Hexaware Technologies
Book Building issueMainboardNSE₹8,750 Cr issue
+3.25%
Listing gain over issue price
Issue size
₹8,750 Cr
1 lot at cut-off
₹14,868
Lot size
21shares
Open
12 Feb 2025
Close
14 Feb 2025
Allotment
17 Feb 2025
Listing
19 Feb 2025
Listing performance
Issue price
₹708
Listed at
₹731
Listing-day close
₹763.85
Latest price
₹590.80
Close on 23 Oct 2026
Listing gain
+3.25%
Return since issue
-16.55%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Feb 2025 – 14 Feb 2025
- Listing date
- 19 Feb 2025
- Face value
- ₹1 per share
- Issue price
- ₹708 per share
- Lot size
- 21 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹8,750 Cr
- Market cap at offer price
- ₹43,025 Cr
- Promoter holding
- 95.03% → 74.70% pre-issue → post-issue
- ISIN
- INE093A01041
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- 152, Millennium Business Park, Sector III, ‘A’ Block, TTC Industrial Area, Mahape, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,66,94,914 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 21 shares per lot, in multiples, at ₹708
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
3,66,94,914
Anchor portion
₹2,598 Cr
at ₹708 per share
Valuation and performance
Valuation at offer price
₹708 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Price to book (×) | 10.15 | — |
| Market cap | — | ₹43,025 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.60%
- PAT margin
- 9.60%
- NAV per share
- ₹69.77
- Price to book
- 10.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Hexaware Technologies
Hexaware Technologies Limited is a global digital and technology services company incorporated in India in 1992 (originally as Aptech Information Systems Limited, then Aptech Limited, renamed Hexaware Technologies in 2002). The company leverages technology to deliver innovative solutions that help customers in their digital transformation journey and subsequent operations, with AI embedded into every aspect of its solutions. The company manages its business through six operating segments based on industries served: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. Its revenue is concentrated in the Americas (73.4% for 9M 2024) and Europe (20.5%), with offerings spanning design & build, secure & run, data & AI, optimize, and cloud services. For 9M 2024, revenue from operations was ₹88,200 million.
Company Analysis
from RHPHexaware Technologies is a global digital and technology services company with AI at its core that delivers design & build, secure & run, data & AI, optimize, and cloud services across six operating segments.
Hexaware Technologies Limited is a global digital and technology services company incorporated in India in 1992 (originally as Aptech Information Systems Limited, then Aptech Limited, renamed Hexaware Technologies in 2002). The company leverages technology to deliver innovative solutions that help customers in their digital transformation journey and subsequent operations, with AI embedded into every aspect of its solutions. The company manages its business through six operating segments based on industries served: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation. Its revenue is concentrated in the Americas (73.4% for 9M 2024) and Europe (20.5%), with offerings spanning design & build, secure & run, data & AI, optimize, and cloud services. For 9M 2024, revenue from operations was ₹88,200 million.
Financial ServicesHealthcare and InsuranceManufacturing and ConsumerHi-Tech and Professional ServicesBankingTravel and Transportation
Objects of the Issue
- Carry out the Offer for Sale of Equity Shares by the Promoter Selling Shareholder ₹87,500 million p.21
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.21
- Our Company will not receive any proceeds from the Offer for Sale p.79
- The objects of the Offer are to achieve the benefits of listing the Equity Shares on the Stock Exchanges and for the Offer for Sale up to ₹87,500 million p.252
Issue Structure
- Total Issue
- ₹87,500 million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹87,500 million
- Price Band
- [●] per Equity Share (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹1 each
Business Model
Hexaware generates revenue through delivery of IT services and Business Process Services (BPS). IT services (Design & Build, Secure & Run, Data & AI service lines) and BPS (Optimize service line, powered by generative AI) are delivered to customers across six industry verticals. The company has a global workforce model with onshore and offshore delivery centers. Revenue is primarily generated through customer engagements for technology solutions and services.
Business Segments
Industry operating segment serving financial services customers
Industry operating segment serving healthcare and insurance customers
Industry operating segment serving manufacturing and consumer customers
Industry operating segment serving high-tech and professional services customers
Industry operating segment serving banking customers
Industry operating segment serving travel and transportation customers
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
One of six industry verticals served by Hexaware across which the company provides IT and BPS solutions
Provision of digital transformation, application development, maintenance, infrastructure services and related IT services delivered onshore and offshore
Process automation and managed business process services
Offers Design & Build, Secure & Run and Data & AI services including enterprise application services, custom application development, cloud services, cybersecurity services, and data, analytics, and AI services
Offers Optimize services powered by generative AI, enabling personalized interactions, impactful communications, task automation, advanced analytics and effective talent management across diverse industries
Serves the financial services industry across sub-verticals including mortgage and lending, asset management and servicing, trade finance, exchanges, private equity firms and global benchmarks and data providers
Serves the healthcare and insurance industry across sub-verticals including property and casualty insurance, life insurance, brokerage, reinsurance and diversified, life sciences, health insurance or payer and provider
Serves the manufacturing and consumer industry across sub-verticals including manufacturing, retail and consumer, education, energy, telecom and utilities
Serves the hi-tech and professional services industry across sub-verticals including independent software vendors, platforms and products, hyperscalers, tax, audit and accounting, legal risk and compliance, and advertising and marketing
Serves the banking industry across sub-verticals including digital banking, payments, cards and consumer banking
Serves the travel and transportation industry across sub-verticals including airlines and airports, travel technology, logistics and transportation, hotels and the entertainment industry
Helps customers execute digital transformation by integrating digital technologies across products, services and operational domains through digital strategy, digital agency and experience design, digital software engineering, digital enterprise transformation, creative/content/commerce, and enterprise resource management
Secures, runs and optimizes IT operations for customers' complex IT estates spanning applications, middleware, data, end user devices and hybrid infrastructure through cybersecurity, DevSecOps, workplace/employee experience, hybrid cloud operations, and IT Service Management
Establishes robust data foundations and drives sustainable data value creation through data strategy/advisory, data engineering, data management, and AI-powered business solutions
Business process services powered by Gen AI enabling personalized interactions, impactful communications, task automation, advanced analytics and effective talent management through industry-specific operations, digital customer experience, digital content, finance & accounting operations, and HR operations
Form the foundation of offerings and are leveraged across service lines through cloud strategy, cloud modernization and migration, and cloud managed services
Focuses on mortgage/lending, asset management/servicing, trade finance, and global benchmarks/data providers serving 11 of top 50 global asset management firms
Covers life sciences, healthcare and insurance industries providing patient-centric solutions, digital health apps, virtual trial platforms, Gen AI research solutions, and core business process operations
Covers manufacturing, retail, consumer, education, telecom and utilities industries providing unified experiences, sales/marketing analytics, AI-led supply chain, connected manufacturing, IoT solutions, and field service management
Focuses on ISVs, platforms/products, tax/audit/accounting, legal/risk/compliance, and advertising/marketing serving six of top 20 global hi-tech companies and three of top six global audit firms
Focuses on digital banking, payments, cards and consumer banking serving 11 of top 60 banks in US ranked by assets
Provides solutions for airlines, airports, travel technology, logistics, transportation, hotels and entertainment serving three of top five airlines in North America
IT services and business process services for financial services industry
Business handling and IT services for banking sector and North American region
Digital transformation and software development services
Digital IT operations and infrastructure management services
Business process outsourcing and call center services
Data analytics, artificial intelligence and consulting services
IT services and solutions for travel, transportation and hospitality industry
IT services for manufacturing and consumer industry
IT and BPS services for travel and transportation industry
IT and BPS services for financial services industry
IT and BPS services for banking industry
IT and BPS services for healthcare and insurance industry
IT and BPS services for hi-tech and professional services industry
IT and BPS services for manufacturing and consumer industry
Provides digital and technology services to financial services industry customers
Provides digital and technology services to healthcare and insurance industry customers
Provides digital and technology services to manufacturing and consumer industry customers
Provides digital and technology services to hi-tech and professional services industry customers
Provides digital and technology services to banking industry customers
Provides digital and technology services to travel and transportation industry customers
SWOT Analysis
Strengths
- • Established cybersecurity protocols and insurance coverage for cyber threats(p.45)
- • No material instances of phishing and malware attacks impacting operations historically(p.45)
- • No material instances of intellectual property infringement over recent years(p.54)
- • Significant patent and trademark portfolio(p.54)
- • Comprehensive multi-industry service coverage(p.255)
- • Proprietary AI-enabled digital platforms(p.255)
- • Large Fortune 500 customer base(p.255)
- • Global delivery capability with efficient service model(p.255)
- • Strong experienced management team(p.255)
- • Strong financial performance track record(p.255)
- • AI-enabled digital platforms with comprehensive SDLC coverage(p.322)
- • Strong intellectual property portfolio(p.322)
- • Diversified blue-chip customer base with no single customer concentration(p.323)
- • Long-standing customer relationships with high cross-sell index(p.324)
- • Strong NPS improvement and customer satisfaction(p.324)
- • Superior growth outpacing industry benchmarks(p.328)
- • Improving margins and strong cash generation(p.328)
- • Experienced and long-tenured senior management leadership(p.327)
- • Diversified global customer base with no single customer concentration(p.503)
- • Long-standing customer relationships with strong retention(p.503)
- • Multi-segment industry presence enabling portfolio diversification(p.502)
- • Strong revenue growth trajectory across all segments and geographies(p.509)
- • AI-enabled proprietary platforms for competitive differentiation(p.504)
- • Global delivery capability with 39 delivery centers across 12 countries(p.506)
Weaknesses
- • Geographic revenue concentration in Americas and Europe creates exposure to economic downturns in these regions(p.35)
- • High dependence on two customer segments (Financial Services 28.3% and Healthcare & Insurance 21.2% of revenue for 9M 2024)(p.36)
- • High employee attrition rates, particularly in BPS business (81.0% for 12 months ended Sept 30, 2024)(p.40)
- • Employee and subcontracting costs comprise 83.7% of total expenses, creating margin pressure vulnerability(p.41)
- • High customer concentration with top 5 customers accounting for 25.8% of revenue(p.43)
- • Cyber security vulnerability and past data breach incident in April 2023(p.44)
- • Historical delays in payment of statutory employee dues(p.47)
- • Remote work infrastructure vulnerabilities creating cybersecurity risks(p.45)
- • Dependence on third-party vendors for data security with limited control(p.45)
- • Pending litigation relating to data protection breach and customer contract termination(p.45)
- • Subcontracting obligations creating dependency on third-party performance(p.48)
- • Non-compete clauses restricting business expansion with certain customers(p.49)
- • Missing corporate records and statutory filings(p.250)
- • Typographical errors in corporate records(p.233)
- • High employee attrition rate(p.344)
- • Geographic concentration in Americas and Europe(p.341)
- • High customer concentration among top accounts(p.324)
- • High offshore-onshore mix with significant onshore delivery costs(p.342)
- • High dependence on employee costs and wage pressures(p.505)
- • Significant subcontracting costs limiting margin optimization(p.505)
- • Regulatory compliance issues with EPF contribution delays(p.531)
- • GST compliance dispute with significant tax adjustment exposure(p.535)
- • Voluntary employee attrition rate affecting operational stability(p.506)
Opportunities
- • Development and deployment of AI and Gen AI service offerings(p.49)
- • Expansion of proprietary platforms (Amaze®, Tensai®, RapidX™)(p.49)
- • Growth through selective acquisitions in new markets and capabilities(p.59)
- • Expansion into emerging technologies and service offerings(p.49)
- • Collaborative engagement strategy for customer acquisition(p.255)
- • AI and digital transformation market expansion(p.255)
- • Expand Gen AI-driven solutions across service lines and industries(p.328)
- • Deepen wallet share with existing large enterprise customers(p.329)
- • Strategic expansion into emerging geographies and new markets(p.329)
- • Acquire new large enterprise customers with high IT budgets(p.329)
- • Expand into tier 2 cities to optimize delivery costs and talent pools(p.331)
- • Pursue strategic M&A for new capabilities and geographic footprint(p.331)
- • Increase offshore delivery proportion to improve margins(p.330)
- • Expansion into new geographies and customer segments(p.503)
- • Increasing customer base acquisition with 186 customers over $1M in revenue(p.503)
- • Deepening existing customer relationships through Land, Ramp and Expand strategy(p.503)
- • Investment in emerging digital platforms and service capabilities(p.504)
- • Strong organic growth momentum across all operating segments(p.511)
Threats
- • Adverse economic conditions in Americas and Europe could reduce customer spending(p.35)
- • Economic pressures on Financial Services and Healthcare/Insurance sectors could reduce demand(p.37)
- • Customers may reduce outsourcing budgets and develop in-house capabilities(p.40)
- • Foreign exchange volatility adversely impacts margins given 97.7% of revenues in foreign currencies(p.44)
- • Evolving and complex data protection and privacy regulations globally(p.45)
- • Proposed anti-outsourcing legislation restricting offshore IT services(p.46)
- • Regulatory uncertainty around AI and GenAI technologies(p.52)
- • Intense competition from large and mid-sized IT service providers(p.57)
- • Risks from geopolitical conflicts affecting global operations(p.63)
- • Global economic uncertainty and inflation pressures(p.76)
- • Foreign exchange and sovereign credit rating risks(p.76)
- • Potential regulatory actions related to record discrepancies(p.60)
- • Economic volatility in key geographic markets(p.341)
- • Intense competition from large and digital-native IT service providers(p.343)
- • Data protection and cybersecurity regulatory compliance requirements(p.354)
- • Significant forex exposure from revenue in foreign currencies against INR costs(p.507)
- • High concentration of revenue in Americas and Europe geographies(p.503)
- • Dependence on Financial Services and Healthcare sectors for significant revenue(p.507)
- • Macroeconomic headwinds affecting customer technology spending(p.507)
- • Intensifying competition for skilled IT professionals and services delivery(p.505)
- • Regulatory changes to social security contributions affecting cost structure(p.531)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| CA Magnum Holdings | Promoter Selling Shareholder | 95.03% | — |
| Promoter (name not specified in this part) | Promoter | 95.03% | — |
| CA Magnum Holdings | Promoter | 577,604,202 equity shares (95.03%) | — |
| CA Magnum Holdings | Promoter | — | — |
| CA Magnum Holdings | Promoter | 95.03% | — |
| CA Magnum Holdings | Promoter/Parent Company | 95.19% | — |
| CA Magnum Holdings | Promoter Selling Shareholder | — | — |
| Promoter Selling Shareholder | Promoter | — | — |
| CA Magnum Holdings | Promoter Selling Shareholder | — | — |
Leadership
Srikrishna Ramakarthikeyan · Chief Executive Officer
Vikash Kumar Jain · Chief Financial Officer
Gunjan Methi · Compliance Officer and Company Secretary
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Hexaware Technologies IPO FAQs
What is the lot size of Hexaware Technologies IPO?
The minimum lot size of Hexaware Technologies IPO is 21 shares. One lot costs ₹14,868 at the cut-off price.
When does Hexaware Technologies IPO open and close?
Hexaware Technologies IPO opened for subscription on 12 Feb 2025 and closed on 14 Feb 2025.
What is the listing date of Hexaware Technologies IPO?
Hexaware Technologies IPO listed on 19 Feb 2025.