India’s Hexaware Technologies, one of the world’s leading IT services companies has set a price band of ₹ 674 to ₹ 708 per share for its ₹ 8,750-crore initial public offering (IPO).

The IPO, which is opening on February 12, 2025, is the largest IT services IPO in terms of size. Two decades ago, the IPO of Tata Consultancy Services hit the market to raise ₹ 4,700-crore.

The bid/offer will close on February 14. Bids can be made for a minimum of 21 equity shares and multiples of 21 Equity Shares thereafter. The IPO comprises an offer for sale of equity shares aggregating up to ₹ 8,750 crores by CA Magnum Holdings, the promoter selling shareholder, part of Carlyle Group. CA Magnum Holdings holds 95.03 per cent stake in the IT Company.

“We outperform the industry growth, and our 33,000 plus employees continue to strengthen our human capital. With 37 offices in over 30 countries, it is our ongoing endeavour to empower the Indian youth. We continue our campus recruitment programmes in Maharashtra, Tamil Nadu and all other states,” Srikrishna Ramakarthikeyan, CEO, Hexaware Technologies told newspersons here on Thursday.

On the prevailing intense competition in IT services, globally, Ramakarthikeyan said, 62 per cent of our customers are Fortune 500 organisations, and 25 per cent of the company’s revenues come from Europe and 21 per cent from the US.

“India and the Middle East are two large economic zones for Hexaware, and “our market share is growing every week. We are confident of achieving sustainability in market share,” Hexaware CEO underlined.

On the company’s proposal to start operations at the GIFT city in Gujarat, Ramakarthikeyan said, “we have concrete plans to start operations at GIFT city.

On the booming AI sector, the CEO said, “at Hexaware, AI is core, and we continue to build scale and substantial depth in capabilities. We are global, and we have a diversified customer-base.”

On acquisitions, the CEO said, in May 2014, we had acquired Softcrylic, a data consulting firm headquartered in Minneapolis to further strengthen the company’s data and analytics capabilities, enabling the company to offer clients a comprehensive suite of services to drive marketing and customer journeys through data and technology. On potential, acquisitions, if any, he said, the company would announce the news at the right time.

Vikash Kumar Jain, CFO, Hexaware said, “our cash flow is very healthy, margins are improving, and growth is much faster than the industry growth, and 20 per cent plus growth is one of the best in the world’s IT services industry.”

Vinod Chandran, COO; Hexaware; Pankaj Jain, MD, Head of India Tech IB, Citigroup Global Markets India; Prince Poddar, senior vice President, IIFL Capital Services; and Amitabh Malhotra, head of Global Banking, India, HSBC Securities and Capital Markets (India), have also attended the press conference. Kotak Mahindra Capital, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India) and IIFL Capital Services are the book running lead managers to the offer.