DK Business Network
Hexaware Technologies launched its IPO on February 12, 2025. It aims to raise Rs. 8,750 crore ($1 billion) through an OFS by CA Magnum Holdings, a Carlyle Group affiliate. This IPO stands out as the largest ever by an Indian IT services company and ranks as the 7th largest IPO in India’s private sector. The offering, priced in the range of Rs. 674 to Rs. 708 per share, witnessed robust demand, with an overall subscription of 2.7 times, largely driven by Qualified Institutional Buyers (QIBs). The issue marked a significant milestone in the Indian capital markets, reinforcing investor confidence in the booming digital transformation sector.
In facilitating this landmark transaction, Shardul Amarchand Mangaldas & Co (SAM) advised Hexaware Technologies and CA Magnum Holdings, with a team led by Prashant Gupta, National Practice Head – Capital Markets, supported by Partner Ruth Chenchiah, Principal Associate Sanjana Chowdhry, Associate Megha Mehta, Associate Shivang Agarwal, and Associate Apoorva Tyagi. The Corporate Advisory team, comprising Partners Abhishek Guha and Tanya Uppal, also provided critical insights into the structuring of the offering.
A&O Shearman represented the Book Running Lead Managers, which included Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and IIFL Capital Services Limited. The advisory team was led by Partners Pallavi Gopinath Aney and Alexander Stathopoulos, along with Senior Associate Serena Upadhyay.
Established in 1992, Hexaware Technologies has emerged as a key player in AI-driven digital solutions, catering to sectors such as financial services, healthcare, insurance, manufacturing, and consumer industries. With a global footprint spanning 39 delivery centers and 16 offices worldwide, Hexaware serves 31 Fortune 500 companies, offering expertise in cloud solutions, AI, cybersecurity, and data optimization. This IPO is expected to further bolster Hexaware’s market positioning and fuel its expansion in the digital services domain.