JPMorgan Chase & Co. and Kotak Mahindra Bank have been chosen by Carlyle Group Inc. to assist in organizing the prospective initial public offering (IPO) of Hexaware Technologies Ltd. in Mumbai this year, according to sources familiar with the situation.

The U.S.-based investment firm intends to proceed with the IPO as soon as the fourth quarter of this year, insiders revealed on the condition of anonymity due to the confidential nature of the discussions. It's anticipated that additional bankers will be enlisted for the potential IPO, which could amount to approximately $1 billion and potentially value the Indian IT company at up to $6 billion, the sources disclosed.

For Carlyle, an IPO presents an opportunity to divest a portion of its stake in Hexaware. However, it's important to note that deliberations are in the preliminary stages, and Carlyle may ultimately opt against the share sale, the sources cautioned. If the IPO materializes as planned, it would mark the largest offering in India since Life Insurance Corp. of India's IPO in 2022, Bloomberg data shows. Nevertheless, specifics such as the IPO's size and the company's valuation remain subject to change, the sources emphasized.

Carlyle has been exploring the possibility of taking Hexaware public, as previously reported by Bloomberg News.

Hexaware specializes in IT and business process outsourcing and provides a range of services including cloud, data, and artificial intelligence solutions, according to its official website. Carlyle acquired Hexaware from Baring Private Equity Asia Ltd. in 2021; Baring Private Equity Asia Ltd. is now a part of Sweden's EQT AB.

India's market has become increasingly attractive for deals, including IPOs, as global investors seek to capitalize on its growth potential. Various sectors, including automotive, electric scooter manufacturing, and IT, are contemplating share sales this year.