Shares of Hexaware Technologies shall make their Dalal Street debut on Wednesday and the IT solutions player is likely to have a soft landing at the bourses today, if one goes by the latest grey market premium (GMP) of the company. The company has lost its ground in the unofficial market amid the volatile market sentiments.
The grey market premium (GMP) of Hexaware Technologies has completely vanished following a muted bidding for the issue and spooky sentiments for the broader markets. Last heard, the company was commanding no grey market premium (GMP), suggesting a flat listing for the investors.
Navi Mumbai-based Hexaware Technologies sold its shares in the price band 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 of the company.
The issue was overall subscribed only 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 merely 20 per cent. Allocation for retail investors and employees were just 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 served as the registrar for the issue. Shares of the company shall be listed on both NSE and NSE.