Hexaware Technologies
, a Mumbai-based IT company backed by private equity giant
Carlyle Group
, has submitted its draft red herring prospectus (
DRHP
) to the Securities and Exchange Board of India (Sebi) for a proposed initial public offering (IPO) worth Rs 9,950 crore.
The IPO is entirely an offer for sale (
OFS
) by the promoter, CA Magnum Holdings, which is a part of the Carlyle Group and holds a 95.03 per cent stake in Hexaware.
The proceeds from the offering will be received by the selling shareholder rather than the company itself. The company stated in the DRHP that the purpose of going public is to “achieve the benefit of listing equity shares on stock exchanges and carrying out OFS for the selling shareholder.”
If the IPO is successful, it would be the largest public issue in India’s IT services sector since Tata Consultancy Services’ Rs 4,700-crore IPO, which took place more than two decades ago.
Hexaware Technologies is a global digital and technology services company that leverages artificial intelligence (AI) at its core and serves a diverse clientele, including 31 Fortune 500 organizations.
