Hexaware Tech IPO subscription reaches 3% on first day of bidding

The initial public offer of private equity major Carlyle Group-backed Hexaware Technologies Ltd received 3 per cent subscription on the first day of bidding on Wednesday. 

The got bids for 30,78,369 shares against 9,14,23,354 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) garnered 4 per cent subscription while Retail Individual Investors (RIIs) part got subscribed 4 per cent. The portion for non-institutional investors received 1 per cent subscription. 

Hexaware Technologies Ltd has mopped up Rs 2,598 crore from anchor investors. 

The Rs 8,750-crore Initial Public Offering (IPO) of Hexaware Technologies will conclude on February 14. 

The company has set a price band at Rs 674-708 per share for the IPO. 

At the upper end of the price band, the company has been valued at over Rs 43,000 crore. 

The initial share sale of the Mumbai-headquartered company is a complete Offer for Sale (OFS) of equity shares worth Rs 8,750 crore by promoter CA Magnum Holdings, part of Carlyle Group. 

At present, CA Magnum Holdings holds 95.03 per cent stake in the IT company. 

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company. 

Hexaware's public issue is the largest in country's IT services sector since Tata Consultancy Services' over Rs 4,700 crore IPO over two decades ago. 

Hexaware Technologies is a global digital and technology services company. 

Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Private Ltd, JP Morgan India Private Ltd, HSBC Securities and Capital Markets (India) Private Ltd and IIFL Capital Services Ltd are book-running lead managers to the issue. 

The equity shares will be listed on BSE and NSE.