IT services provider Hexaware Technologies has hired JP Morgan, Citi, ICICI Securities, HSBC, and Kotak Mahindra Capital for its initial public offering (IPO), which could potentially raise up to $1 billion, according to reports.
The IPO is poised to be the largest in the Indian IT services sector since Tata Consultancy Services (TCS) went public.
Sources close to the company told FE there are plans for an IPO in a “few months”, but since the discussions are in the preliminary stages, the timeline and valuation details are subject to change.
According to media reports, the company, promoted by US private equity giant Carlyle, is being valued at approximately $4 billion.
Hexaware Technologies delisted from BSE and National Stock Exchange in November 2020. Its promoters had accepted a delisting price of `475 per share, marking the first successful delisting on Indian bourses since December 2018. In October 2021, Carlyle Group acquired a 62% stake in Hexaware from Baring Private Equity Asia for nearly $3 billion.
Hexaware specialises in IT and business process outsourcing services and has a strong focus on cloud, data, and artificial intelligence services. The potential IPO is a part of Carlyle’s broader strategy to optimize its investment in Hexaware.
Earlier this month, the company announced the acquisition of Softcrylic, a data consulting firm headquartered in Minneapolis.