Hexaware Achieves Record-Breaking IPO Milestone
Deal News | Feb 19, 2025 | The Carlyle Group
Carlyle Group has announced the listing of Hexaware Technologies, marking the largest technology services IPO globally in over a decade with a total issue size of $1 billion. The listing took place on the Bombay Stock Exchange and National Stock Exchange in India. Acquired by Carlyle in 2021, Hexaware is a global IT services leader, known for its AI-first solutions and digital transformation capabilities, operating in sectors from banking to logistics. Carlyle leveraged its extensive global network to support Hexaware's growth, culminating in this significant public offering. Carlyle executives and Hexaware's CEO lauded the collaborative efforts that have facilitated this milestone, emphasizing continued partnership and focus on client-centric, innovative solutions.
Sectors
- Technology Services
- Private Equity
Geography
- India – Hexaware is listed on the Bombay Stock Exchange and National Stock Exchange, making India a key geography for the company.
- United States – Carlyle Group, involved in the acquisition and growth strategy of Hexaware, is based in the United States.
Industry
- Technology Services – Hexaware Technologies operates in the technology services sector, providing AI-powered solutions and digital transformation services.
- Private Equity – Carlyle Group is involved in the private equity industry, managing investments and aiding in the growth of portfolio companies like Hexaware.
Financials
- $1 billion – Total issue size of Hexaware's IPO, marking it as the largest technology services IPO globally in over a decade.
- $38 billion – Equity invested by Carlyle's buyout funds in over 290 deals globally as of December 31, 2024.
- $441 billion – Assets under management by Carlyle as of December 31, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hexaware Technologies Ltd | Target | Company | A global technology and business process services company specializing in AI-first solutions. |
| The Carlyle Group | Private Equity Company | Company | A global investment firm that acquired Hexaware Technologies in 2021. |
| Patrick McCarter | Co-Head of Global Technology at Carlyle | Person | Quoted in the article discussing the significance of Hexaware's IPO. |
| Kapil Modi | Managing Director at Carlyle India Advisors | Person | Mentioned in the article about Carlyle's partnership with Hexaware. |
| R Srikrishna | CEO of Hexaware | Person | Commented on Hexaware's growth and future as a public company. |