Carlyle, the global investment firm, has reportedly finalised five investment banks for the planned initial public offering (IPO) of portfolio firm Hexaware Technologies.

A Moneycontrol report said the private equity giant has shortlisted Kotak Mahindra Capital, Citi and JP Morgan as the lead banks, along with IIFL Capital and HSBC Securities for the share float which will provide it with a partial exit window.

The IPO could raise close to $1 billion at a valuation ranging between $5 billion and $6 billion, though this may change based on market conditions.

Carlyle acquired Hexaware in 2021 from another private equity firm Baring Private Equity Asia (now EQT) for around $3 billion. Hexaware was listed on the domestic bourses in 2002 and subsequently delisted in 2020.

Hexaware recently announced the acquisition of Softcrylic, a data consulting firm based in Minneapolis.

The company said the acquisition will bolster its data and analytics capabilities and enable it to offer its clients a comprehensive suite of services.