MUMBAI: Private equity major Carlyle-owned software services firm Hexaware Technologies has fixed the price-band for its bumper ₹8,750-crore share sale at ₹674-708 per share. The share has a face value of Re 1 and the fully offer-for-sale issue will open on February 11.
At ₹8,750 crore, this is the largest ever-share sale in the domestic IT services & enterprise technology space since the Rs 4,713-crore issue of the industry leader Tata Consultancy Services in 2002.
The management told reporters here Thursday that through the OFS-only issue, the promoter selling shareholder CA Magnum Holdings will offload shares worth ₹8,750 crore and the entire money will go to the promoter and not to the company.
Carlyle had bought Hexaware in 2021 from Baring Private Equity Asia (renamed as ETQ now), for around $3 billion. Baring acquired the company in 2013 from founder Atul K Nishar for Rs 1,000 crore after running it since 1990 it first as Aptech Information Systems and as Hexaware Technologies from April 2002.
Pre-issue, Carlyle and CA Magnum Holdings own 95.03% and the remaining is held by the shareholders who did not tender their shares in the delisting carried out by Baring in 2020. Through the OFS, promoters’ holding will come down to 70%. A successful listing attempt would mark the return of Hexaware to the domestic bourses after 22 years.
According to the NSE data, it was first listed in June 2002 and after buying out the promoters Baring Private Equity took the company private in 2020.
The Navi Mumbai-headquartered Hexaware currently runs 61 offices worldwide across 19 countries and employs more than 31,000 serving its over 370 clients. Its focused on six operating segments --financial services, healthcare and insurance, manufacturing and consumer, hi-tech and professional services, banking, and travel and transportation.
According to its Sebi filing, for the six months to June 2024, the company had revenue of Rs 5,684 crore, with the Americas being the biggest contributor with a 73.3% of the top line pie.