Hexaware Technologies made it debut on the Indian Stock Market on Wednesday 19th February. The IPO price was Rs 708 but it is listed at Rs 745.50 which is more than a 5% premium over the IPO Price. On the other hand the stock started at Rs 731 in BSE which is 3.25% premium over the IPO Price.
Hexaware Technologies IPO
The company announced its initial public offering with a Rs 8750 Crore. The total amount was offer for sale by promoters CA Magnum Holdings. Price band for IPO was set between Rs 674 to Rs 708 with a minimum of 21 Shares. Total subscriptions were 2.66 times which was strongly driven by qualified institutional buyers who subscribed 9.09 times their allocation. But the retail investors were less interested as their portion was only 11%.
Company Background
Hexawarer Technology was founded back in 1992 in Navi Mumbai. The company specializes in digital transformation services and IT Solutions. It focuses on integrating AI into the services it offers to help clients evolve in the technological landscape. In 2021 the company acquired Carlyle Group for 3 million dollars approx.
Market Sentiment
The muted debut in stock market reflected lack of premium in grey market prior to listing. The unlisted shares were trading for Rs 708 flat which indicates investors caution leading to the debut. But even after all this analysts are optimistic about the log term prospects of the company to focus on digital and technological services with AI.
Hexaware Technologies Target Price
The share price of Hezaware technologies have already climbed 4.6% up to Rs 764.7 on BSE. It opened at Rs 731 which is 3.25 premium compared to its IPO price of Rs 708. JM Financial has put a ‘BUY’ tag on the share with a target price of Rs 820 that’s 7% more than the current price.
All the information provided in this article is for information purposes. Investors are advised to check with certified experts before making any investment decisions.
