Ebix (EBIX) a small cap name seeing unusual bullish options activity with 2000 June $35 short puts in open interest from a trade on 11/5, the September $45 and $50 calls each with 1500X bought, and April and June $40 calls also with 1250X and 1500X respectively bought in OI. EBIX is a highly shorted name, 15% of the float, that recent surged after posting a strong revenue beat but has pulled back in and filled gaps. Ebix is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial services, travel, and healthcare industries. The Company’s products feature fully customizable and scalable on-demand software designed to streamline the way insurance and financial industry professionals manage distribution, marketing, sales, customer service, and accounting activities. EBIX is a market cap of $1.09B and trades just 10.7X Earnings, 1.5X EV/Sales and 20.7X FCF with revenues seen rising 11.7% in 2022 and 14-15% in 2023 along with strong EPS/EBITDA growth. EBIX has high visibility with 88% of revenues from recurring. EBIX-Cash is the first consumer-focused digital conglomerate of India with a goal to converge B2C & B2B processes, front-end & back-end processes, while creating distribution markets on one hand and enabling on-demand technology solutions on the other hand. EBIX will soon complete a comprehensive IPO document for the anticipated public equity offering of our EbixCash business on the Indian Stock Exchanges, BSE and NSE, a likely catalyst for shares. Craig Hallum raised its target to $150 on 3/10 seeing EbixCash valued at $5B, which would be $163/share value while the US insurance software business is worth $50/share making EBIX extremely compelling at these levels.