Hexaware Applied sciences IPO Day 3: Hexaware Applied sciences Ltd’s preliminary public providing (IPO) enters its closing day of bidding at present, February 14. The delisted IT providers agency noticed a 15 per cent subscription on the second day, with a worth band set at Rs 674-708 per share.
As per NSE knowledge, the IPO obtained bids for 1,38,39,483 shares in opposition to the whole provide dimension of 9,14,23,354 shares. The certified institutional patrons (QIBs) section noticed a 39 per cent subscription, whereas retail particular person buyers (RIIs) subscribed to six per cent. The non-institutional buyers (NIIs) portion was subscribed 3 per cent.
Forward of the IPO, Hexaware raised Rs 2,598 crore from anchor buyers. On the higher finish of the value band, the corporate instructions a valuation of over Rs 43,000 crore. The IPO is a pure provide on the market (OFS), with promoter CA Magnum Holdings, an affiliate of the Carlyle Group, offloading fairness shares price Rs 8,750 crore.
The corporate is making a comeback to the nation’s capital market after its delisting in 2020.
Must you subscribe Hexaware Applied sciences IPO?
Most analysts have advisable subscribing to Hexaware Applied sciences Ltd’s IPO, although some preserve a impartial stance. The corporate’s worth band is taken into account affordable in comparison with its business friends.
SBI Securities advises buyers to subscribe on the cut-off worth with a long-term perspective, noting that Hexaware is priced attractively relative to its friends on the higher band of Rs 708. “It has a wholesome money stability of Rs 1,346 crore as of September 2024,” analysts on the brokerage wrote in a analysis report.
Bajaj Broking additionally recommends a long-term funding, citing Hexaware’s constant outperformance in opposition to rivals and confidence in sustaining its progress trajectory. Nevertheless, it notes that the IPO seems to be absolutely priced.
Equally, Anand Rathi finds the difficulty pretty valued, whereas Ventura Securities, which has not assigned a score, describes Hexaware’s valuation as average and in step with rivals corresponding to Persistent Programs and Coforge.
KRChoksey maintains a impartial stance, citing macroeconomic uncertainties and aggressive pressures throughout the sector as key dangers for buyers.
Hexaware Applied sciences: Firm overview
Hexaware Applied sciences is a worldwide IT providers supplier specializing in synthetic intelligence (AI)-driven options, digital transformation, and cloud computing. The corporate caters to 6 main industries, together with banking, healthcare, and manufacturing, providing providers corresponding to software program growth, cybersecurity, and knowledge analytics. Leveraging AI-powered platforms like RapidX, Tensai, and Amaze, Hexaware helps companies optimize operations and improve effectivity worldwide.
The corporate was beforehand owned by Baring Non-public Fairness Asia and was delisted in 2020. In October 2021, Carlyle Group acquired a controlling stake in Hexaware, additional strengthening its market place.
