Hexaware Technologies' IPO: A Landmark in IT Capital Markets

Hexaware Technologies Ltd, backed by Carlyle Group, is launching an IPO with a price range of Rs 674 to Rs 708 per share. The offering, set to raise Rs 8,750 crore, is a complete Offer-For-Sale by CA Magnum Holdings. The valuation at the top band exceeds Rs 43,000 crore.

Hexaware Technologies Ltd, with backing from private equity giant Carlyle Group, announced the price range for its Rs 8,750-crore initial public offering (IPO) at Rs 674 to Rs 708 per share. The IPO is scheduled to open for public subscription from February 12 to 14, with anchor investor bidding starting on February 11.

This IPO, a complete Offer-For-Sale (OFS) by the promoter CA Magnum Holdings, values the Mumbai-based company at over Rs 43,000 crore at the top price band. Owned 95.03% by CA Magnum Holdings, part of Carlyle Group, Hexaware won't receive any proceeds as the entire OFS revenue goes to the selling shareholder.

Hexaware, a global digital and technology services firm centered on AI, has a clientele that includes 31 Fortune 500 companies. After delisting by former owner Baring Private Equity Asia and subsequent acquisition by Carlyle in 2021, the firm reports Rs 853.3 crore net profit and Rs 8,820 crore revenue for the nine months ending September 2024. The IPO will list the shares on BSE and NSE.

(With inputs from agencies.)