Hexaware gets Sebi nod for Rs 9,950 crore IPO

Hexaware Technologies Secures SEBI Approval for Rs 9,950 Crore IPO, Largest in Infotech Sector.

Expert Analysis:

• SEBI Approval for OFS: Hexaware Technologies Ltd receives SEBI approval to raise Rs 9,950 crore through an offer for sale (OFS) of shares. This IPO will be the largest-ever in the infotech sector.

• Employee Subscription Reservation: The offer includes a subscription reservation for eligible employees.

• Equity Sale by CA Magnum Holdings: The OFS involves equity sale by CA Magnum Holdings, the promoter of Carlyle Group-backed Hexaware.

• Delisting of Shares: Hexaware Technologies shares were delisted from the bourses in November 2020 after the company’s then promoters accepted the discovered delisting price of Rs 475 per share.

• Carlyle Group Acquisition: In October 2021, the Carlyle Group, a US-based Private Equity Firm, bought Baring Private Equity Asia’s 62% stake in Hexaware for nearly $3 billion.

• SEBI Approval Statistics: 34 companies have secured SEBI approval for IPOs, aiming to raise over Rs 41,000 crore, with 55 firms awaiting clearance to raise around Rs 1 lakh crore. Companies have a one-year window from SEBI approval to launch their IPOs.