CA Magnum Holdings holds a 95.03 percent stake in the IT company.
Since the entire issue is an OFS, all proceeds from the IPO will go directly to the selling shareholder, rather than to the company.
Explaining the rationale for its IPO, the company said its aim is to achieve the benefit of listing shares on stock exchanges and conducting OFS for the selling shareholder.
If successful, Hexaware’s first public offering would be the largest in the country. IT services sector from Tata Consulting Services‘ IPO of Rs 4,700 crore over two decades ago. Hexaware Technologies is a global digital and technology services company with artificial intelligence (AI) at its core and with a broad range of customers, including 31 of the Fortune 500 organizations. It serves customers in the Americas, Europe, and Asia Pacific (including India and the Middle East). The company manages its business through six operating segments: financial serviceshealthcare and insurance; manufacturing and consumer; professional and high-tech services; banking; and travel and transportation.
Its offering spans five broad services (Design & Build, Safety & Execution, Data & AI, Optimization, and Cloud Services) and delivers its services through AI-enabled digital platforms such as Rapid for digital transformationTensai for AI-driven automation and Amaze for cloud adoption.
The company has 31,870 employees in 28 countries.
Hexaware’s former promoter, Baring Private Equity in Asiadelisted the company in 2020. Almost a year after the delisting, Carlyle Group acquired Baring’s stake in Hexaware.
As of FY23, the company’s revenue from operations was Rs 10,380 crore with profit after tax (PAT) of Rs 997 crore, and for the six months ended June 24, revenue from operations was Rs 5,684 crore with PAT of Rs 553 crore.
Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities and Capital Markets (India) and IIFL Values They are the lead managers of the company’s IPO reserve books.
The equity shares are proposed to be listed on the BSE and NSE.
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