Hexaware Technologies Shares List At 5% Premium Over Issue Price

Hexaware Technologies Ltd. shares listed on the National Stock Exchange at Rs 745.5 per share, a premium of 5.2% from the issue price of Rs 708 apiece. The shares debuted on the BSE at Rs 731 per share, marking a premium of 3.2%.

The Rs 8,750-crore initial public offering was subscribed 2.66 times on the final day of bidding. ⁠The IPO consisted only of an offer for sale segment, according to the red herring prospectus. The OFS will entail the sale of equity by the 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.

Hexaware is a digital and technology services company providing solutions with artificial intelligence.  

Acquired by global investment firm Carlyle Group Inc. from Baring Private Equity Asia in 2021, the company offers a range of services, including IT, business process outsourcing, cloud computing, data analytics and artificial intelligence solutions.

The company reported a 12.8% rise in revenue at Rs 10,380 crore in the calendar year 2023 from Rs 9,199.60 crore in the previous fiscal. Net profit was up 12.8% to Rs 998 crore.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose to Rs 1,581 crore in the same period. The Ebitda margin expanded to 15.23% from 13.28%.