The initial public offering (IPO) of Hexaware Technologies, kicked off on February 12, 2025, has been subscribed 7% so far as per latest reports available on Day 2 of bidding. The subscription will end on February 14, 2025. It is worth noting that Hexaware Technologies IPO was delisted from the bourses way back in 2020 and it is making its return yet again to public markets in order to raise Rs 8,750 crore.
Hexaware Technologies Latest GMP
The latest GMP of the IPO is Rs 3 as of 11:35 am, according to Investorgain.com. It indicates that shares of the IT firm would expected to list at Rs 711 per share, reflecting a premium of 0.42% at the upper end of the price band. Earlier, Hexaware Technologies received lackluster response on Day 1 with an overall subscription of 0.04 times.
Price Band
The Rs 8,750 crore initial public offer set the price band of Rs 675-Rs 708 per share.
The company was established in 1992 and it is headquartered in Navi-Mumbai. It is engaged in the AI-powered automation, enterprise platform services, and enterprise platform services. Its rival companies include Coforge, LTIMindtree, Persistent Systems. etc.
The public issue of Hexaware Technologies is an offer-for sale (OFS) of approximately 12,35,87,570 equity shares by promotor CA Magnum Holdings. Prior to the IPO, the company managed to raise 2598 crore from anchor investors as it has allocated nearly 1,31,55, 849 shares at Rs 708 per share.
It worth mentioning here that promoter Carlyle will reportedly offload its stake. The stake of Carlyle will come down to 74.1% from existing 95%. Interestingly, US private equity company Carlyle had invested $3 billion in Hexaware Technologies way back in November 2021.
Hexaware Technologies’s initial public offer is reportedly the largest in India’s IT sector since TCS’s more than Rs 4,700 crore IPO. The previous promoter of Hexaware Technologies, Baring Private Equity Asia had delisted it in 2020. Nearly one-year post delisting, Carlyle Group acquired Baring Private Equity’s stake in the firm in 2021.
Book running lead managers of the IPO consist of Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, HSBC Securities & Capital Markets Pvt Ltd, JP Morgan India Private Limited, and IIFL Securities. Meanwhile, the registrar of the issue is Kfin Technologies.
Hexaware Technologies IPO Allotment
As per reports available, allotment of Hexaware Technologies IPO will be completed by February 17, 2025. The IPO is scheduled to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) with the precise listing date set as February 19, 2025. The initiation of refunds will begin on February 18, 2025 and credit of shares to Demat will take place on February 18. The listing date is February 19, 2025.
Should You Subscribe?
Leading brokerage firm Geojit Financial Services assigned subscribe call for long term rating. Ventura Securities suggested subscribe and said, “compared to peers like Persistent Systems and Coforge, Hexaware has a moderate valuation.”
SMC Global Securities issued subscribe rating for long term. Anand Rathi also recommended subscribe rating. Meanwhile, Stoxbox said, “the issue is valued at 43.1 times P/E, which is relatively cheaper compared to its peers. We recommend a ‘subscribe’ rating for this issue.”
Disclaimer: The above content has been made for educational purposes only, and should be considered as investment advice from Moneydaily.in or the respective Author. Neither Moneydaily.in nor the Author will not be responsible for any losses as a result of decisions based on the above information. Moneydaily.in advises readers to do your own research or consult with a SEBI registered investment advisor before making any investment decisions.
Recommended: Hexaware Technologies IPO: Check Subscription, GMP, & Brokerages View
Leave a Reply