Hexaware Technologies hits US$5.4b in market debut
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The news: Indian firm Hexaware Technologies beat expectations on its market debut, with shares rising as much as 10% after its USD1 billion ($1.57 billion) initial public offering.
The numbers: The stock listed at 745.50 rupees ($13.51) on the National Stock Exchange, higher than its offer price of 708 rupees. Shares in the company rose to 778.4 rupees, valuing it at 473 billion rupees, higher than the target 430 billion rupees.
The context: Hexaware is a global technology and business process services provider offering AI powered solutions, and was acquired by private equity firm Carlyle in 2021.
The IPO, with a total issue size of USD1 billion marks it as the largest IT technology services IPO globally in over a decade. It is also the largest technology services IPO and largest sponsor-owned IPO in India, to date. Carlyle’s stake will reduce from 95% to 74.1% post listing.
What they said: “Hexaware’s IPO is the largest technology services IPO globally over the last decade and marks an important milestone in the company’s journey,” said Patrick McCarter, co-head of global technology at Carlyle. “This moment reflects the strength of its talented management team, customer centricity, superior growth profile and differentiated digital capabilities.”
The sources: Carlyle Press Release, Hexaware Press Release, Reuters
