THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES, NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA.

Initial Public Offer of equity shares on the main board of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE", and together with BSE, the "Stock Exchanges") in compliance with Chapter II of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations").

HEXAWARE TECHNOLOGIES LIMITED

Our Company was incorporated as "Aptech Information Systems Limited", a public limited company under the Companies Act, 1956 on November 20, 1992, pursuant to a certificate of incorporation granted by the Registrar of Companies, Maharashtra at Mumbai ('RoC'). Our Company obtained a certificate of commencement of business on December 31, 1992 from the RoC. Subsequently, the name of our Company was changed to "Aptech Limited" and a fresh certificate of incorporation dated August 5, 1996 was granted by the RoC. The name of our Company was subsequently changed to "Hexaware Technologies Limited" pursuant to a fresh certificate of incorporation dated April 2, 2002 granted by the RoC. For details of the change in registered office of our Company, see "History and Certain Corporate Matters" beginning on page 358 of the Prospectus dated February 14, 2025 ("Prospectus").

Our Company has filed the Prospectus with the RoC and the Equity Shares (as defined below) are proposed to be listed on the Main Board platform of the Stock Exchanges and the trading is expected to commence on February 19, 2025.

THE OFFER INCLUDED A RESERVATION OF 1,404,056 EQUITY SHARES, AGGREGATING TO RS. 900 MILLION (CONSTITUTING 0.23% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL), FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES ("EMPLOYEE RESERVATION PORTION"). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE "NET OFFER". THE OFFER AND THE NET OFFER CONSTITUTED 20.36% AND 20.13%, RESPECTIVELY, OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

*A discount of Rs. 67 per Equity Share was offered to the Eligible Employees bidding in the Employee Reservation Portion

*A discount of Rs. 67 per Equity Share was offered to the Eligible Employees bidding in the Employee Reservation Portion

1. Offer for sale: Our Company will not receive any proceeds from the Offer. The Offer consists of only an Offer for Sale of Equity Shares of face value of Rs. 1 each aggregating up to Rs. 87,500 million by our Promoter.

2. Geographic concentration risk: We derive a significant portion of our revenue from operations from the Americas and Europe geographies. Any adverse changes in economic conditions of these geographies could affect our business, financial condition and results of operations.

(Rs. million, except percentages)

3. Segment concentration risk: We derive a significant portion of revenue from operations from customers in the Financial Services and Healthcare and Insurance operating segments. Any factors that negatively affect these industries could affect our business, financial condition and results of operations.

(Rs. million, except percentages)

4. Competition risk: We operate in a highly competitive market, characterized by a large number of IT service providers. Our peer group includes mid-sized IT service providers, such as Coforge, LTIMindtree, Mphasis, and Persistent Systems.

5. Business professionals attrition risk: Our ability to attract, retain and effectively utilize highly skilled employees, including IT and BPS business professionals and employees is critical to our business operations.

6. Customer concentration risk : We derive a significant portion of revenue from operations from certain top customers in terms of revenue from operations for each of the respective periods. We are often not our customers' exclusive IT services provider. Hence, we may not succeed in scaling up business with existing customers, and revenue from operations from our major customers may decline or fluctuate from year to year, which could lead to volatility in our business

(Rs. in million)

7. Utilization rate risk: Our results of operations may suffer if we are not able to improve or maintain our resource utilization or employee productivity levels

8. Significant employee benefit expense and subcontracting risk: Our employee benefits expense and subcontracting charges collectively constitute the largest component of our total expenses, demonstrating how significantly we rely on our employees and contractors. Any increase in such expenses may reduce our profit margins and affect our ability to compete in the IT services industry.

9. Foreign exchange risk: We transact a significant portion of our business in foreign currencies, primarily the U.S. Dollar, the British Pound, the Euro and the Mexican Peso. Unfavourable exchange rates may have a material adverse effect on our profitability and margins.

(Rs. in million, except percentages)

10. Cybersecurity and data protection risk: We are vulnerable to cyber-attacks, computer viruses and hacking activities which could significantly damage our hardware and software systems and databases and disrupt our business. Further, we and our customers are subject to laws and regulations with respect to privacy and data protection, content, intellectual property, data security, data retention and deletion, protection of personal information, electronic contracts and other communications. Any breach would adversely impact our business operations.

11. The weighted average cost of acquisition of Equity Shares held by the Promoter Selling Shareholders is Rs. 385.35 per Equity Share, which may be lower than the Offer Price.

12. Price/ Earning (P/E) ratio based on basic and diluted EPS for Financial Year 2023 is 41 and 43 times at the lower and upper end of the Price Band, respectively, as compared to the average industry peer group PE ratio of 55 times.

13. Market Capitalisation to Total Revenue from Operations for the financial year ended December 31, 2023 at lower end of the price band is 3.95 times and at upper end of the price band is 4.14 times.

14. Weighted Average Return on Net Worth for Financial Year ended 2023, 2022 and 2021 is 23.2%.

15. Weighted Average Cost of Acquisition for all Equity Shares transacted in 1 year, 18 months and 3 years immediately preceding the Prospectus.

*As certified by Manian & Rao, Chartered Accountants (FRN 001983S) by way of their certificate dated February 5, 2025.

16. The 5 BRLMs associated with the issue have handled 77 public issues in the past three years out of which 17 issues closed below the issue price on listing date

*Issues handled where there were no common BRLMs. "Other Regulatory and Statutory Disclosures - Price information of past issues handled by the BRLMs" commencing from page 549 of the Prospectus for more detailed information.

The Offer was made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, (the "SCRR") read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Net Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Category"), provided that our Company in consultation with the BRLMs. allocated 60% of the QIB Category to Anchor Investors, on a discretionary basis in accordance with the SEBI ICDR Regulations (the "Anchor Investor Portion"), of which one-third was reserved for domestic Mutual Funds, subject to valid Bids having been received from domestic Mutual Funds at or above the price at which Equity Shares of face value of Rs. 1 each were allocated to Anchor Investors (the "Anchor Investor Allocation Price"). Further, 5% of the Net QIB Category was made available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Category was made available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Net Offer was made available for allocation to Non-lnstitutional Investors ("NIls") (the "Non-lnstitutional Category") of which one-third of the Non-lnstitutional Category was made available for allocation to Bidders with a Bid size of more than Rs. 200,000 and up to Rs. 1,000,000 and two-thirds of the Non- lnstitutional Category was made available for allocation to Bidders with a Bid size of more than Rs. 1,000,000 provided that under-subscription in either of these two sub-categories of the Non-lnstitutional Category may be allocated to Bidders in the other sub-category of the Non-lnstitutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, not less than 35% of the Net Offer was made available for allocation to Retail Individual Investors ("Rlls") (the "Retail Category"), in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. Further, Equity Shares were allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids having been received from them at or above the Offer Price. All Bidders (other than Anchor Investors) were required to mandatorily participate in this Offer through the Application Supported by Blocked Amount ("ASBA") process, and to details of their respective bank account, including UPI ID (defined hereinafter) for UPI Investors (defined hereinafter) in which the Bid Amount was blocked by the SCSBs or the Sponsor Banks, as the case may be. Anchor Investors were not permitted to participate in the Offer through the ASBA process. For details, specific attention is invited to "Offer Procedure" beginning on page 570 of the Prospectus.

The bidding for Anchor Investor opened and closed on Tuesday, February 11, 2025. The Company received 96 applications from 75 anchor investors for 38,163,174 equity shares. The Anchor investor price was finalized at Rs. 708 per Equity Share. A total of 36,694,914 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 25,979,999,112.

The Offer received 156,262 applications for 280,971,642 Equity Shares (prior to rejections) resulting in 2.27 times subscription. The details of the applications received in the Offer from various categories are as under: (before rejections):

*This excludes 616 applications for 18.984 Equity Shares from Retail Individual and HNI Investors which were not in bid book but which were banked.

Final Demand

A summary of the final demand as at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on February 17, 2025.

A. Allotment to Retail Individual Investors (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs. 708 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.10326 times. The total number of Equity Shares Allotted in Retail Portion is 4,457,187 Equity Shares to 137,594 successful Retail Individual Bidders. The category-wise details of the Basis of Allotment are as under:

Unsubscribed portion of 38,705,547 Equity Shares have been spilled over to QIB category.

B. Allotment to Non-lnstitutional Bidders (More than Rs. 0.20 million Up to Rs. 1.00 million) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than Rs. 0.20 million Up to Rs. 1.00 million), who have bid at the Offer Price of Rs. 708 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.15584 times. The total number of Equity Shares allotted in this category is 960,939 Equity Shares to 2,590 successful applicants. The category-wise details of the Basis of Allotment are as under:

Unsubscribed portion of 5,205,166 Equity Shares has been spilled over to NIB Above 10 Lakhs category.

C. Allotment to Non-lnstitutional Bidders (more than Rs. 1.00 million) (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than Rs. 1.00 million), who have bid at the Offer Price of Rs. 708 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.16607 times. The total number of Equity Shares allotted in this category is 2,912,427 Equity Shares to 950 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

Unsubscribed portion of 14,624,949 Equity Shares have been spilled over to QIB category.

D. Allotment to Employee Reservation (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Eligible Employee Portion, who have bid at the Offer Price of Rs. 641 per Equity Share was finalized in consultation with NSE. This category has been subscribed to the extent of 0.20884 times. The total number of Equity Shares allotted in this category is 293,223 Equity Shares to 2,359 successful applicants. The category-wise details of the Basis of Allotment are as under:

Unsubscribed portion of 1,005,711 Equity Shares spilled over to Eligible QIB, NIB and Retail Categories in the ratio of 50:15:35.

E. Allotment to QIBs

Allotment to QIBs, who have Bid at the Offer Price of Rs. 708 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 2.98420 times of QIB Portion. As per the SEBI Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e., 3,914,831 Equity Shares (Includes spilled over of 2,691,667 Equity Shares from Retail, NIB and Employee Categories.) and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e.. 74,381,797 Equity Shares (Includes spilled over of 51,141,684 Equity Shares from Retail. NIB and Employee Categories.) on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 78,296,628 Equity Shares (i.e., Including Spilled over of 53,833,351 Equity Shares from Retail Individual, NIB and Employee Categories) which were allotted to 195 successful QIB Investors. The category-wise details of the Basis of Allotment are as under:

F. Allotment to Anchor Investors

The Company, in consultation with the BRLMs, have allocated 36,694,914 Equity Shares to 75 Anchor Investors (through 96 Applications) at the Anchor Investor Offer Price of Rs. 708 per Equity Share in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

The IPO Committee of our Company on February 17, 2025 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum-lntimations and/ or notices will be dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Issue Account have been issued on February 17, 2025 and payment to non- Syndicate brokers have been issued on February 18, 2025. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on February 18, 2025 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on February 18, 2025. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about February 19, 2025.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

This corrigendum is with reference to the Prospectus dated February 14, 2025 ("Corrigendum"), filed with the Registrar of Companies, Maharashtra at Mumbai and submitted to the Securities and Exchange Board of India ("SEBI"), BSE Limited ("BSE") and National Stock Exchange of India Limited (the "NSE", and together with the BSE, the Stock Exchanges").

Bidders may note the following:

Point 6, of Material Contracts to the Offer' under section 'Material Contracts And Material Documents for Inspection' on page 625 of the Prospectus shall be read as follows:

6. Underwriting agreement dated February 14, 2025 entered into among our Company, the Promoter Selling Shareholder and the Underwriters.

All capitalized terms used in this Corrigendum shall, unless the context otherwise requires, have the meaning ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer, KFin Technologies Limited at www.kfintech.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below

	KFin Technologies Limited
	Selenium, Tower B. Plot No. 31-32, Gachibowli, Financial District, Nanakramguda
	Hyderabad - 500 032, Telangana, India
	Tel: (+91)40 6716 2222; E-mail: hexaware.ipo@kfintech.com
	Website: www.kfintech.com; Investor Grievance E-mail: einward.ris@kfintech.com
	Contact Person: M. Murali Krishna; SEBI Registration No: INR000000221
		For HEXAWARE TECHNOLOGIES LIMITED
		On behalf of the Board of Directors
		Sd/-
Place: Mumbai, Maharashtra		Gunjan Methi
Date: February 18, 2025		Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF HEXAWARE TECHNOLOGIES LIMITED.

HEXAWARE TECHNOLOGIES LIMITED has filed the Prospectus with RoC. The Prospectus is available on the website of SEBI at www.sebi.gov.in, the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, the website of the Company at www.hexaware.com: and on the websites of the BRLMs. i.e. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com; Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm; J.P. Morgan India Private Limited at www.jpmipl.com; HSBC Securities and Capital Markets (India) Private Limited at www.business.hsbc.co.in and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) at www.iiflcap.com. Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" beginning on page 31 of the Prospectus.

This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or any other applicable law of the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (a) only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act, and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where such offers and sales are made. There will be no public offering of the Equity Shares in the United States.