Hexaware Technologies Ltd.'s Rs 8,750-crore initial public offering has been subscribed 0.15 times, or 15%, on the second day of bidding on Thursday.
The grey market premium of the Hexaware Technologies IPO was Rs 2 as of 07:28 p.m. on Feb. 13, according to InvestorGain. This implied shares of the company will likely list at Rs 710 apiece, indicating a 0.28% premium to the upper end of the price band.
The price band for the IPO had been set in the range of Rs 674 to Rs 708 per share. The market value at the upper end of the price band is Rs 43,025 crore, as per NDTV Profit's calculations. Bids can be made for a minimum of 21 shares, and then in multiples thereof.
The IPO will consist only an offer for sale of shares worth Rs 8,750 crore, according to the red herring prospectus. The OFS will entail sale of equity by company's promoter CA Magnum Holdings.
In November 2020, Hexaware Technologies' shares were delisted from the Indian stock exchanges after the company's promoters agreed to a delisting price of Rs 475 per share. This marked the first successful delisting on Indian bourses since December 2018.
A year later, in October 2021, the Carlyle Group, a US-based private equity firm, acquired a majority stake in Hexaware from Baring Private Equity Asia for approximately $3 billion.
The company filed its draft papers for the book built public issue in September last year, initially planning to raise Rs 9,950 crore. The offer size was later reduced.
Kotak Mahindra Capital Co., Citigroup Global Markets India Pvt., JPMorgan India Pvt., HSBC Securities and Capital Markets (India) Pvt. and IIFL Securities Ltd. are the book-running lead managers to the issue. KFin Technologies Ltd. is the registrar to the offer.
The equity shares are proposed to be listed on both the BSE and National Stock Exchange. The company will not receive any proceeds from the offer, as the funds raised will go to the promoter selling the shares.
Hexaware Technologies IPO Details
Issue opens: Feb. 12.
Issue closes: Feb. 14.
Issue price: Rs 674–708.
Offer for sale: Rs 8,750 crore.
Fresh issue: Nil.
Total issue size: Rs 8,750 crore.
Lot size: Minimum 21 shares, and then in multiples thereof.
Business
Hexaware is a digital and technology services company providing solutions with artificial intelligence.
Hexaware, which was acquired by global investment firm Carlyle Group Inc. from Baring Private Equity Asia in 2021, offers a range of services, including IT, business process outsourcing, cloud computing, data analytics and artificial intelligence solutions.
Also Read: Hexaware IPO: Price Band, Investment Rationale, Financials, Peer Comparison And More — Dolat Capital
Hexaware Technologies IPO Day 2 Subscription Status
The IPO has been subscribed 0.15 times, or 15%, as of 5:00 p.m.
Qualified institutional buyers: 0.39 times, or 39%.
Non-institutional investors: 0.03 times, or 3%.
Retail investors: 0.06 times, or 6%.
Employee reserve: 0.17 times, or 17%.
Hexaware Technologies IPO GMP
The grey market premium of the Hexaware Technologies IPO was Rs 2 as of 07:28 p.m. on Feb. 13, according to InvestorGain. This implied shares of the company will likely list at Rs 710 apiece, indicating a 0.28% premium to the upper end of the price band.
It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.
Watch The IPO Adda Here
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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