Hexaware Technologies IPO: Carlyle-backed IPO mobilises ₹2,598 crore from anchor investors ahead of subscription
- Hexaware Technologies IPO: Out of total allocation of nearly 3,66,94,914 equity shares to anchor investors, 35.85 per cent of the total allocation to the anchor investors were allocated to 15 domestic mutual funds through a total of 34 schemes.
Hexaware Technologies IPO: Hexaware Technologies Ltd mobilised ₹2,598 crore from anchor investors ahead of its IPO subscription opening for bidding. The mainboard initial public offering (IPO) of the global digital and technology services will open for its three-day subscription period for all D-Street investor groups on Wednesday, February 12, and closes on Friday, February 14, 2025.
The Mumbai-headquartered said in its BSE circular that out of total allocation of nearly 3,66,94,914 equity shares to the anchor investors, 1,31,55,849 equity shares (i.e. 35.85 per cent of the total allocation to the anchor investors) were allocated to 15 domestic mutual funds through a total of 34 schemes.
Some of the leading names like SBI MF, HDFC MF, AXIS MF, ICICI Prudential MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, UTI MF, Mirae AMC, HSBC MF, Motilal Oswal AMC, Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs Funds, J P Morgan Funds, T Rowe Price Fund, Amundi Funds, Franklin Templeton Investment Funds, Bajaj Allianz Life Insurance, ICICI Prudential Life Insurance, CLSA Global Markets, 3P India Equity Fund, Axis Max Life Insurance, Bharti Axa Life Insurance etc. were allocated shares.
Hexaware Technologies IPO Details
The global digital and technology services company with artificial intelligence (AI) at its core has set a price band of ₹674 per equity share to ₹708 per equity share of face value of Re 1 each for the upcoming public issue. Hexaware Technologies IPO lot size is 21 equity shares and in multiples of 21 equity shares thereafter.
Hexaware Technologies IPO consists entirely of an offer-for-sale (OFS) of shares valued at ₹8,750 crore by promoter CA Magnum Holdings, part of the Carlyle Group Inc, a global multinational corporation based in the US. The size of the OFS has been decreased from the ₹9,950 crore stated earlier in the draft documents submitted on September 6, 2024.
As a result, all proceeds from the IPO (excluding expenses related to the offer) will be received by promoter CA Magnum Holdings, which is the selling stakeholder. CA Magnum possesses a 95.03 per cent ownership stake in the company, while the remaining shares are owned by the public.
Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities & Capital Markets Pvt Ltd, and IIFL Securities are the book-running lead managers (BRLMs) of Hexaware Technologies IPO, while Kfin Technologies Limited is the registrar for the issue.
Also Read: Upcoming IPOs: Carlyle-acquired Hexaware Tech, five others receive SEBI approval to float IPOs
Hexaware Technologies has allocated no more than 50 per cent of the shares in its public offering for qualified institutional buyers (QIB), at least 15 per cent for non-institutional investors (NII), and a minimum of 35 per cent of the offer for retail investors. Eligible employees participating in the employee reservation segment are being offered a discount of ₹67 per share, with equity shares totalling up to ₹900 million set aside for them.
The basis of allotment for Hexaware Technologies IPO shares will be determined on Monday, February 17, with refunds expected to be initiated on Tuesday, February 18. The shares will be credited to the demat accounts of the allottees on the same day after the refunds are processed. The listing of Hexaware Technologies shares on the BSE and NSE is anticipated to take place on Wednesday, February 19.
Leading brokerage firms have the following recommendations on the IPO - Anand Rathi (Subscribe), Arihant Capital (Subscribe for Long-Term), SBI Securities (Subscribe for Long-Term Investment), SMC Global (Suitable for Long-Term Investors), Stoxbox (Subscribe), Ventura Securities (Subscribe).
Also Read: Hexaware Technologies IPO opens this week: From risks to financials — 10 key things to know from RHP
Hexaware Technologies Company Details
The US private equity firm Carlyle promotes Hexaware Tech, a worldwide firm specializing in digital and technology services rooted in AI. It leverages technology to deliver creative solutions that help clients manage digital transformation and oversee business functions across six sectors aligned with the industries they serve: Financial Services, Healthcare & Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation.
Their offerings include five primary categories: Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services, which form the foundation of their services. According to the red herring prospectus (RHP), the company's comparable listed peers include Persistent Systems Ltd, which has a P/E ratio of 84x, Coforge Ltd with a P/E of 64x, LTIMindtree Ltd with a P/E of 38x, and Mphasis Ltd, which features a P/E of 34x.
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