Carlyle weighs $1 billion IPO for Indian IT firm Hexaware Technologies
Also Read | Carlyle's Head of Direct Lending Aren LeeKong Is Leaving the Firm The sources, who requested anonymity due to the sensitive nature of the discussions, reveal that Carlyle is engaging with potential underwriters to prepare for an IPO later this year or in 2025. If successful, the share sale could value Hexaware, an Indian information technology and business process outsourcing services provider, at a remarkable $4 billion or more, the report added.
Also Read | Carlyle and Insight Partners acquire risk-management business Exiger Should Hexaware proceed with the IPO, it would mark a significant milestone, as it would be the largest public listing in India since the highly anticipated offering of Life Insurance Corporation (LIC) in 2022. LIC's shares initially struggled but have since largely recovered, reflecting the resilience of the Indian market, as per the report.
Also Read: Carlyle in exclusive talks for $7 bln-plus Medtronic units deal: Sources While an IPO appears to be the preferred option for Carlyle, the sources indicate that alternatives, such as a stake sale to an investment firm or an industry peer, are also being explored. However, they emphasise that these considerations are preliminary, and no final decisions have been made regarding the size, valuation, or timing of a potential transaction, as per the report.
Hexaware, which Carlyle acquired from Baring Private Equity Asia (now part of Sweden's EQT AB) in 2021, offers a range of services, including information technology, business process outsourcing, cloud computing, data analytics, and artificial intelligence solutions. (With inputs from Bloomberg)Milestone Alert!
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