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Carlyle Hires JPMorgan and Kotak to Organize Hexaware IPO: Report

Carlyle Group Inc. has selected JPMorgan Chase & Co. and Kotak Mahindra Bank to help organize Hexaware Technologies Ltd.'s planned initial public offering, according to people familiar with the matter. in Mumbai this year.

The U.S. investment firm plans to go public as early as the fourth quarter of this year, people said, requesting anonymity because the deliberations are private. More bankers are likely to be added to the potential $1 billion offering, which could value the Indian information technology company as much as $6 billion, they said.

An IPO would help owner Carlyle reduce some of its stake in Hexaware, the people said. Deliberations are at an early stage and Carlyle may decide against the share sale, the people said. At about $1 billion, it would be the largest IPO in the country since Life Insurance Corp.'s IPO, according to Bloomberg data. of India in 2022. Details such as the size of the IPO and the value of the company could still change, the people said.

Representatives for Carlyle, Kotak and JPMorgan declined to comment.

According to Bloomberg News, Carlyle is exploring an IPO for Hexaware.

According to its website, Hexaware offers IT and business process outsourcing, as well as cloud, data and artificial intelligence services. Carlyle bought Hexaware in 2021 from Baring Private Equity Asia Ltd., which is now part of Sweden's EQT AB. India has emerged as a booming market for deals, including initial public offerings, as global investors look to tap its growth potential. Car manufacturers, electric scooter makers and IT companies are among those considering selling shares this year.

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