Liquidity Events
IT services co. Hexaware's Rs.8,750-Cr IPO subscribed 2.7 times
The initial public offering (IPO) of Mumbai-based IT services company Hexaware Technologies , valued at INR 8,750 crore, was subscribed 2.7 times, on the back of support from qualified institutional buyers (QIBs). The IPO is entirely a secondary sale by CA Magnum Holdings, a part of private equity major Carlyle Group, whose stake will now reduce from 95.5 % to 74.7 %.The QIBs subscribed 9.09 times of the portion allotted to them, high-net-worth-individuals (HNIs) subscribed 0.20 times, retail investors subscribed 0.11 times and the portion reserved for employees was subscribed 0.32 times. The price band of the IPO was fixed at Rs 674-708 per share, valuing the firm at INR 43,025 crore.Earlier, the company had allotted shares worth around INR 2,600 crore to anchor investors.Hexaware, set up in 1992, focuses on financial services, healthcare, manufacturing, and travel industries. It operates 39 centers worldwide and offers services including digital transformation, IT operations optimization, data and AI insights, Gen AI-powered business processes, and cloud integration.The book-running lead managers for the IPO are Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities and Capital Markets (India), and IIFL Capital Services.
In Oct 2021, Carlyle had acquired a controlling stake in Hexaware for about USD 300 million from its previous PE owner EQT Private Capital Asia.
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