Hexaware Technologies IPO received a subscription of 2.66 times on the final day of bidding as the public issue comes to a closure for public subscription today. The IPO managed to fetch bids for 1.38 crore share as against 9.14 crore shares on offer. It is worth mentioning that the public issue subscribed 0.11 times in the retail segment, 9.09 times in QIB, and 0.20 times in the NII category.
The price band of the IPO has been set Rs 674- Rs 708 with the minimum lot size of 21. Earlier, the IPO was subscribed 15% on day 2 of the bidding. The stock is expected to be listed on BSE and NSE on February 19, 2025.
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. 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.
Latest GMP
The latest GMP or Grey Market Premium of Hexaware Technologies IPO is Rs 2.5, as per latest updates available on Feb 14, 2025 till 7:30 pm. With the price band of 708.00, the IPO expected listing price is Rs 710.5 (cap price + latest GMP), according to investorgain.com. It indicates a premium of 0.35%.
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 8750 crore.
Earlier, Hexaware Technologies received sluggish 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.
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.
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