Hexaware Technologies to list on NSE, BSE tomorrow: Here’s what the GMP signals

Hexaware Technologies is trading muted in the grey market on Tuesday, a day ahead of its market debut. This suggests a listing at the upper price band of ₹708 when the stock debuts on the NSE and BSE on February 19.

The ₹8,750-crore IPO, open for subscription from February 12 to February 14, was subscribed 2.66 times, with strong demand from Qualified Institutional Buyers (QIBs) at 9.09 times. However, Non-Institutional Investors (NIIs) subscribed only 20% of their allotted quota, while retail investors subscribed 11%.

The IPO, entirely an Offer For Sale (OFS) by private equity firm Carlyle, is the largest-ever public issue by an Indian IT services company, surpassing TCS’ ₹4,713-crore IPO in 2004. Post-listing, Carlyle’s stake will reduce to 74.1% from 95%.

Ahead of the IPO, Hexaware raised ₹2,598 crore from 96 institutional investors, including the Government of Singapore, the Monetary Authority of Singapore, CLSA, JP Morgan, and Goldman Sachs.

The IPO was priced between ₹674 and ₹708 per share, valuing the company at ₹43,247 crore at the upper price band. Investors awaiting share allotment can check their status on the NSE, BSE, or KFin Technologies’ website.

Founded in 1992, Mumbai-based Hexaware Technologies is a global IT and digital services provider integrating artificial intelligence (AI) into its solutions. The company was delisted in 2020 at ₹475 per share when promoters took it private.

For the nine months ended September 2024, Hexaware reported a revenue of ₹8,820 crore and a net profit of ₹853.3 crore.

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