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Hexaware IPO listing: A second coming | Mint

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Hexaware Technologies, backed by Carlyle Group, is planning an Initial Public Offering (IPO) to become only the second IT services company to go public in the last 14 years. Its IPO follows the listing of Happiest Minds Technologies in 2020. Hexaware was previously listed on the stock exchanges before getting delisted in 2020. Following change in ownership from Baring Private Equity Asia to Carlyle Group, the company intends to get relisted and its promoters are looking to sell shares worth ₹9,950 crore ($1.18 billion). Hexaware's revenue has increased significantly under Carlyle's ownership, reaching $971 million as of December 2021. However, profitability has been declining since 2017. The company faces competition from other IT outsourcing firms like Coforge Ltd, L&T Technology Services Ltd, and Persistent Systems Ltd.