Carlyle Lines Up Two India IPOs Worth Up To $1 Billion By Mid-2027

Private equity giant Carlyle is preparing to list its automotive precision components platform and its healthcare billing services business on Indian stock exchanges, with both transactions targeted for mid-2027 and combined proceeds of up to $1 billion on the table.

Bankers have started pitching for mandates on both deals.

Deal One: Highway Roop Precision Technologies

• Expected initial public offering (IPO) size: $500 million.

• Estimated valuation: $2 billion.

• FY27 revenue projection: Around ₹3,000 crore.

• FY27 Earnings Before Interest, Tax, Depreciation and Amortisation projection: Around ₹700 crore.

• Founders' retained stake: 25 to 30% combined between Umesh Munjal and Mohit Oswal.

• Listed peers: Bharat Forge at ₹97,652 crore market cap and Sona BLW Precision Forgings at ₹38,180 crore.

The platform was put together in February 2025 when Carlyle Asia Partners acquired controlling stakes in Highway Industries and Roop Automotives, both manufacturers of forged and precision-machined components, steering assemblies, transmission parts and powertrain applications across electric, hybrid and internal combustion engine vehicles.

Deal Two: Healthcare Revenue Cycle Management Platform

• Expected IPO size: $400 to $500 million.

• Structure: Mix of primary and secondary share sales.

• FY26 revenue: Approximately $160 million.

• FY26 Earnings Before Interest, Tax, Depreciation and Amortisation: Approximately $65 million.

• Clients served: Physician groups, rural hospitals, durable medical equipment providers and speciality healthcare providers in the United States.

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The platform was assembled through Carlyle Asia Partners' acquisitions of Knack RCM and EqualizeRCM in May 2026. The two businesses provide complementary revenue cycle management services and together form a scaled, multi-speciality platform with significant India-based delivery infrastructure.

For the unversed, Carlyle has put more than $8 billion to work in India across investments including PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies and Nido Home Finance. Its single best outcome was SBI Cards, where a ₹2,000 crore entry in 2017 eventually generated an estimated 10x return after a series of post-IPO stake sales.

Source:

The Economic Times