Carlyle-Backed Hexaware Technologies Plans Mega IPO, Reviving Indian IT Services Market

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Hexaware Technologies: Introduction

Hexaware Technologies, a prominent player in the global technology and business process services arena, is set to make waves in the Indian stock market with a mega IPO. Backed by the renowned private equity firm Carlyle Group, Hexaware’s IPO is poised to be one of India’s largest in the IT services sector since the monumental listing of Tata Consultancy Services (TCS) in 2002.

Carlyle’s Strategic Acquisition

Carlyle’s acquisition of Hexaware in 2021 from Baring Private Equity Asia underscores the confidence in the company’s potential, as it positions itself for a significant valuation of $5-6 billion. This strategic move marks a significant milestone in Hexaware’s journey, especially considering its delisting in 2020 under Baring Private Equity Asia.

Syndicate and Valuation

The syndicate for the IPO, comprising leading investment banks like Kotak Mahindra Capital, Citi, JP Morgan, IIFL Capital, and HSBC Securities, reflects the robust investor interest in Hexaware’s growth prospects. With an expected valuation between $5-6 billion, the IPO aims to raise approximately $1 billion, offering a partial exit window for Carlyle.

Hexaware’s Return to Indian Bourses

After a hiatus of 3 years, Hexaware Technologies is poised to re-enter the Indian stock market. This re-listing represents a significant milestone for Hexaware, highlighting its enduring legacy and global stature in the IT services sector.

Global Presence and Market Relevance

Hexaware boasts a robust global presence with operations spanning across 19-plus countries and 50 offices worldwide. With a workforce exceeding 30,000 and a client base of over 370, Hexaware demonstrates its market relevance and resilience in the competitive IT services landscape.

Focus on Innovation and Growth

Hexaware has been proactive in bolstering its capabilities, particularly in data and analytics, evident through its recent acquisition of Softcrylic. This strategic move underscores Hexaware’s commitment to innovation and staying at the forefront of industry trends, positioning it for sustained growth and relevance.

Hexaware’s Journey: From Listing to Mega IPO

  • 2002: Hexaware was listed on the Indian stock market.
  • 2020: Baring Private Equity Asia delists Hexaware at a valuation of $3 billion.
  • 2021: Carlyle Group acquires Hexaware for $3 billion, at a price of ₹475
  • Current Market Price: As of 14th May 2024, Hexaware’s shares are trading at ₹995, reflecting a market capitalization of $4.2 billion (₹34860 crore approx.)
  • 2024: Hexaware announces a mega IPO, aiming to raise $5-6 billion (₹47000 crore approx.) at an anticipated price of ₹1500 per share.

CEO’s Vision for an AI-Driven Future

R Srikrishna, CEO of Hexaware Technologies, envisions a future powered by artificial intelligence (AI), emphasizing the importance of blending AI with human talent. Hexaware’s strategic focus on an “AI-first” approach, coupled with transformative solutions, reflects its commitment to driving innovation and value creation.

Implications for the IT Services Sector

Hexaware’s upcoming IPO carries significant implications for the Indian IT services sector, signaling renewed investor interest and confidence in the industry’s growth prospects. As businesses worldwide embrace digital transformation, Hexaware is well-positioned to capitalize on emerging opportunities and drive value for its stakeholders.

In conclusion, Hexaware’s upcoming IPO represents a pivotal moment not only for the company but also for the Indian IT services sector. With Carlyle’s backing, Hexaware is poised to embark on a new phase of growth and value creation, cementing its position as a global leader in technology and business process services. As the IPO unfolds, all eyes will be on Hexaware as it charts its course in the dynamic landscape of technology and innovation.

Hexaware Technologies Unlisted share prices starts from ₹ 545 . Invest Now!



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