Hexaware Technologies Aims for Record-Breaking ₹9,950 Crore IPO

Harshajit Sarmah·Sep 7, 2024·2 min read

Hexaware Technologies files for mammoth ₹9,950 crore IPO, potentially setting a new record as the largest public offering in India's IT services sector.
US private equity firm Carlyle backs Hexaware's IPO bid, with all proceeds set to benefit the selling promoter rather than the company itself.

Hexaware Technologies Ltd. has submitted initial documents to the Securities and Exchange Board of India (SEBI) for an IPO aiming to raise ₹9,950 crore. If it goes through, this will be the biggest IPO ever in the IT services and enterprise tech sector.

It would also surpass Tata Consultancy Services' ₹4,713 crore IPO, making it the largest in India's IT services space in over two decades.

Backed by US private equity firm Carlyle, Hexaware Technologies has brought on Kotak Investment Banking, Citi Global Markets, J.P. Morgan, HSBC Securities, and IIFL Securities to handle its share sale. The shares are set to be listed on both the BSE and NSE. However, the company itself won’t benefit from the sale— all proceeds will go to the promoter selling the shares.

Newsletter

The corridor, every morning.

Funding rounds and cross-border capital moves, one email, five minutes.

Hexaware, acquired by global investment giant Carlyle Group Inc. from Baring Private Equity Asia in 2021, provides a wide array of services, including IT, business process outsourcing, cloud computing, data analytics, and AI solutions.

However, the company's Draft Red Herring Prospectus (DRHP) reveals two ongoing criminal cases against it. One involves alleged violations of environmental regulations, while the other concerns accusations of unfair labor practices.

Edited by Harshajit Sarmah