After going out of public eye, Hexaware returns to market with an IPO. But is the price right?

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After going out of public eye, Hexaware returns to market with an IPO. But is the price right?

R Srikrishna CEO, Hexaware Technologies; image credit: company

Synopsis

Owned by PE firms for over a decade, Hexaware has catapulted itself into the big league. But that growth has come at a cost — its margins are lower than earlier, despite a rise in revenue. Now it is making its way back to public markets. Is the valuation, pegged at USD6 billion, justified?

When Hexaware promoter Atul Nishar sold his company in 2013, his plan was to do nothing for a while. He had pocketed an INR1,000 crore cheque, his company’s overall value at that time was INR3,600 crore and had earned a break. There was no stopping for his company. In a decade, Hexaware has had two private equity (PE) investors, went private and nearly tripled its revenue. Now it is making its way back to the public markets. PE giant Carlyle has

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