Hexaware Technologies IPO: IT firm mobilises Rs 2,598 crore out of total offer size of Rs 8,750 crore

Hexaware Technologies IPO

Global IT services provider Hexaware Technologies has raised Rs 2,598 crore from 96 institutional investors via anchor book on February 11, a day before the issue opening.

The Rs 8,750 crore maiden public issue of the US private equity giant Carlyle-backed company will open for public subscription on February 12 and close on February 14. The IPO share allotment will be finalised by February 17, while investors can start trading in equity shares on the bourses by February 19.

"...has finalised allocation of 3.67 crore equity shares at a price of Rs 708 per equity share," Hexaware said in its filing to exchanges.

Global marquee investors like CLSA, Government of Singapore, Monetary Authority of Singapore, Smallcap World Fund, American Funds, Fidelity, Abu Dhabi Investment Authority, JP Morgan, Custody Bank of Japan, Goldman Sachs, New York State Teachers Retirement System, T Rowe Price International, Amundi Funds, Templeton Emerging Markets Investment Trust, Tocu Europe, and Florida Retirement System showed great interest in the company.

Click Here To Read All IPO News

Domestic institutional investors like SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC AMC, Kotak Mahindra AMC, Aditya Birla Sun Life AMC, Motilal Oswal Mutual Fund, Axis Mutual Fund, UTI MF, Mirae Asset India, Manulife Global Fund, Aditya Birla Sun Life Insurance, PGIM India, DSP MF, and Baroda BNP Paribas MF also invested in Hexaware via anchor book.

"Out of the total allocation of 3.67 crore equity shares to the anchor investors, 1.31 crore shares were allocated to 15 domestic mutual funds, which have applied through a total of 34 schemes," Hexaware said.

The IPO consists of entirely an offer-for-sale by its promoter CA Magnum Holdings. Hence, the entire offer proceeds will go to the said promoter and the company will not receive any funds.

The price band for the offer has been fixed at Rs 674-708 per share. Half of the public issue size is reserved for qualified institutional investors, 35 percent for retail investors, and the remainder 15 percent for non-institutional investors.

The book running lead managers handling the public issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities & Capital Markets, and IIFL Securities.