US private equity giant Carlyle promoted Hexaware Technologies is likely to launch its IPO, India's biggest ever in the IT services and enterprise tech segment, next week, by raising around Rs 8,750 crore, multiple industry sources in the know told Moneycontrol.
"The IPO, a pure OFS or offer for sale by Carlyle, is all set to launch and the plan is to open the issue for public subscription between February 12 and 14 with the anchor portion on February 11," said one of the persons above.
Two other persons confirmed the above. All three persons spoke to Moneycontrol on the condition of anonymity.
When reached out to Carlyle for comment, the firm declined to respond to Moneycontrol's query.
Once the listing plans fructify, it would be India's biggest IT services IPO in rupee terms since the Rs 4,713-crore issue of TCS back in 2002.
On May 14, Moneycontrol was the first to report that Carlyle-backed Hexaware had picked five investment banks, namely Kotak Mahindra Capital, Citi, JP Morgan, HSBC Securities and IIFL Capital as advisors for the deal.
Shardul Amarchand Mangaldas is the company counsel as per the draft red herring prospectus filed on September 6, 2024.
The issue size was then pegged at Rs 9,950 crore.
The May 14 report added that the targeted valuation was between $5 billion to $6 billion, which could vary later depending on market conditions.
Carlyle acquired Hexaware in 2021 from rival private equity firm Baring Private Equity Asia (now EQT) for around $3 billion.
A successful listing attempt would mark the return of Hexaware Technologies to the domestic bourses after 22 years. According to NSE data, it was first listed on June 14, 2002. The earlier promoter Baring Private Equity Asia had delisted the firm in 2020.
Carlyle holds a 95.03 percent stake in Hexaware Technologies. The Mumbai-based firm has a presence in around 61 offices worldwide in 19 plus countries a workforce of more than 31,000 and a client base of more than 370.
According to its DRHP, for the six months ended June 2024, the firm clocked Rs 5,684 crores in revenue from operations, with Americas being the biggest contributor with a 73.3 per cent revenue share.
"We are a global digital and technology services company with artificial intelligence at its core. We manage our business through six operating segments based on the industries we serve: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. Our offerings encompass five broad services: Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services, which form the foundation for our offerings," the firm's DRHP says.
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