IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.</li>
<li>In <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:175288" rel="noopener">Hexaware Technologies IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post-IPO share overhang.</li>
</ul>



Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
In Hexaware Technologies IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post-IPO share overhang.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion. </li>
<li>BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.</li>
<li>The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.</li>
</ul>



Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion. 
BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.
The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Hexaware Technologies (HEXW IN)is looking to raise about US$1.2bn in its upcoming India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we look at the firm’s past performance.


Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).</li><li>Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.</li><li>Observing trends in the reorganization of ownership structure has been the key focus area of this analysis</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.Observing trends in the reorganization of ownership structure has been the key focus area of this analysisContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC).</li><li>Direct business grew 2.4%/6.2% QoQ/YoY in CC, aided by TMT and BFS.</li><li>The Total Contract Value (TCV) was down 35% QoQ to USD207m.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC).Direct business grew 2.4%/6.2% QoQ/YoY in CC, aided by TMT and BFS.The Total Contract Value (TCV) was down 35% QoQ to USD207m.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mphasis - Strong Quarter and Improving Growth Outlook

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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Mphasis Ltd (MPHL IN)

Hexaware Technologies IPO: The Bear Case

The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post...

Arun George

Hexaware Technologies IPO: The Bull Case

The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction...

Arun George

Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

Hexaware Technologies (HEXW IN) is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Mphasis - Strong Quarter and Improving Growth Outlook

Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC). Direct business grew 2.4%/6.2%...

Motilal Oswal

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Hexaware Technologies IPO: The Bear Case

The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post...

Arun George

Hexaware Technologies IPO: The Bull Case

The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction...

Arun George

Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

Hexaware Technologies (HEXW IN) is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Share Holding Tracker (Q2FY25)

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one...

HDFC Securities

Mphasis - Strong Quarter and Improving Growth Outlook

Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC). Direct business grew 2.4%/6.2%...

Motilal Oswal