The general public concern of Hexaware Applied sciences sailed by means of on Friday as certified institutional patrons bid aggressively whilst others gave a miss. The ₹8,750-crore IPO got here out with a worth band of ₹674-708. It acquired bids for twenty-four.28 crore shares in opposition to 9.14 crore shares on provide.
Solely the QIB portion was oversubscribed at 9.09 occasions; retail buyers and HNIs quotas acquired bids solely 0.20 time and 0.11 occasions. Even the worker quota was undersubscribed at 0.32 time.
The difficulty was a suggestion on the market by CA Magnum Holdings, part of the Carlyle Group. So the complete ₹8,750 crore raised by means of the IPO went to Carlyle. Nonetheless, the OFS quantity was decreased from ₹9,950 crore, as indicated within the draft paperwork submitted on September 6, 2024. CA Magnum Holdings owns a 95.03 per cent stake within the firm.
Anchor buyers
Forward of the IPO, Hexaware Applied sciences raised ₹2,598 crore from anchor buyers at ₹708 a share. Among the marquee buyers included SBI MF, HDFC MF, AXIS MF, ICICI Prudential MF, Kotak Mahindra MF, Aditya Birla Solar Life MF, UTI MF, Mirae AMC, HSBC MF, Motilal Oswal AMC, Constancy Funds, Abu Dhabi Funding Authority, Goldman Sachs Funds, JP Morgan Funds, T Rowe Worth Fund, Amundi Funds, Franklin Templeton Funding Funds, Bajaj Allianz Life Insurance coverage, ICICI Prudential Life Insurance coverage, CLSA World Markets, 3P India Fairness Fund, Axis Max Life Insurance coverage, Bharti Axa Life Insurance coverage, and so forth.
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The target of the difficulty is to enhance the corporate’s visibility, strengthen its model presence out there, and provide liquidity to current shareholders.
The book-running lead managers for the providing are Kotak Mahindra Capital Firm, Citigroup World Markets India, JP Morgan India, HSBC Securities and Capital Markets (India), and IIFL Capital Providers.
The corporate had delisted its shares in September 2020 at ₹475 a share.
