Hexaware IPO: Carlyle-backed firm selects 5 i-banks to launch mega offer at $5-$6 bn valuation, says report

Hexaware Technologies, backed by US private equity giant Carlyle, has selected five investment banks to launch a mega offer at a valuation of $5 billion to $6 billion, a report said on Monday, citing sources.

The offer will provide an opportunity to Carlyle to cut down some of its stake in Hexaware, the publication further learnt from the sources.

The development coud not be independently confirmed by the time the report emerged. Hexaware and Carlyle, along with the above-mentioned investment lenders, were yet to issue a statement in response to the news.

Notably, Carlyle had acquired a controlling stake of 62% in Hexaware from rival Baring Private Equity Asia in October 2021, at a transaction value of nearly $3 billion.

India's biggest IT sector IPO on cards

This would make the offer the biggest in India's IT sector, as the last biggest fundraise via the IPO route was recorded by Tata Consultancy Services in 2004 when it raised ₹4,713 crore.

The targeted amount is likely to be raised by Hexaware at a valuation of $5 billion to $6 billion (₹41,750 crore to ₹50,100 crore), the publication further reported.

About Hexaware Technologies

Hexaware Technologies, a Mumbai-based IT services management company, operates in around 34 countries with 50 offices worldwide. Its total employee count stands at around 30,000. The company, on its website, noted that its annual revenue stood at $1.3 billion.