Hexaware’s $1 Billion India IPO Gets Enough Bids to Go Ahead

Hexaware Technologies Ltd.’s initial public offering, India’s first billion-dollar float this year, got enough bids on the final day of share subscriptions for the deal to go ahead after a late surge in orders from large institutions.

The offering, which is raising funds for the owner Carlyle Group Inc., drew bids that were about 77% more than the number of available shares as of 2:25 p.m. in Mumbai, according to BSE Ltd.’s website. Carlyle holds 95% stake in the Indian software-services company, and aims to raise as much as 87.5 billion rupees ($1 billion).