Hexaware planning India's biggest IT services IPO, might raise ₹8,750cr
What's the story
Hexaware Technologies, a company backed by US private equity giant Carlyle, is gearing up to launch its initial public offering (IPO).
The move will mark the largest ever IPO in India's IT services and enterprise tech sector. The firm hopes to raise around ₹8,750 crore through the process.
As per Moneycontrol, the IPO is scheduled for public subscription between February 12 and 14.
Record-breaking IPO
A significant milestone in India's IT sector
The upcoming IPO of Hexaware Technologies will be a pure OFS by Carlyle.
If successful, it will exceed the ₹4,713 crore issue of Tata Consultancy Services (TCS) in 2002, becoming India's biggest IT services IPO in Rupee terms.
This major development highlights the strong growth and potential of the country's IT sector on the global stage.
Market reentry
Journey back to domestic bourses after 22 years
Carlyle had bought Hexaware in 2021 from another private equity company, Baring Private Equity Asia (now EQT), for about $3 billion.
This successful IPO would see Hexaware Technologies returning to the domestic bourses after a gap of 22 years.
The company was first listed on June 14, 2002, but was delisted in 2020 by its former promoter Baring Private Equity Asia.
Business overview
Hexaware's global presence and financial performance
Currently, Carlyle owns a 95.03% stake in Hexaware Technologies.
The Mumbai-based firm operates in more than 19 countries with over 31,000 employees and over 370 clients.
For the six months ending June 2024, Hexaware posted revenues from operations of ₹5,684 crore.
The Americas region was the largest contributor with a revenue share of 73.3%.