Shares of Hexaware Technologies made a muted stock market debut on Wednesday as the IT solutions player was listed at Rs 745.50 on NSE, a discount of 5.30 per cent over its issue price of Rs 708 apiece. Similarly, the software counter kicked-off its maiden trading session at a discount of 3.25 per cent over the given issue price at Rs 731 on NSE.
The Dalal Street debut of Hexaware Technologies has been on the expected lines. Ahead of its listing, the grey market premium (GMP) of Hexaware Technologies had completely vanished as the stock was commanding no premium in the unofficial market, following a muted bidding for the issue and jittered sentiments for the broader markets.
Navi Mumbai-based Hexaware Technologies offered its shares in the range of Rs 674-708 apiece. Investors could apply for a minimum of 21 shares and its multiples thereafter: The IT company raised Rs 8,750 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 12,35,87,570 equity shares by the promoters and existing shareholders.
The issue was overall subscribed just 2.66 times, thanks to the active interest from qualified institutional bidders (QIBs), whose allocation for the qualified institutional bidders (QIBs) was subscribed 9.09 times The portion for non-institutional investors (NIIs) was subscribed only 20 per cent. Allocation for retail investors and employees were merely 11 per cent and 32 per cent, respectively.
Incorporated in 1992, Hexaware Technologies is engaged in the business of global digital and technology services with artificial intelligence. The company uses technology to offer innovative solutions, integrating AI to help customers adapt, innovate, and improve in the AI-driven world.
Brokerage firms were mostly positive on the issue but for a long-term. Kotak Mahindra Capital, JP Morgan India, HSBC Securities & Capital Markets, Citigroup Global Markets India and IIFL Securities were the book running lead managers of the Hexaware Technologies IPO, while Kfin Technologies was the registrar for the issue.