Hexaware Technologies, an IT service provider, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) of Rs 9,950 crore with market regulator SEBI. Prior to being delisted in 2020, the IT company was listed on the stock markets. The Hexaware Technologies issue would be the largest issue in the IT sector in terms of magnitude if it were authorised.
As of right now, TCS, the IT division of the Tata Group and the biggest IT business in India holds the record for the largest IT sector IPO in the domestic market. Two decades ago, Tata Consultancy Services proposed an IPO for Rs 4,713 crore. The projected IPO of Hexaware Technologies is twice as large as the IPO of TCS.
The DRHP states that the IPO will solely be an offer for sale. Five investment banks have been named by Hexaware Technologies as the IPO managers: Citi Global Markets, JP Morgan, HSBC Securities, IIFL Securities, and Kotak Investment Banking. Notably, Carlyle Group, an American private equity firm that owns around 95% of Hexaware Technologies’ shares, promotes the company.
Hexaware Technologies is a multinational technology corporation that has around 61 offices across the globe. The business serves 370 clients and has 31,000 employees. With artificial intelligence at the centre of its primary business, it has generated $1.3 billion in sales annually.
Hexaware Technologies was formerly a publicly traded company. The business delisted in 2020 after being public for the first time in June 2002. The company’s previous promoter, Bearing Private Equity Asia, decided to go private.
