Hexaware Technologies Limited has set its IPO price band at ₹674 to ₹708 per equity share, with a face value of Re 1. The IPO, which opens for subscription on February 12 and closes on February 14, will offer a pure offer-for-sale (OFS) of ₹8,750 crore. Carlyle Group’s CA Magnum Holdings, the company’s promoter, will sell its stake in the company through this offering. The price-to-earnings ratio for the company is 43 times at the higher end and 41 times at the lower end, based on its basic EPS for fiscal 2023.
The IPO includes a lot size of 21 shares, and will be allocated to institutional investors, with 50% reserved for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. Eligible employees can avail a ₹67 per share discount in the employee reservation portion, with equity shares worth up to ₹900 million reserved for them.
Hexaware Technologies, promoted by US private equity firm Carlyle, provides digital and technology services across multiple industries such as financial services, healthcare, manufacturing, banking, and more. The company reported an operational revenue of ₹103,803 million (US$1,256.4 million) for FY23, with a compound annual growth rate (CAGR) of 13.7% in USD terms.
The company’s share allocation for the IPO will be finalized on February 17, with refunds on February 18, and the shares are expected to be credited to the demat accounts of allottees on the same day. The listing is anticipated on BSE and NSE on February 19.
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