New Entrants on the Exchange: How Hexaware, P S Raj Steels, and Voler Car Performed On Listing

India’s IPO market has witnessed significant expansion in recent years, outpacing several developed markets in terms of capital raised. In FY25 alone, over 75 companies debuted on the exchanges, with nearly 50 still trading above their IPO price. Even amid the broader market slump of the past four months, IPOs have remained a profitable investment avenue, with two-thirds of the newly listed stocks holding above their issue price.

Against this backdrop, three new entrants—Hexaware Technologies, P S Raj Steels, and Voler Car—made their market debut. Let’s look at the listing highlights for the three companies.

Hexaware Technologies Limited:

Hexaware Technologies is a digital and technology services company specializing in Artificial Intelligence (AI)-driven solutions. It provides services across six industries: Financial Services, Healthcare & Insurance, Manufacturing & Consumer, and Travel & Transportation. Hexaware supports clients in digital transformation, automation, and cloud adoption with 39 global delivery centers and AI-powered platforms like RapidX, Tensai, and Amaze. 

Hexaware Technologies IPO Details

Offer Price	Rs.674-708 per share
Face Value	Re.1 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	12.36 crore
Total Issue Size (in Rs.)	Rs.8,750 crore
Issue Type	Book Built Issue
Lot Size	21 Shares
IPO Listing at	BSE, NSE

The company launched its IPO, valued at approximately Rs 8,750 crore, through an Offer for Sale (OFS). Despite subdued investor demand, with an overall subscription of 2.66 times, the IPO saw strong interest from Qualified Institutional Buyers (QIBs), who oversubscribed their quota by 9.09 times.

Before listing, the stock traded flat in the grey market at Rs 708. On February 19, 2025, Hexaware debuted at Rs 745.50 on the NSE, a 5.3% premium over the issue price, and Rs 731 on the BSE, reflecting a 3.25% premium. The listing was lackluster, but it performed slightly better than grey market expectations.

PS Raj Steels Limited:

P S Raj Steels Limited, incorporated in 2004, manufactures and supplies stainless steel pipes and tubes in India. The company offers over 250 standard product sizes along with customization options. In FY24, manufacturing contributed 70% to its revenue, while trading accounted for 30%. It entered a co-branding agreement with Jindal Stainless Limited (JSL) in April 2024, allowing it to market products under the Jindal Saathi brand.

PS Raj Steels Limited IPO Details

Offer Price	Rs.132-140 per share
Face Value	Re.10 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	20.2 lakh shares
Total Issue Size (in Rs.)	Rs.28.28 crore
Issue Type	Book Built Issue
Lot Size	1000 Shares
IPO Listing at	NSE SME

The company launched its SME IPO, raising Rs.28.28 crore, with a subscription of 9.89 times. Despite strong investor demand, the Grey Market Premium (GMP) indicated a flat listing.

On 19th February 2025, P S Raj Steels debuted on the NSE SME platform at Rs.145, a 3.57% premium over its issue price of Rs.140. The stock quickly hit a high of Rs.147.90, with 5.76 lakh shares traded and a market capitalization of Rs.109.31 crore. Early investors saw nominal listing gains of Rs.5,000 per lot.

Voler Car Limited:

Voler Cars Limited, incorporated in 2010, provides employee transportation services (ETS) to multinational corporations (MNCs) and corporate clients. Operating across Kolkata, Mumbai, Pune, Bhubaneswar, Delhi-NCR, and Ahmedabad, the company manages over 884 daily trips with a fleet of more than 2,500 vehicles, including electric vehicles, tempo travelers, and buses. It integrates GPS tracking and third-party technology for efficient travel management.

Voler Car Limited IPO Details

Offer Price	Rs.85-90 per share
Face Value	Re.10 per share
Opening Date	12th February 2025
Closing Date	14th February 2025
Total Issue Size (in Shares)	30 lakh shares
Total Issue Size (in Rs.)	Rs.27 crore
Issue Type	Book Built Issue
Lot Size	1600 Shares
IPO Listing at	NSE SME

The company launched its IPO to raise funds for working capital, general corporate purposes, and issue expenses. The public offering saw strong demand, with an overall subscription of 13.62 times, including 13.94 times by retail investors and 18.56 times by NIIs.

Despite a positive response, Voler Cars debuted on the NSE at Rs.90 per share, reflecting a flat listing with no premium over its issue price. The grey market premium (GMP) last stood at Rs.5 before listing.

The listing performance of Hexaware Technologies, P S Raj Steels, and Voler Cars highlights the mixed sentiment prevailing in the IPO market. While Hexaware Technologies managed a modest premium over its issue price, P S Raj Steels and Voler Cars saw flat-to-marginal gains despite strong subscription figures.

The subdued grey market trends were reflected in the listings, suggesting cautious investor sentiment amid broader market uncertainties. However, the strong demand for these IPOs, particularly in the SME segment, underscores sustained investor interest in new listings. As we advance, post-listing performance and sectoral tailwinds will determine whether these stocks can build momentum beyond their debut day.

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