Hexaware Technologies Set to Launch India Biggest IT Services IPO with Rs 8,750 Crore Raise

Vijay Singh
3 Min Read

Hexaware Technologies, promoted by global private equity giant Carlyle, is gearing up to launch what is poised to be India’s largest ever IPO in the IT services and enterprise tech segment. Industry insiders confirmed that the Initial Public Offering (IPO) is set to raise approximately Rs 8,750 crore and is expected to open for public subscription between February 12 and 14, 2025, with the anchor portion launching a day earlier on February 11.

IPO Details and Carlyle’s Role

This upcoming IPO will be a pure Offer for Sale (OFS) by Carlyle, which currently holds a significant 95.03 percent stake in Hexaware Technologies. The IT services company, which is headquartered in Mumbai, will mark its return to the domestic stock market after a 22-year hiatus. Hexaware was originally listed in 2002, but it was delisted by its previous promoter, Baring Private Equity Asia, in 2020 before Carlyle acquired it in 2021 for $3 billion.

Hexaware’s Global Reach and Financials

With over 31,000 employees spread across 61 offices in more than 19 countries, Hexaware Technologies has positioned itself as a leader in digital and technology services. The firm serves a broad client base of over 370 organizations globally, with a dominant presence in the Americas, which contributes to 73.3 percent of its revenue share.

For the six months ending June 2024, Hexaware generated Rs 5,684 crore in revenue from operations, showcasing the company’s robust growth trajectory. The IPO aims to leverage the firm’s advanced capabilities in artificial intelligence, cloud services, and data analytics, all of which are at the core of its service offerings.

Hexaware Service Segments and Offerings

Hexaware Technologies operates through six key segments: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. The company provides a wide array of services, including Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services, ensuring it covers every facet of digital transformation for its global clientele.

Significance of Hexaware IPO

If successful, this IPO will surpass the Rs 4,713-crore issue of TCS in 2002, making it the largest IT services IPO in rupee terms in India’s history. The IPO is not only a significant milestone for Hexaware but also underscores the growing demand for technology and digital services in the Indian market.

With its strong global presence, an established client base, and diversified service offerings, Hexaware Technologies is well-positioned to make a major impact on the Indian stock market. The firm’s IPO is expected to draw significant investor interest, marking an exciting chapter in the country’s booming IT and digital transformation landscape.

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