Carlyle Group Explores India IPO For Healthcare Billing Platform

Carlyle Group has begun inviting investment banks to pitch for advisory mandates on a potential India initial public offering (IPO) of its newly acquired healthcare billing service business, according to people familiar with the matter who asked not to be identified.

Banker presentations are taking place this week. The private equity firm is expected to appoint advisers shortly for the platform formed through the merger of Knack RCM and EqualizeRCM, which Carlyle acquired last month. Deal size and valuation have not yet been determined. A Carlyle representative declined to comment.

What The Platform Does

The business operates in the revenue cycle management segment, which supports healthcare providers with administrative and financial processes.

One of its constituent companies, Knack RCM, is headquartered in Woodbridge, New Jersey, and serves healthcare clients across clinical, financial and technology functions.

According to Carlyle, Knack RCM employs more than 8,000 people across ten delivery centres in India, the Philippines and the United States.

Why Healthcare And Why India

Healthcare is one of the few sectors holding up in India's initial public offering market despite a difficult year. The Nifty 50 has declined more than 10% in 2026 and the broader listings calendar has slowed. Within that environment, hospital and healthcare services companies have continued attracting investor interest:

• Manipal Health Enterprises is planning a share sale.

• General Atlantic-backed ASG Hospital is also preparing a listing.

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For Carlyle, listing the business in India makes strategic sense given the company's significant delivery presence in the country and the deeper understanding Indian institutional investors have of the healthcare services outsourcing model.

Sources:

Business Standard

Moneycontrol