Hexaware files for Rs 9,950 crore IPO

9 Sep 2024 , 10:32 AM

Hexaware Technologies, a Mumbai-based IT business backed by private equity firm Carlyle Group, has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for a projected Rs 9,950 crore initial public offering (IPO).

The IPO is solely an offer for sale (OFS) by the promoter, CA Magnum Holdings, a subsidiary of the Carlyle Group with a 95.03% ownership in Hexaware.

The profits of the offering will be received by the selling shareholder rather than the corporation. The company said in the DRHP that the reason for going public is to “achieve the benefit of listing equity shares on stock exchanges and carrying out OFS for the selling shareholder.”

If the IPO is successful, it will be the largest public offering in India’s IT services sector since Tata Consultancy Services’ Rs 4,700-crore IPO more than 20 years ago.

Hexaware Technologies is a global digital and technology services company that focusses on artificial intelligence (AI) and serves a wide range of clients, including 31 Fortune 500 companies.

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