Hexaware Makes History with India's Largest IT Services IPO

Company lists on a high note, sharing gratitude and excitement for the road ahead

ISELIN, N.J., Feb. 19, 2025 /PRNewswire/ -- There was a palpable buzz at Hexaware's offices today as the company returned to the public markets with a total issue size of $1Bn, marking the largest-ever IPO by an IT services firm in India. The occasion was celebrated by Hexaware's top executives and advisors, who reflected on this new chapter in the company's journey. 

"Listing on the public markets represents a significant step forward for Hexaware," said R Srikrishna, CEO, Hexaware. "This is an opportunity to deepen our relationships with stakeholders and reinforce our commitment to operating with transparency, accountability, and a focus on delivering meaningful solutions to our clients. We are excited about the road ahead." 

Echoing this sentiment, Hexaware CFO Vikash Kumar Jain said, "With our return to the stock exchange, we gain greater visibility in the market and the ability to engage more directly with our investors. It reflects our disciplined approach to growth and the financial strength that has brought us to this day."

Joseph McLaren Quinlan, Non-Executive Chairman, Hexaware, highlighted the broader significance of this achievement: "Going public is not just a financial milestone—it's a bold step toward accelerating our growth, expanding our impact, and driving innovation on a global scale. As we embark on this next chapter, we remain committed to delivering value, excellence, and results that define our company. Thank you to everyone who made this moment possible—our journey is just beginning!"

"Hexaware's IPO is the largest technology services IPO globally over the last decade and marks an important milestone in the company's journey," said Patrick McCarter, Co-Head of Global Technology at Carlyle. "This moment reflects the strength of its talented management team, customer centricity, superior growth profile and differentiated digital capabilities. It also highlights the collaboration across Carlyle's global network, leveraging our expertise in both India and the U.S. to create value for all the stakeholders."

Kapil Modi, Managing Director at Carlyle India Advisors, said: "Hexaware exemplifies how we leverage our One Carlyle global network to help businesses scale and expand. We are proud to have partnered with Hexaware on its growth journey and congratulate its exceptional management team on this milestone. Carlyle remains committed to partnering with the Hexaware team as it continues to focus on client centricity and delivering differentiated value for its customers, and as it embarks on its next phase as a publicly traded company."

Employees across Hexaware's offices nationwide came together to celebrate this event. Now trading under the ticker symbol HEXT, the company remains committed to its core principles—transparency, mutual respect, and quality—and extends heartfelt gratitude to its employees, investors, and partners for their support. 

About Hexaware

Hexaware is a global technology and business process services company. Every day, Hexawarians wake up with a singular purpose; to create smiles through great people and technology. With offices across the world, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes.

Learn more about Hexaware at https://hexaware.com

This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The equity shares of face value of ₹1 each ("Equity Shares") offered in the initial public offering (the "Offer") of Hexaware Technologies Limited have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or any other applicable law of the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (a) only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where such offers and sales are made. There will be no public offering of the Equity Shares in the United States.

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SOURCE Hexaware Technologies Ltd.