Hexaware Technologies IPO: From issue details to their financials, Here’s everything you need to know

Hexaware Technologies Limited’s IPO consists entirely of an offer for sale (OFS). The total offer size is expected to reach Rs. 8,750 crore. The IPO Price Band will be Rs. 674 to Rs. 708, open for bidding from February 12, 2025, and closing on February 14, 2025. Hexaware Technologies shares will be listed on the NSE and BSE post-allotment.

GMP of Hexaware Technologies

The shares of Hexaware Technologies Limited were trading in the grey market at Rs. 711 which is a 0.42 percent premium or Rs. 3 over its issue price of Rs. 708 as of February 13th.

Overview of Hexaware Technologies

Hexaware Technologies Limited was founded in 1992 and is a global digital and technology services company that integrates artificial intelligence to help businesses grow. It has 39 delivery centers in India and Sri Lanka and plans to expand into Tier 2 cities like Ahmedabad and 16 offices worldwide.

The company operates across industries such as banking, healthcare, and manufacturing, offering AI-powered platforms like RapidX™, Tensai®, and Amaze®. With over 32,500 employees, Hexaware provides cloud services, IT security, and data-driven insights to enhance business efficiency and digital transformation worldwide.

Promoters of Hexaware Technologies

Hexaware Technologies is promoted by CA Magnum Holdings, which holds 95.03 percent of the company’s pre-IPO shareholding. They will offer equity shares aggregating up to Rs. 8,750 crore. This constitutes the entire offer for sale in the IPO

Lead Managers of Hexaware Technologies IPO

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 Capital Services Limited act as the book-running lead managers and KFin Technologies Limited is the registrar for the offer.

Objectives of Hexaware Technologies IPO

The company will not gain any proceeds from the offer. The selling shareholders will receive their respective shares after deducting offer-related expenses and applicable taxes.

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Financial Analysis of Hexaware Technologies IPO

Hexaware Technologies Limited’s revenue has increased from Rs 7,763.1 crore in FY22 to Rs. 10,389.1 crore in FY23, which has grown by 33.83 percent. In the nine months of FY24 (September), the company made a revenue of Rs. 8,871.3 crore.

The net profit of the company has increased by 23.96 percent, from Rs. 804.8 crore in FY22 to Rs. 997.6 crore in FY23. In the nine months of FY24 (September), the company made a profit of Rs. 853.3 crore.

Hexaware Technologies Limited’s revenue and net profit have grown at a CAGR of 19.75 percent and 15.42 percent over the last two years. 

Hexaware Technologies vs Peers

As per the RHP, the company has listed its peers as Persistent Systems Limited, Coforge Limited, LTIMindtree Limited, and Mphasis Limited, highlighting its competitive positioning within the IT services and digital transformation industry.

Strengths and Weaknesses

Hexaware Technologies has strong expertise in IT consulting and digital transformation, supported by an experienced promoter, CA Magnum Holdings. The company operates globally with a diverse range of IT, BPO, and consulting services. It maintains strong client relationships and invests in innovative technologies to stay competitive. 

However, it relies heavily on North American clients, making it vulnerable to market changes. The IT industry’s intense competition and rapid technological shifts require constant adaptation. Additionally, economic downturns and cybersecurity threats pose risks to its growth and stability in the global market.

Written By – Nikhil Naik

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