives IPO clearance

Ebix

10/04/2023 16:55

(Updates)
    ** Ebix Inc's  EBIX.O  shares reverse premarket losses, jump
as much as 36.1% to $17.76 on Mon after software/e-commerce
provider's India subsidiary gets IPO clearance
    ** EbixCash Limited says received final observation
letter/clearance from Securities and Exchange Board of India
(SEBI) for its proposed IPO
    ** Co says now working with advisors on next steps leading
to its listing on India's NSE and BSE
    ** EBIX shares fell 5% before the bell after co said on Apr
4 Steven M. Hamil was resigning from CFO role to pursue other
opportunities
    ** Ebix said there were no disagreements between it and
Hamil on any matter related to co's operations, policies or
practices, and that it appointed Amit K. Garg as CFO effective
Apr 21
    ** Last month, co posted Q4 results below consensus, and
said net income "getting negatively affected by the high cost of
bank interest and associated legal and advisory fees associated
with the refinancing and extension exercise."
    ** EBIX shares last up 16.3% at $15.18 on the session,
trimming YTD loss to ~23%. Over past 12 months, stock has
roughly halved

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))