Hexaware Technologies files draft IPO papers

Business Business: IT services provider Hexaware Technologies has submitted a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Rs 9,950 crore. The IT firm was listed on stock exchanges before being delisted in 2020. If approved, Hexaware Technologies’ issue will be the largest issue in the IT sector in terms of size. Currently, the record for the largest IT sector IPO in the domestic market is held by Tata Group IT company TCS, which is also India’s largest IT company. Tata Consultancy Services came up with an IPO of Rs 4,713 crore two decades ago. Hexaware Technologies plans an IPO twice the size of TCS’ IPO. According to the DRHP, the IPO will be an offer for sale only. Hexaware Technologies has appointed five investment banks – Kotak Investment Banking, Citi Global Markets, JP Morgan, HSBC Securities and IIFL Securities – as managers for the IPO. Notably, Hexaware Technologies is promoted by American private equity firm Carlyle Group, which holds nearly 95% of the company’s shares.