Hexaware Technologies Returns to Dalal Street: Key Highlights of Its ₹8,750 Crore IPO

06 February 2025

• Market Comeback: Hexaware is set to relist on Dalal Street after five years, with its IPO opening on February 12 and closing on February 14.
  
  

• Issue Details: The Hexaware Technologies IPO, valued at ₹8,750 crore, is a pure Offer for Sale (OFS), with promoter Carlyle reducing its stake from 95% to 74.1% post-listing.
  
  

• Pricing & Investment:

  • Price Band: ₹674 - ₹708 per share.
  • Retail Participation: Minimum bid of one lot (21 shares), requiring an investment of at least ₹14,868.
    
    

• Largest IT IPO: This will be the biggest IPO in India’s IT services sector, surpassing TCS’s ₹4,713 crore IPO (2004).
  
  

• Market Capitalization: At the upper price band, the company’s market cap will stand at ₹43,247 crore.
  
  

• Previous Delisting: Hexaware was delisted in September 2020, with promoters buying out shares at ₹475 per share.
  
  

• Revenue Growth (2023):

  • Grew by 12.8% in constant currency terms.
  • Lower than Persistent Systems (17.6%) and Coforge (14.5%), but higher than LTIMindtree and Mphasis.
    
    

• Revenue Contribution:

  • Geography: The Americas contributed 73.4% of revenue in the first nine months of FY25, with the rest from Europe & APAC.
  • Sectors:BFSI & Healthcare contribute nearly 50% of total revenue.
    
    

• Client Concentration:

  • Top 5 clients contribute 25.8% of total revenue.
  • Top 10 clients account for 35.7% of revenue in the first nine months of 2024.