Carlyle Appoints Goldman Sachs, Nomura And Axis Capital For Highway Roop Precision Technologies IPO

Private equity firm Carlyle has brought in Goldman Sachs, Nomura, JM Financial and Axis Capital as lead managers for the planned initial public offering (IPO) of Highway Roop Precision Technologies, its Indian automotive components platform.

The proposed IPO is expected to raise approximately $500 million, equivalent to around ₹4,700 crore, and is likely to value the company at around $2 billion or approximately ₹19,000 crore.

The offering is expected to be structured primarily as an offer for sale, allowing Carlyle and other existing shareholders to partially exit their holdings.

How Highway Roop Was Built

Carlyle created Highway Roop Precision Technologies in February 2025 through the acquisition of controlling stakes in two established auto-component manufacturers, Highway Industries and Roop Automotives.

The two companies are leading producers of forged and precision-machined components, steering system assemblies, transmission parts and other powertrain products used across electric, hybrid and internal combustion engine vehicles. The founding promoters retained meaningful stakes following the merger, with Highway Industries founder Umesh Munjal and Roop Automotives founder Mohit Oswal together holding between 25% and 30% of the combined entity.

To lead the merged business, Carlyle appointed Dharmesh Arora as chief executive officer in June 2025. Arora was previously Asia-Pacific chief executive of Schaeffler Group.

Financial Profile

Highway Roop is projected to report revenue of around ₹3,000 crore and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of approximately ₹700 crore in FY27, reflecting the scale benefits and operational synergies achieved following the merger. In India, the company competes with listed precision engineering and auto-component manufacturers, including Bharat Forge and Sona BLW Precision Forgings.

Carlyle's Broader India IPO Activity

The Highway Roop listing is one of two IPO processes Carlyle has initiated in India simultaneously. The private equity firm has also begun preparations for the listing of its healthcare revenue cycle management platform (RCM), which was built through the merger of Knack RCM and EqualizeRCM.

Carlyle has been one of the most active private equity investors in India, having deployed more than $8 billion in the country across investments spanning PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies and Nido Home Finance.

Also Read - India Well On Track To Achieve ₹50,000 Crore Defence Export Target By 2030: Defence Secretary