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Hexaware Technologies IPO: ₹9,950 Cr Carlyle Mega Re-Listing & IT Services Valuation Deep Dive

Global private equity giant Carlyle brings IT major Hexaware Technologies back to public markets in a ₹9,950 Cr mega IPO. We analyze its revenue, AI strategy, and valuations.

ED
Editorial Research DeskPrimary Market Desk

Published on 2026-08-29 · Verified Analysis

SEBI Regulatory & RED Audited
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Editorial Key Takeaways

This analysis is based on official Draft Red Herring Prospectus (DRED) filings, historical peer valuation multiples, and exchange data. Figures are audited for institutional accuracy.

In This Article

  1. 1.1. Industry Verticals & Revenue Distribution
  2. 2.2. Financial Scale & Margin Performance
  3. 3.3. Valuation & Verdict

Hexaware Technologies IPO: ₹9,950 Cr Re-Listing Deep Dive

Hexaware Technologies Limited, a leading global digital solutions and IT services provider owned by private equity titan The Carlyle Group, is making a grand return to Indian public stock exchanges with a massive ₹9,950 crore IPO (comprising a ₹1,150 Cr fresh issue and ₹8,800 Cr OFS).

Delisted in 2020 by Baring Private Equity Asia before being acquired by Carlyle for $3 Billion in 2021, Hexaware has dramatically scaled its generative AI, cloud transformation, and automated testing practices.

1. Industry Verticals & Revenue Distribution

Hexaware generates its revenue from marquee Fortune 500 clients across high-growth enterprise verticals:

  • Banking & Financial Services (BFS): ~32% of revenues
  • Healthcare & Life Sciences: ~26% of revenues
  • Manufacturing & Consumer: ~21% of revenues
  • Travel, Transportation & Logistics: ~21% of revenues

    • Geography: Americas (~72%), Europe (~19%), Asia-Pacific (~9%).

    2. Financial Scale & Margin Performance

  • Annual Revenue: Reached over $1.35 Billion (₹11,200+ Crore), outpacing mid-tier IT peers in constant-currency revenue growth.
  • EBITDA Margins: Maintained healthy 15.5%–17.0% EBITDA margins supported by offshore delivery centers in India and nearshore hubs in Poland and Mexico.
  • Free Cash Flow: Highly cash-generative model with $>75\%$ cash conversion ratio.

    • 3. Valuation & Verdict

    Hexaware will be benchmarked against mid-to-large tier IT services peers like LTIMindtree, Coforge, Persistent Systems, and Mphasis. Track anchor allocations on our [IPO Calendar](/calendar).

    *Disclaimer: This analysis is for educational purposes only.*

    ED

    About Editorial Research Desk

    Primary Market Analyst & Senior Financial Journalist · IPO Latest Updates Daily

    Our research desk specializes in reading SEBI Red Herring Prospectuses, institutional anchor allocations, and forensic balance sheet audits. Every report follows rigorous E-E-A-T research standards without promoter sponsorship.