Hexaware Technologies shares list at ₹745.50 on NSE, up 5.29% from IPO price
Hexaware Technologies stock made a flattish debut on Wednesday, February 19, listing at ₹745.50 on NSE, a premium of 5.29 percent to its issue price of ₹708. Meanwhile, on BSE, it listed at ₹731, up 3.25 percent.
Hexaware Technologies IPO listing: Hexaware Technologies made a comeback on Dalal Street with India’s largest IT public offering today. The stock made a flattish debut on Wednesday, February 19, listing at ₹745.50 on NSE, a premium of 5.29 percent to its issue price of ₹708. Meanwhile, on BSE, it listed at ₹731, up 3.25 percent.
Hexaware Technologies' initial public offering (IPO), valued at ₹8,750 crore, was open for subscription from February 12 to February 14.
Following the three days of bidding, Hexaware Technologies IPO closed with weak demand, garnering 2.79 times bids but was fully subscribed in just one segment. The IPO received bids for 24.28 crore shares against 8.7 crore shares on offer. The retail investor segment was booked 11 percent, while the non-institutional investors (NII) and employees category was subscribed 21 percent and 33 percent, respectively. However, the qualified institutional buyers (QIB) quota was bid 9.55 times during the three days of bidding.
About the IPO
Hexaware Technologies IPO was entirely an offer for sale (OFS) of 12.36 crore shares with no fresh equity component. Promoter Carlyle will be selling stake. Retail investors could apply for a minimum lot of 21 shares, requiring a minimum investment of ₹14,868.
The issue includes a reservation of up to 1404056 shares for employees offered at a discount of ₹67.00 to the issue price. This will be the largest IPO by an Indian IT services company, surpassing TCS's record in 2004, when it raised ₹4,713 crore. Post the IPO, promoter Carlyle's stake will be down to 74.1 percent from 95 percent currently.
The IPO raised ₹2,598 crore from anchor investors on February 11, 2025.
The Company will not receive any proceeds from the Offer for Sale
ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited acted as the book-running lead managers of the Ajax Engineering IPO, while Link Intime India Private Ltd was the registrar for the issue.
About the Company
Founded in 1992, Hexaware Technologies Ltd. is a global digital and technology services provider leveraging artificial intelligence to drive innovation. The company integrates AI into its solutions to help clients adapt and enhance their operations in a technology-driven landscape.
Hexaware operates major offshore delivery centers across India, including Chennai, Pune, Bengaluru, and Noida, along with a presence in Sri Lanka. As part of its growth strategy, the company plans to expand into Tier 2 cities and establish new centers in Ahmedabad.
Hexaware was delisted from the stock exchanges in September 2020 after its promoters accepted a delisting price of ₹475 per share.
In CY23, Hexaware's revenue grew 12.8 percent in constant currency terms—lower than Persistent Systems (17.6 percent) and Coforge (14.5 percent) but ahead of LTIMindtree and Mphasis.
For the first nine months of FY25, the Americas accounted for 73.4 percent of Hexaware’s revenue, with the remainder coming from Europe and Asia Pacific. BFSI and Healthcare sectors contributed nearly half of its topline.
Review
Hexaware Technologies' IPO has received positive recommendations from brokerages, citing its strong business evolution, diverse offerings, and AI-driven solutions.
Anand Rathi: Subscribe
The brokerage highlighted Hexaware’s expanding customer base, global delivery presence, and focus on innovation. Strategic partnerships with firms like ServiceNow and Backbase further enhance its expertise. At the upper price band, the IPO is priced at a P/E of 43.1x, with a post-issue market cap of ₹43,024.7 crore and a return on net worth of 22.8%. Finding the valuation fair, Anand Rathi recommended a 'Subscribe' rating.
Geojit: Subscribe for Long-Term
Geojit noted Hexaware’s reasonable valuation at a P/E of 43.1x (CY23) and strong positioning within India's robust IT ecosystem. Government support for outsourcing and well-established infrastructure bolster its growth potential. With steady financial performance and healthy margins, the brokerage advised subscribing for long-term gains.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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