The initial public offering (IPO) of Hexaware Technologies shall open for bidding on Wednesday, February 12. The IT solutions player is offering its shares in the range of Rs 675-708 apiece. Investors can apply for a minimum of 21 equity shares and its multiples thereafter. The issue shall close for bidding on Friday, February 14.
Incorporated in 1992, Navi Mumbai-based 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.
The IPO of Hexaware Technologies is entirely an offer-for-sale (OFS) of up to 12,35,87,570 equity shares amounting to Rs 8,750 crore by its promoter CA Magnum Holdings. It will not receive any proceeds from the issue. The anchor book for the issue shall open Tuesday, February 11. Ahead of opening, the IPO of Hexaware Technologies was not commanding any grey market premium (GMP).
Hexaware Technologies has major offshore delivery centers in India (Chennai, Pune, Bengaluru, Noida, etc.) and Sri Lanka. It plans expansion into Tier 2 cities and aims to open new centers in Ahmedabad. The company has a global delivery presence with 39 centers and 16 offices across the Americas, Europe, and APAC as of September 30, 2024.
Hexaware Technologies has reserved shares worth Rs 90 crore for its eligible employees, who will get a discount of Rs 67 per share in the IPO. It has reserved 50 per cent of the shares for qualified institutional bidders (QIBs), while non institutional investors (NIIs) will have 15 per cent for the allocations. Retail investors shall get 35 per cent of the reservation in the issue.
For the six months ended on September 30, 2024, Hexaware Technologies clocked net profit of Rs 853.3 crore with a revenue of Rs 8,594.2 crore. The company reported a net profit of Rs 997.6 crore with a total revenue of Rs 10,389.1 crore for the Financial year ended on March 31, 2024. The company shall command a market capitalization close to Rs 43,025 crore.
Kotak Mahindra Capital, Citigroup Global Markets India, JP Morgan India, HSBC Securities & Capital Markets and IIFL Securities are the book running lead managers of the Hexaware Technologies IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both NSE and NSE on Wednesday, February 19.