This year 2024, the IPO market is witnessing a boom and big companies are launching their issues one after the other. Now IT sector company Hexaware Technologies has submitted Draft Red Herring Prospectus (DRHP) with market regulator SEBI to bring its IPO. The company is preparing to raise more than Rs 9,000 crore from the market through its IPO. It is being said that this will be the biggest IPO ever in the tech segment.
The biggest IPO of the IT sector
IT service provider Hexaware Technologies IPO has submitted documents with market regulator SEBI for an IPO of Rs 9,950 crore. The special thing is that this IT firm was listed on the stock exchanges in 2020 and now after four years, it is going to launch the country’s biggest IPO ever in the IT sector. Earlier, this title was in the name of Tata Group’s IT company Tata Consultancy Services (TCS), which launched an IPO of Rs 4,713 crore two decades ago.
IPO will be twice bigger than TCS
Hexaware Technologies plans to bring an IPO twice the size of TCS’s IPO. According to the DRHP, the company has appointed 5 investor banks as managers for its IPO. These include Kotak Investment Banking, Citi Global Markets, JP Morgan, HSBC Securities and IIFL Securities. Hexaware Technologies is promoted by American private equity firm Carlyle Group, which holds about 95% of the company’s shares.
Sale of shares through OFS
According to the documents (DRHP) submitted by the company to SEBI, shares will be sold in this IPO only through Offer for Sale (OFS). Carlyle bought Hexaware Technologies from Baring Private Equity Asia (EQT) in 2021 for around $3 billion and today it has a big business all over the world. Here let us tell you one more thing that the company was already listed in the stock market. Yes, according to NSE data, Hexaware Technologies company was first published in June 2002, but it was delisted in 2020.
The company has a big business
Hexaware Technologies is a global IT firm and has around 61 offices across the world. Around 31,000 people are working in these offices. Apart from this, the company has achieved an annual revenue of $ 1.3 billion. The company provides design and construction, secure and run, data and AI, optimize and cloud services.
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Source (PTI) (NDTV) (HINDUSTANTIMES)