Carlyle taps JP Morgan, Kotak, for Q4 Hexaware IPO: Bloomberg
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The news: US investment firm Carlyle has reportedly selected JP Morgan and Kotak Mahindra Bank to arrange the IPO of Hexaware tech in Mumbai later this year.
The numbers: Carlyle plans to launch the Indian IT company’s IPO as early as the fourth quarter this year, according to unnamed sources cited by Bloomberg. Additional banks are likely to be included in the USD1 billion ($1.54 billion) offering which could value Hexaware at as much as USD6 billion.
The context: According to sources, as the discussions at still at an early stage Carlyle may yet decided against the share sale, and both the size of the IPO and value of the company could change.
Hexaware, which provides IT and business process outsourcing, cloud, data and AI services, delisted from the Indian bourses in late 2020. Less than one year later, Carlyle bought a 62% stake in the company from Baring Private Equity Asia for almost USD3 billion.
Hexaware’s USD1 billion offering would be the country’s largest since Life Insurance Corp of India’s 2022 offering.
The source: Bloomberg
