MUMBAI: The PE fund Carlyle has hired about 5 investment banks -Kotak Securities, JP Morgan, Citi, IIFL Securities, HSBC Securities to run the process to list its BPO portfolio Hexaware, said people aware of the development.
Carlyle plans to raise about $1 billion (Rs 8300 crore) through the proposed listing at a valuation of $5.5-6 billion (Rs50,000 crore). Carlyle has acquired Hexaware in 2021 from Baring PE Asia (EQT) for $3 billion.
If Hexaware is listed successfully, it would be India’s largest IPO in the technology sector. Hexaware has a strength of 30,000 employees under its 45 offices in 16 countries.
Mail sent to Carlyle did not elicit any responses.
BPEA acquired a controlling stake in Hexaware in 2013 for about $420 million and took the company private from the local stock exchanges in 2020.
In 2020, BPEA through its affiliated entities HT Global Holdings B.V. and HT Global IT Solutions Holdings Limited took Hexaware Technologies private through a delisting process. Under the transaction, BPEA had purchased an approximate 29% stake from public shareholders, increasing the combined ownership of BPEA controlled entities to approximately 91%.
This comes after BPEA accepted Rs 475 / share as the final price for the delisting offer.
Baring PE Asia had acquired a 71% stake in Hexaware in 2013 from the company’s founders, PE funds General Atlantic and ChrysCapital at a price of Rs.135/share. In August 2018, the firm sold about 8 per cent stake at a floor price of Rs 447.5 apiece.
Another Carlyle backed company Indegene got listed this month and the shares of Indegene debuted on the exchanges on Monday with a premium of 46%. The stock was listed at Rs 659.7 on BSE as against an issue price of Rs 490.
Indegene IPO recorded a subscription of 70 times the share on offer.
