Carlyle backed Hexaware Technologies Limited files DRHP with SEBI to raise Rs. 9,950 crores

Hexaware Technologies Limited, a global digital and technology services company with artificial intelligence (AI) at its core and having a diverse range of customers, including 31 of the Fortune 500 organizations has filed the DRHP with capital markets regulator, SEBI to raise funds through an initial public offering (IPO).

The Rs. 9,950 crore IPO of the Mumbai headquartered company is a complete Offer for Sale by CA Magnum Holdings (an affiliate of Carlyle private equity), the Promoter Selling Shareholder.

Hexaware serves customers across the Americas, Europe and Asia-Pacific (including India and Middle East) and has a global delivery presence comprising 38 delivery centers supported by 16 offices. As of June 30, 2024, it had a team of 31,870 employees in 28 countries led by Srikrishna Ramakarthikeyan, CEO & Whole-Time Director.

Hexaware manages its business through six operating segments – Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation.

Its offerings encompass five broad services: Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services and delivers its services through AI-enabled digital platforms such as RapidX™ for digital transformation, Tensai® for AI-powered automation and Amaze® for cloud adoption.

Hexaware serves global asset management firms, global life sciences firms, global insurers, global manufacturing organizations, global retail and CPG organizations, global hi-tech companies, global audit and advisory firms, global legal firms; some of the top banks in the United States and airlines in North America.

As of CY2023, Financial Year ending December 31, 2023, its revenue from operations was Rs.10,380crores with a PAT of Rs.  997 crores, and for six months ended June 30, 2024, revenue from operations was Rs. 5684 crores with a PAT of Rs. 553 crores.

The Book Running Lead Managers to the offer are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited and IIFL Securities Limited. The equity shares are proposed to be listed on BSE and NSE.