Shardul Amarchand Mangaldas & Co (SAM) and A&O Shearman advised on the initial public offering of Hexaware Technologies Limited, aggregating to $1 billion through an offer for sale by the Promoter Selling Shareholder, CA Magnum Holdings, an affiliate of the Carlyle Group.
SAM advised Hexaware and CA Magnum Holdings on this IPO.
The transaction team consisted of Prashant Gupta, National Practice Head – Capital Markets; Ruth Chenchiah, Partner; Sanjana Chowdhry, Principal Associate; Megha Mehta, Associate; Shivang Agarwal, Associate; and Apoorva Tyagi, Associate.
The Corporate Advisory team included Partners, Abhishek Guha and Tanya Uppal.
A&O Shearman advised the Book Running Lead Managers - Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and IIFL Capital Services Limited, on this IPO.
The transaction team consisted of Pallavi Gopinath Aney (Partner), Alexander Stathopoulos (Partner) and Serena Upadhyay (Senior Associate).
Hexaware Technologies, a global digital and technology services company, launched its initial public offering (IPO) on February 12, 2025, aiming to raise ₹8,750 crore.
The IPO, which was entirely an offer for sale by the promoter, CA Magnum Holdings (a Carlyle Group affiliate), was priced between ₹674 and ₹708 per share. The offering received a strong response, particularly from qualified institutional buyers, leading to an overall subscription of 2.7 times. This marked the largest IPO by an Indian IT services company and the 7th largest IPO in the private sector in India.
Founded in 1992, Hexaware Technologies specializes in delivering AI-driven digital solutions across various industries, including financial services, healthcare, insurance, manufacturing, and consumer sectors. The company operates 39 delivery centers and 16 offices worldwide, serving a diverse clientele that includes 31 Fortune 500 companies. Hexaware's service offerings encompass design and build, secure and run, data and AI, optimization, and cloud services, all aimed at facilitating clients' digital transformation journeys
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