Hexaware Technologies IPO: Check latest GMP and other details ahead of opening of the issue

The ₹8,750-crore initial public offering (IPO) of Hexaware Technologies will open for subscription on February 12 at a price band of ₹674-708 per share. Ahead of opening of the bidding, shares of Hexaware Technologies were commanding grey market premium of ₹8 in the unlisted market on Monday, indicating a marginal 1.1% premium over the upper end of the IPO price band of ₹708. The Hexaware Technologies IPO GMP has dropped more than half from its peak of ₹19 on February 6, 2025.

The IPO of Carlyle Group-backed technology services company is entirely and offer for sale (OFS) of shares by promoter CA Magnum Holdings, a subsidiary of U.S. private equity firm Carlyle Group Inc. Post-IPO, Carlyle's shareholding will decline to 74.1% from the current level of 95.03%.

Ahead of opening of the IPO, the anchor book of the Mumbai-headquartered company will open on February 11, while share allotment is expected to be finalised on February 17. The shares of Hexaware Technologies are expected to be listed on BSE and NSE on February 19.

This would be the second time when Hexaware Technologies will list its shares on the domestic bourses. The IT services company went public in June 2002 and was delisted from the stock market in November 2020 at a price of ₹475 per share after the company's former promoter, Bearing Private Equity Asia, made the decision to take the company private.

If successful, it would be the largest IPO in the IT services segment since Tata Consultancy Services' ₹4,700 crore IPO in 2004. The company, engaged in the business of global digital and technology services with artificial intelligence, competes with firms like Coforge, LTIMindtree, Mphasis, and Persistent Systems.

Hexaware Technologies, led by CEO Srikrishna Ramakarthikeyan, is a mid-sized IT service provider, operating in 28 countries with a team of 31,870 employees as of June 30, 2024. It has a global presence comprising 38 delivery centers supported by 16 offices spread across the Americas, Europe and Asia–Pacific region. The company claims to be one of the fastest-growing technology services companies in India, with over $1,000 million in revenue from operations in each of the financial years 2023 and 2022, according to the Everest Report mentioned in the DRHP.

Meanwhile, Ajax Engineering IPO opened for subscription today at a price band of ₹599-629 per share. The company has successfully raised ₹379 crore from anchor investors on February 7.

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