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Feb 28, 2025

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and IIFL Capital Services Limited (formerly known as the IIFL Securities Limited) on the initial public offering of equity shares by Hexaware Technologies Limited, which aggregated to USD $1.05 Bn /₹ 87.50 billion.

AZB & Partners recently advised and represented Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and IIFL Capital Services Limited (formerly known as the IIFL Securities Limited) as the book running lead managers to the initial public offering of equity shares by Hexaware Technologies Limited, which aggregated to ₹ 87.50 billion. The IPO was undertaken entirely by way of an offer for sale by the promoter, i.e., CA Magnum Holdings (an affiliate of the Carlyle Group).

This IPO is (i) the largest technology services IPO globally, in over a decade; (ii) largest technology services IPO in India; and (iii) largest single sponsor-owned IPO in India. Hexaware Technologies, is one of two companies that had voluntarily delisted and subsequently listed pursuant to an IPO.

The deal team comprised our senior partners, Varoon Chandra and Lionel D’Almeida; our senior associates, Bharat Mordani, Aratrika Choudhuri and Anusha Mehta; and our associates, Arika Gupta, Damini Mathur, Shivani Singh, and Vaibhav Kumar Shah.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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