Hexaware Shares Rise in Mumbai Debut After Billion-Dollar IPO

Carlyle Group Inc.’s Hexaware Technologies Ltd. rallied on Wednesday after India’s first billion-dollar initial public offering of 2025, signaling investor appetite for new listings remains strong despite the weakness in broader markets.

The shares closed almost 8% higher than the offer price of 708 rupees, the top end of the marketed range. The listing valued the software services provider at $5.3 billion.

Hexaware’s listing was seen as a gauge of investor sentiment for upcoming floats after many of the recent large offerings struggled amid a selloff in local equities. Still, India’s IPO market has continued to be busy after last ...