Hexaware breaks records with India’s largest tech IPO
MUMBAI, INDIA — Hexaware Technologies has stormed back to public markets with a staggering ₹8,750 crore ($1 billion) initial public offering, setting a new benchmark as the largest IPO ever by an IT services company in India.
The February 19, 2025 listing marks a transformative moment for both the company and India’s expanding technology landscape.
Market comeback makes history
Now trading as HEXT, the company’s return to stock exchanges comes after being delisted in 2020. Industry watchers note this represents the biggest technology services public offering globally in ten years.
“Listing on the public markets represents a significant step forward for Hexaware,” said R Srikrishna, CEO, Hexaware. “This is an opportunity to deepen our relationships with stakeholders and reinforce our commitment to operating with transparency, accountability, and a focus on delivering meaningful solutions to our clients. We are excited about the road ahead.”
The Mumbai-based firm employs over 32,000 people across 28 countries, with 39 delivery centers including locations in Mexico and the Philippines. This global footprint helps Hexaware serve clients across diverse industries.
Financial performance fuels expansion
The company has demonstrated remarkable financial health, with revenues exceeding $1 billion for two consecutive years. Between 2021 and 2023, Hexaware achieved 13.7% compound annual growth, outpacing industry averages.
Reflecting on this milestone, CFO Vikash Kumar Jain remarked, “With our return to the stock exchange, we gain greater visibility in the market and the ability to engage more directly with our investors. It reflects our disciplined approach to growth and the financial strength that has brought us to this day.”
The bell has rung, and history is made! Hexaware is now listed on the NSE with India’s largest IT IPO. Watch the iconic bell-ringing ceremony featuring our CEO R Srikrishna, CFO Vikash Kumar Jain, and COO Vinod Chandran as they mark this defining moment. A heartfelt thank you to… pic.twitter.com/VFlkPno7SR
— Hexaware Technologies (@HexawareGlobal) February 19, 2025
Strategic partnership drives growth
Hexaware’s partnership with Carlyle has proven fruitful since the 2021 acquisition. The company currently serves 31 Fortune 500 companies across financial services, healthcare, and manufacturing sectors. It also ranks 12th in the OA500 2024 index of top global outsourcing firms. The 2025 edition of OA500 will be released soon.
Joseph McLaren Quinlan, Non-Executive Chairman, expressed optimism about the company’s future trajectory: “Our journey is just beginning!”
With projected growth of 10.5% through 2029, Hexaware appears well-positioned to capitalize on increasing demand for technology services worldwide. The substantial capital raised through this historic IPO will fund technology capability enhancements and further international expansion efforts.
