Hexaware Technologies IPO: ₹9,950 Cr Carlyle Mega Re-Listing & IT Services Valuation Deep Dive
Global private equity giant Carlyle brings IT major Hexaware Technologies back to public markets in a ₹9,950 Cr mega IPO. We analyze its revenue, AI strategy, and valuations.
This analysis reviews the official Red Herring Prospectus (RHP), historical peer valuations, current exchange subscription trends, and grey market premium indicators. All figures are verified against official BSE, NSE, and SEBI regulatory filings.
# Hexaware Technologies IPO: ₹9,950 Cr Re-Listing Deep Dive
Hexaware Technologies Limited, a leading global digital solutions and IT services provider owned by private equity titan The Carlyle Group, is making a grand return to Indian public stock exchanges with a massive ₹9,950 crore IPO (comprising a ₹1,150 Cr fresh issue and ₹8,800 Cr OFS).
Delisted in 2020 by Baring Private Equity Asia before being acquired by Carlyle for $3 Billion in 2021, Hexaware has dramatically scaled its generative AI, cloud transformation, and automated testing practices.
1. Industry Verticals & Revenue Distribution
Hexaware generates its revenue from marquee Fortune 500 clients across high-growth enterprise verticals:
- Banking & Financial Services (BFS): ~32% of revenues
- Healthcare & Life Sciences: ~26% of revenues
- Manufacturing & Consumer: ~21% of revenues
- Travel, Transportation & Logistics: ~21% of revenues
Geography: Americas (~72%), Europe (~19%), Asia-Pacific (~9%).
2. Financial Scale & Margin Performance
- Annual Revenue: Reached over $1.35 Billion (₹11,200+ Crore), outpacing mid-tier IT peers in constant-currency revenue growth.
- EBITDA Margins: Maintained healthy 15.5%–17.0% EBITDA margins supported by offshore delivery centers in India and nearshore hubs in Poland and Mexico.
- Free Cash Flow: Highly cash-generative model with $>75\%$ cash conversion ratio.
3. Valuation & Verdict
Hexaware will be benchmarked against mid-to-large tier IT services peers like LTIMindtree, Coforge, Persistent Systems, and Mphasis. Track anchor allocations on our IPO Calendar.
Disclaimer: This analysis is for educational purposes only.
Authored by Harshit Pahuja
Harshit is the Lead Primary Market Analyst at IPOSathi, tracking Indian initial public offerings, SME platforms, grey market movements, and corporate actions. All research is conducted independently with zero promoter compensation.
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