Hexaware plans to raise ₹9,950 crore from IPO: Draft papers submitted to SEBI, will be the biggest IPO ever in the IT segment

IT company Hexaware Technologies is coming up with an Initial Public Offering (IPO) of Rs 9,950 crore. For the IPO, the company has submitted the Draft Red Herring Prospectus (DRHP) i.e. papers with the capital market regulator Securities Exchange Board of India (SEBI). This will be the biggest IPO ever in India's IT services and enterprise tech segment. So far, the biggest IPO in the Indian IT sector was of Tata Consultancy Services (TCS) in the year 2002 worth Rs 4,713 crore. Hexaware is owned by American private equity firm Carlyle. There will be only Offer for Sale (OFS) in the IPO According to the DRHP, there will be only Offer for Sale (OFS) in the IPO, in which Carlyle will sell the shares. According to a report in May this year, Hexaware has chosen 5 investment banks – Kotak Mahindra Capital, Citi, JP Morgan, HSBC Securities and IIFL Capital as advisors for its IPO. The company is targeting a valuation of $5-6 billion The report said that the company could target a valuation between $5-6 billion. Carlyle bought Hexaware Technologies from Baring Private Equity Asia (now EQT) in 2021 for about $3 billion. The company is returning to the domestic stock markets after 22 years The company is returning to the domestic stock markets after 22 years. According to NSE data, the company was first listed on 14 June 2002. The first promoter Baring Private Equity Asia delisted it in 2020. Hexaware Technologies is a global technology and business process services company. It has 61 offices in more than 19 countries worldwide. The company has a workforce of 31,000 employees and has more than 370 clients. Carlyle holds 95.03% stake in Hexaware According to the company's website, Hexaware has achieved annual revenue of $1.3 billion. Carlyle holds 95.03% stake in Hexaware. The core of the company is Artificial Intelligence (AI). Manages business through 6 operating segments Hexaware manages its business through 6 operating segments, which are based on the industries to which the company provides services. These industries are – Financial Services, Healthcare and Insurance, Manufacturing and Consumer, High-Tech and Professional Services, Banking, Travel and Transportation. The company's offerings also include 5 broad services The company's offerings also include 5 broad services – Design and Build, Secure and Run, Data and AI, Optimize and Cloud Services. All of these form the base of the company's offerings.

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