Hexaware Technologies IPO

Hexaware Technologies Limited is a global digital and technology services company, integrating artificial intelligence (AI) at its core. It provides AI-driven solutions for digital transformation, catering to industries such as financial services, healthcare, manufacturing, and travel. The company operates through six industry segments and offers services in design, security, data, optimization, and cloud solutions. With a strong global presence across 28 countries and 38 delivery centers, Hexaware continues expanding its customer base, serving Fortune 500 companies and achieving significant revenue growth. 

IPO Strengths 

• Demonstrates deep industry expertise, delivering tailored digital solutions across Financial Services, Healthcare, Manufacturing, Hi-Tech, Banking, and Travel sectors. 

• Leverages AI-led innovation with in-house platforms—RapidX™, Tensai®, and Amaze®—to drive efficiency and transformation. 

• Maintains long-term relationships with 31 Fortune 500 companies, with a high Net Promoter Score (NPS) rising from 54 in 2023 to 72 in 2024. 

• Implements a strong go-to-market strategy, ensuring customer acquisition and expansion with a cross-sell index of 4.5 among top customers. 

• Operates a global, scalable, and flexible delivery model with 31,870 employees across 38 centers in 28 countries, focusing on AI training. 

• Led by experienced leadership, with over 70% of senior management serving for more than five years and a people-first culture reflected in diversity and employee satisfaction. 

• Achieved revenue of ₹103,803 million (US$1,256.4 million) in FY 2023, with a 13.7% CAGR, strong EBITDA growth, and an improved cash conversion rate of 89.9%. 

Hexaware Technologies IPO Key Financials (in ₹ million) 

Particulars	30 June 2024	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	79,568	72,021	65,140	56,735
Revenue	56,843	103,803	91,996	71,777
Profit After Tax	5536	9976	8842	7488
Reserves and Surplus	49,196	45,745	40,626	37,276
Total Borrowings	–	–	827	–

Hexaware Technologies Limited Upcoming IPO Details 

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: NA  Offer for Sale: 12,35,87,570 shares (aggregating up to ₹8,750.00 Cr)
Price Range	₹674 to ₹708 per share
Lot Size	21 Shares
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Pre-IPO Shareholding	–
Post-IPO Shareholding	–

Hexaware Technologies IPO Important Dates 

IPO Activity	Date
IPO Open Date	12 February 2025
IPO Close Date	14 February 2025
Basis of Allotment	17 February 2025
Refunds Initiation	18 February 2025
Credit of Shares to Demat	18 February 2025
Listing Date	19 February 2025

Hexaware Technologies IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	21	₹14,868
Retail (Max)	13	273	₹1,93,284
S-HNI (Min)	14	294	₹2,08,152
S-HNI (Max)	67	1,407	₹9,96,156
B-HNI (Min)	68	1,428	₹10,11,024

Hexaware Technologies IPO Lead Managers

Lead Managers

Kotak Mahindra Company Limited

Citigroup Global Markets India Private Limited

JP Morgan India Pvt Limited

HSBC Securities and Capital Markets (India) Private Limited

IIFL Securities Limited

Hexaware Technologies Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	16.45
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	23.6%
Net Asset Value (NAV)	69.77
Return on Equity	–
Return on Capital Employed (ROCE)	–
EBITDA Margin	15.3%
PAT Margin	9.6%
Debt to Equity Ratio	–

Hexaware Technologies IPO Peer Group Comparison 

	Revenue    (in ₹ million)	P/E	Face Value  (₹)	EPS (Basic) (₹)	RoNW (%)	NAV (Basic) (₹)
Hexaware Technologies Limited	103,803	TBD	1	16.41	23.6%	69.77
Persistent Systems Limited	98,216	73	5	72.44	22.1%	321.82
Coforge Limited	91,790	50	10	131.56	23.0%	586.63
LTIMindtree Limited	55,170	40	1	154.85	22.9%	676.55
Mphasis Limited	132,785	37	10	82.42	17.7%	465.33

Objectives of the Proceeds 

The purpose of the Offer is to (i) facilitate the Offer for Sale by the Promoter Selling Shareholder, and (ii) attain the benefits of having the Equity Shares listed on the Stock Exchanges. The Company will not receive any proceeds from the Offer, as all proceeds will be directed to the Promoter Selling Shareholder.