Hexaware Technologies has officially made its debut on the stock market today, marking a significant milestone after the closure of its IPO subscription window on February 14. The shares made a strong entrance, listing at Rs 731 on the Bombay Stock Exchange (BSE), reflecting a 3.25% increase, while on the National Stock Exchange (NSE), they opened at Rs 745.50, showcasing a 5.3% rise. Notably, the upper price band for this IPO was set at Rs 708 per share.

Hexaware Technologies IPO: Grey Market Insights

Prior to the official listing, shares of Hexaware Technologies were trading at Rs 0 in the grey market, hinting at a potential listing price around the upper limit of Rs 708. It’s important to note that grey market premiums (GMP) serve as a preliminary gauge and may not accurately reflect post-listing market dynamics.

Subscription Details and Investor Sentiment

The IPO attracted substantial interest, recording an overall subscription rate of 2.79 times by the close of bidding. Institutional investors (QIBs) were particularly eager, with a remarkable subscription rate of 9.55 times. In contrast, high-net-worth individuals (NIIs) showed minimal engagement, subscribing at only 0.21 times, while retail investors exhibited even less enthusiasm, with a subscription rate of merely 0.11 times.

Key IPO Highlights and Fundraising Initiatives

Hexaware Technologies’ IPO aimed to raise an impressive Rs 8,750 crore, consisting of an offer for sale of 12.36 crore shares. The underwriting was handled by prestigious firms including Kotak Mahindra, Citigroup Global Markets, J.P. Morgan India, HSBC Securities, and IIFL Securities. Additionally, KFin Technologies served as the registrar for this significant offering.

Just days before the IPO launch, on February 11, Hexaware successfully secured Rs 2,598 crore from anchor investors, setting the stage for a robust market entry.

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