Hexaware Technologies makes muted D-Street debut; shares list at 5% premium

Hexaware Technologies shares listed at Rs 745.50 per share on the NSE, and Rs 731 per share on the BSE, against the issue price of Rs 708 apiece

Hexaware Technologies IPO listing: Shares of Hexaware Technologies, which launched the largest initial public offering (IPO) by an Indian IT services company, made a lackluster D-Street return on Wednesday, February 19, 2025, after delisting from the exchanges in September 2020.

 

Hexaware Technologies shares listed at Rs 745.50 per share on the National Stock Exchange (NSE), reflecting a premium of Rs 37.50 or 5.30 per cent above the IPO issue price of Rs 708.

 

On BSE, Hexaware Technologies shares, however, listed at a slightly lower premium of Rs 23 or 3.25 per cent at Rs 731 per share.

 

Despite the muted response, the listing performance surpassed grey market expectations. Ahead of the debut, Hexaware Technologies' unlisted shares were trading flat at around Rs 708 in the grey markets, according to sources monitoring unofficial market activity.

 

Valued at approximately Rs 8,750 crore, the Hexaware IPO comprises an Offer for Sale (OFS) by the promoter, CA Magnum Holdings, which is divesting up to 12,35,87,570 equity shares with a face value of Re 1 each. The IPO was priced within a band of Rs 674-708 per share, with a lot size of 21 shares. The company has fixed the issue price at Rs 708 per share.

 

The public issue saw subdued demand from investors, with the IPO being subscribed 2.66 times by the final day of subscription. The highest demand came from Qualified Institutional Buyers (QIBs), whose bids were oversubscribed 9.09 times the reserved quota. This was followed by Non-Institutional Investors (NIIs), who bid for 0.20 times their allocated quota, and Retail Individual Investors (RIIs), who subscribed to 0.11 times.

 

The basis of allotment for the Hexaware Technologies IPO shares was finalised on Monday, February 17, 2025.

 

Kfin Technologies served as the registrar for the public offering, while Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities & Capital Markets, and IIFL Securities acted as the book-running lead managers.

 

Hexaware Technologies is a digital and technology services company with a focus on Artificial Intelligence (AI). The company provides innovative solutions to support clients’ digital transformation journeys and ongoing operations, embedding AI into all aspects of its services. Hexaware operates in six industry segments: Financial Services, Healthcare & Insurance, Manufacturing & Consumer, Hi-Tech & Professional Services, Banking, and Travel & Transportation. Its offerings include Design & Build, Secure & Run, Data & AI, Optimise, and Cloud Services. The company serves clients across the Americas, Europe, the Asia-Pacific region, as well as India and the Middle East.