The supplier of on-demand infrastructure exchanges to the insurance, financial, and healthcare industries, Ebix (NASDAQ: EBIX) was up in morning trading on Monday after the company provided an update to its EbixCash IPO and stated that the term “restated” financial information was in relation to the “Consolidated Financial Information to be presented in Offer Documents” of the IPO.
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The company added that there was no change or restatement of its financials according to the U.S. accounting standards or the “Indian statutory audited financials.” Ebix added that the auditor’s report on the restated financial statements “should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by the statutory Auditors, nor should the report be construed as a new opinion on any of the financial statements, since it does not change EbixCash’s audited financial information for the prior periods.”
Last week, the company stated that it had received a “letter of displeasure” from India’s Central Bank, the Reserve Bank of India earlier this year regarding the company’s certain co-branding arrangements with EbixCash with the banks for the issuance and operation of prepaid payments instruments (PPI). As a result, Ebix Payment Services will not be a principal any longer under the changed co-branding arrangements starting from the beginning of the fiscal year as on April 1, 2023.
EBIX stock has performed well this year, up by more than 20%.
