Hexaware Technologies IPO Makes a Modest Debut on D-Street
Hexaware Technologies, which recently launched the biggest IPO by an Indian IT services company, made its return to the stock market on February 19, 2025, after being delisted back in September 2020.
The company’s shares debuted at ₹745.50 on the NSE, marking a 5.3% premium over the issue price of ₹708. On the BSE, however, the listing was slightly weaker, opening at ₹731 per share, a 3.25% premium. While the stock’s debut wasn’t particularly exciting, it still managed to outperform expectations from the grey market, where its unlisted shares were trading flat at ₹708 before the listing.
IPO Details & Subscription
The ₹8,750 crore IPO was entirely an Offer for Sale (OFS) by its promoter, CA Magnum Holdings, which offloaded 12.35 crore equity shares. The price band was set between ₹674-708 per share, and investors had to apply in lots of 21 shares. Eventually, the issue price was fixed at ₹708 per share.
Despite being one of the biggest IPOs in the IT sector, investor interest remained lukewarm, with the issue being subscribed 2.66 times overall. The biggest demand came from Qualified Institutional Buyers (QIBs), who subscribed 9.09 times their allocated portion. However, Non-Institutional Investors (NIIs) and Retail Investors (RIIs) showed little enthusiasm, with subscription rates of just 0.20 times and 0.11 times, respectively.
Key Players Behind the IPO
The basis of allotment for Hexaware’s IPO shares was finalized on February 17, 2025. Kfin Technologies handled the registrar services, while Kotak Mahindra Capital, Citigroup, JP Morgan India, HSBC Securities, and IIFL Securities acted as book-running lead managers.
About Hexaware Technologies
Hexaware Technologies is a digital and technology services company with a strong focus on Artificial Intelligence (AI). It helps businesses in their digital transformation journeys, embedding AI into various aspects of its services. The company operates in six key sectors:
- Financial Services
- Healthcare & Insurance
- Manufacturing & Consumer
- Hi-Tech & Professional Services
- Banking
- Travel & Transportation
Hexaware offers a wide range of solutions, including Design & Build, Secure & Run, Data & AI, Cloud Services, and Optimization. It has a strong presence in the Americas, Europe, Asia-Pacific, India, and the Middle East.
While its IPO debut may not have been spectacular, Hexaware’s AI-driven approach and global footprint could shape its long-term growth story in the tech industry.
