Ebix Inc. said Tuesday that it had approved the appointment of up to five investment bankers as it aims for an initial public offering of its EbixCash business in the second quarter of 2020. Ebix makes software for e-commerce businesses, while EbixCash offers tools that help with international money remittance, foreign exchange, and gift cards. Ebix announced that it expects to conduct the EbixCash IPO on Indian stock exchanges and that the company is in the "advanced stages" of picking bankers for the deal. Ebix shares dropped 13% in Monday's session but are inactive in premarket trading Tuesday. The stock has risen 10% so far this year, as the S&P 500 has risen 15%.