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Hexaware Technologies Ltd has received market regulator SEBI’s approval to raise Rs 9,950 crore through an offer for sale (OFS) of shares. This IPO will be the biggest ever in the infotech sector segment.
Sebi also approved the IPOs of PMEA Solar Tech Solutions Ltd, Scoda Tubes Ltd, AJAX Engineering Ltd, All Time Plastics Ltd and Vikran Engineering Ltd.
The Hexaware offer also includes a reservation for subscription by eligible employees. This will also make it the largest public listing in India this year after Ola Electric. The OFS consists of the sale of equity by CA Magnum Holdings, the promoter of the US private giant Carlyl-promoted company.
Hexaware, originally promoted by Atul Nishar, is engaged in AI-driven solutions and serves industries such as financial services, healthcare and manufacturing. The IPO is aimed at boosting shareholder value and provide liquidity to promoters, thereby strengthening the company’s market footprint.
Hexaware Technologies shares were delisted from the bourses in November 2020 after the company’s then promoters had accepted the discovered delisting price of Rs 475 per share. Nearly a year after the delisting, the Carlyle Group, a US-based Private Equity Firm, bought Baring Private Equity Asia’s 62 per cent stake in the company for nearly $3 billion in October 2021.
As many as 34 companies have already secured the SEBI approval for IPOs, aiming to mobilise a total of over Rs 41,000 crore. Moreover, 55 firms await regulatory clearance, planning to raise around Rs one lakh crore.
A company gets a one-year window from the date of SEBI approval to launch the IPO.
