HX
Hexaware Technologies Limited
A global IT services company providing digital transformation, cloud, AI, and BPO solutions to Fortune 500 companies across banking, healthcare, and manufacturing sectors.
₹674–₹708
Price Band
21 Shares
Lot Size
₹14868
Min Investment
1 lot @ ₹708
₹8750 Cr
Issue Size
+₹42
GMP Today
Est. ₹750 (5.9%)
2.81×
Subscribed
Day 2
₹10
Face Value
38.7×
P/E (at upper)
Grey Market Premium (GMP)
Updated 13 Feb · 10:32 IST+₹42
Current GMP
Grey Market Premium
₹750
Est. Listing Price
Upper band + GMP
+5.93%
Expected Return
From upper band ₹708
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 2 · 13 Feb 20253.24×
QIB
Qualified Institutional
1.84×
NII / HNI
Non-Institutional
2.11×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | 58,25,000 | 1,88,73,000 | 3.24× | |
| NII (Big) >₹10L | 17,47,500 | 28,41,350 | 1.63× | |
| NII (Small) <₹10L | 11,65,000 | 23,62,120 | 2.03× | |
| Retail | 27,23,333 | 57,46,203 | 2.11× | |
| Total | – | – | 2.81× |
About the Company
Hexaware Technologies Limited is a global technology and business process services company headquartered in Mumbai. Founded in 1990, the company provides IT services, digital transformation, cloud migration, AI/ML solutions, and BPO services to clients across banking & financial services, healthcare, manufacturing, and hi-tech verticals.
Employees
~30,000
Founded
1990
Headquarters
Mumbai, India
Industry
IT Services & BPO
Issue type
OFS (No fresh issue)
Promoter
Carlyle Group (CA Magnum)
✅ Strengths
- Consistent revenue & PAT growth (15%+ CAGR over 3 years)
- Strong EBITDA margins (~18%) with robust cash flow
- Diversified client base – no customer >10% revenue
- Growing AI & cloud practice (fastest-growing segments)
- Carlyle group exit creates institutional credibility
⚠️ Risks
- OFS only – no fresh capital for company growth
- High P/E of ~38× vs. industry median of ~30×
- Revenue concentration in US market (~60%)
- INR/USD sensitivity and global macro headwinds
- Private equity overhang – further stake sales possible
Financial Performance
FY22 · FY23 · FY24Revenue (₹ Cr)
PAT (₹ Cr)
FY22
FY23
FY24
| Metric | FY22 | FY23 | FY24 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 7457 | 10384 | 11898 | Stable |
| EBITDA (₹ Cr) | 1316 | 1867 | 2108 | Stable |
| PAT (₹ Cr) | 854 | 1228 | 1422 | Stable |
| EPS (₹) | 14.22 | 20.46 | 23.68 | ▲ 15.7% |
| EBITDA Margin | 17.6% | 18.0% | 17.7% | – |
| ROE | 22.4% | 28.6% | 30.2% | – |
Analyst Review
7.4
/ 10 overall
Subscribe ✅
For long-term
Anand Rathi
Broking Research
Strong fundamentals with consistent margins. Fairly priced at upper band for long-term investors. GMP trend positive.
Choice Broking
IPO Advisory
Decent listing expected. Valuation is at a premium but business quality justifies it for 2-year horizon.
Reliance Securities
Research Desk
OFS-only structure means zero benefit to company. Valuations leave limited upside vs peers. Await better entry.
Hem Securities
IPO Research
Listed peers trade at 35–42× P/E. Hexaware at 38× is fairly valued. GMP suggests 5–8% listing gains possible.
Allotment & Listing
✓
12 Feb
IPO Opens
Subscription window opens for all categories
✓
14 Feb
IPO Closes
Last day to apply – 5:00 PM deadline
✓
17 Feb
Allotment Date
Basis of allotment to be finalized
18 Feb
Refund Initiation
Unallotted funds credited to bank accounts
18 Feb
Credit to Demat
Shares credited to allottees' demat accounts
19 Feb
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹708
Issue Price
₹745
Listing Price
0.0%
Listing Gain
₹738
Current Price