Why Are Ebix (EBIX) Shares Shooting Upwards Today?

Ebix, Inc (NASDAQ: EBIX) shares gained after its subsidiary EbixCash Limited won the Indian regulator's final clearance for its Initial Public Offering (IPO).
EbixCash bagged the final observation clearance from the Securities and Exchange Board of India (SEBI).
EbixCash will now be working with its advisors on the next steps leading to the listing of EbixCash on NSE and BSE.
EbixCash has emerged as India's largest end-to-end financial exchange, which includes a last-mile network of over 650,000 physical distribution outlets besides an omnichannel online digital platform. EbixCash converges front-end distribution channels with back-end technology functions across the payments solutions, travel, insurance, and financial technology industries.
Also Read: Ebix's Q4 Earnings
Earlier Monday, Ebix disclosed naming Amit K. Garg as CFO, effective April 21, 2023.
On April 4, Steven M. Hamil informed plans to resign as the CFO, effective April 21, to pursue other opportunities.
Garg, age 53, joined EbixCash in March 2022 as the Chief Strategy Officer. Before joining EbixCash, Ltd., and since May 2021, Garg served as the Chief Financial Officer at SJS Enterprise Limited.
Price Action: EBIX shares traded higher by 18.58% to $15.48 on the last check Monday.

Why Are Ebix Shares Shooting Upwards Today?