Hexaware Tech shares list with over 5 per cent premium

The Rs 8,750-crore initial share sale had a price band of Rs 674-708 per share

New Delhi: Shares of Hexaware Technologies Ltd on Wednesday listed with a premium of over 5 per cent against the issue price of Rs 708.

The stock began the trade at Rs 731, a premium of 3.24 per cent from the issue price on the BSE. Later, it jumped 10.16 per cent to Rs 780.

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At the NSE, it listed at Rs 745.50, rallying 5.29 per cent.

The company’s market valuation stood at Rs 46,127.06 crore. The initial public offering of Hexaware Technologies Ltd got fully subscribed on the last day of bidding on Friday, ending with 2.66 times subscription, on institutional buyers support.

The Rs 8,750-crore initial share sale had a price band of Rs 674-708 per share.

The initial share sale of the Mumbai-headquartered company was a complete offer for sale (OFS) of equity shares worth Rs 8,750 crore by promoter CA Magnum Holdings, part of Carlyle Group.

Since the entire issue was an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than the company.

Hexaware’s public issue is the largest in the country’s IT services sector since Tata Consultancy Services’ over Rs 4,700 crore IPO over two decades ago.

Hexaware Technologies is a global digital and technology services company.