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Unlisted shares of Hexaware Technologies Ltd are currently trading at Rs 709 apiece in the grey market, which is just 0.14 per cent premium over the upper IPO price of Rs 708.
Hexaware Technologies IPO.
Hexaware Technologies IPO Allotment Status: The Hexaware Technologies IPO allotment is set to be finalised today, Monday, in the evening. The initial public offering, which closed on Friday, received a total of 2.79 times subscription. Ahead of the IPO allotment, its grey market premium (GMP) continues to remain subdued at just 0.14 per cent, which signals a flat or negative listing on February 19, Wednesday.
On the final day of bidding on Friday, the Rs 8,750-crore IPO received a 2.79 times subscription garnering bids for 24,28,44,966 shares as against 8,70,25,526 shares on offer. The oversubscription was mainly on the back of overbidding by the QIB category.
However, the retail and NII participation remains dismally low at 0.11 times and 0.21 times, respectively.
The QIB category, which comprises mutual funds and pension funds, received a 9.55 times subscription so far.
The price band of the IPO, which was opened for public subscription on February 12 and closed on February 14, was fixed at Rs 674 to Rs 708 apiece.
Hexaware’s IPO would be the largest in the country’s IT services sector since Tata Consultancy Services’ over Rs 4,700-crore initial public offering over two decades ago. Hexaware’s previous promoter, Baring Private Equity Asia, delisted the company in 2020. Almost a year after the delisting, the Carlyle Group acquired Baring Private Equity Asia’s stake in the company in October 2021.
Hexaware Technologies IPO GMP
According to market observers, unlisted shares of Hexaware Technologies Ltd are currently trading at Rs 709 apiece in the grey market, which is just 0.14 per cent premium over the upper IPO price of Rs 708. It indicates a flat or negative return for investors on February 19, the tentative listing date.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Hexaware Technologies IPO Allotment: A Step-By-Step Guide
The Hexaware Technologies IPO allotment will take place on Monday, February 17. The IPO allotment status can be checked online by following these steps:
1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Hexaware Technologies Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.
Your share application status will appear on your screen.
You can also visit directly on the registrar Kfin Technologies Ltd’s portal — https://rti.kfintech.com/ipostatus/ and check the Hexaware Technologies IPO allotment status.
Hexaware Technologies IPO: More Details
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 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.
Ahead of the IPO, Hexaware Technologies Limited raised Rs. 2,598 crore from anchor investors.
Hexaware Technologies is a global digital and technology services company with artificial intelligence (AI) at its core and having a diverse range of customers, including 31 of the Fortune 500 organizations. It serves customers across the Americas, Europe and Asia-Pacific (including India and Middle East).
For the nine months ended September 2024, the company’s net profit stood at Rs 853.3 crore and revenues at Rs 8,820 crore.
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 Securities Ltd are the book-running lead managers responsible for managing the company’s IPO.
