New Delhi, Feb. 12 -- Hexaware Technologies Ltd IPO, which will be open for subscription from 12-14 February, comes at a time of prolonged uncertainty for India's information technology services sector as clients in the US and Europe tighten discretionary spending on IT.

This raises questions about investor appetite for an IPO as large as Hexaware's.

The Indian IT services company's initial public offering involves not a fresh issue of shares but a stake sale by existing shareholders, chiefly its promoter CA Magnum Holdings, a subsidiary of private equity firm Carlyle Group. Hexaware's IPO aims to raise Rs.8,750 crore (or about $1 billion) at a price band of Rs.674-708 per share.

Hexaware is returning to the public markets after it del...