On February 19, 2025, the tech world was abuzz with excitement as Hexaware Technologies, a global IT services company, made its grand debut on the stock market. The company’s initial public offering (IPO) was officially announced just a week prior, on February 12, 2025, marking it as the largest IPO in IT services, with a staggering aggregation of up to ₹8,750 crore.
The listing of Hexaware Technologies on the National Stock Exchange (NSE) saw a surge of 10% in its share prices, setting a positive tone for its entry into the public market. The shares were priced in a band ranging from ₹674 to ₹708 per equity share, and debuted on the NSE at ₹745.50, a 5% premium over the price band. Similarly, on the Bombay Stock Exchange (BSE), the stocks were listed at a 3.14% premium at ₹731, closing even higher at ₹755.75 on the NSE and ₹763.85 on the BSE.
Carlyle’s Insight
According to Carlyle, a global investment firm and Hexaware’s partner, the company’s total IPO issue size of $1 billion made it the largest IPO globally in over a decade for tech services. Carlyle had acquired Hexaware back in 2021 through a global cross-platform deal by Carlyle Partners (CP) and Carlyle Asia Partners (CAP). Kapil Modi, the Managing Director of Carlyle India Advisors, commended Hexaware’s management team and expressed Carlyle’s commitment to partnering with them in the future. R Srikrishna, the CEO of Hexaware, also shared his excitement about the company’s next phase as a publicly traded entity.
Market Insights and Growth Potential
Hexaware Technologies, known for its AI-first solutions, boasts a workforce of over 31,000 employees spread across 54 offices in 28 countries. The company specializes in AI-powered platforms that enable enterprises worldwide to achieve digital transformation at scale and speed. With a focus on building, transforming, running, and optimizing technology and business processes, Hexaware serves clients across various sectors, including banking, financial services, healthcare, manufacturing, retail, and more.
Looking ahead, market analysts have projected significant growth opportunities for Hexaware Technologies in the coming years. Bajaj Broking highlighted the potential of the application services market, set to reach ₹32.4-33.2 trillion by 2029, with a 4.8% CAGR. Additionally, Software Product Engineering Services are expected to grow at a 13-14% CAGR, driven by digital transformation and advanced technologies. The global cloud and infrastructure services market, estimated to grow at a 7.5% CAGR from 2024 to 2029, presents further opportunities for Hexaware, with a focus on multi-cloud strategies, security, AI automation, and more.
In conclusion, Hexaware Technologies’ successful listing day was a testament to its strong market presence, innovative solutions, and growth potential in the ever-evolving tech landscape. As the company embarks on its journey as a publicly traded entity, the future looks promising, with ample opportunities for expansion and continued success in the global IT services arena.
