Hexaware Technologies IPO opens tomorrow: What GMP signals ahead of subscription?

The initial public offering (IPO) of Hexaware Technologies Ltd. will open for subscription on February 12 and will close on February 14. Ahead of the issue, the grey market premium (GMP) for the company’s shares is around ₹3.5 indicating a 0.49% premium over the issue price.

The company has fixed the price band of its ₹8,750 crore IPO. The IT services provider has fixed the price band between ₹674 to ₹708 per share.

The public offer will be a pure Offer For Sale as promoter Carlyle will be selling stake.

Investors in the retail segment can bid for one lot of Hexaware’s shares in the IPO, which will include 21 shares and in multiples of that thereafter. One lot will entail a minimum investment of ₹14,868 per lot.This will be the largest IPO by an Indian IT services company, surpassing TCS’s record in 2004, when it raised ₹4,713 crore.

Following the IPO, promoter Carlyle’s stake will be down to 74.1% from 95% currently.Considering the higher end of the price band, Hexaware will have a market capitalisation of ₹43,247 crore.

Hexaware had delisted from the bourses in September 2020 when the company’s promoters accepted the delisting price of ₹475 per share.

For calendar year 2023, Hexaware’s revenue grew at 12.8% in constant currency terms, which is lower than its peers Persistent Systems and Coforge, who grew at 17.6% and 14.5% respectively but higher than LTIMindtree and Mphasis.

The Americas contributed 73.4% to Hexaware’s topline for the first nine months of financial year 2025, while the rest came from Europe and Asia Pacific. Nearly half of the company’s revenue comes from BFSI and Healthcare.

For the first nine months of calendar year 2024, Hexaware’s top five clients contributed 25.8% to the topline, while the top 10 clients contributed 35.7%.