Carlyle eyes $1 billion raise via auto, healthcare IPOs

Mumbai: Private equity major Carlyle plans to launch a $500 million initial public offering (IPO) for its Indian automotive platform, Highway Roop Precision Technologies, multiple people aware of the listing proposal told ET. In parallel, Carlyle has also initiated the IPO process for its healthcare revenue cycle management (RCM) platform, investment bankers said.

The proposed listings are likely by mid-2027, said the people cited above. The automotive platform is expected to be valued at about $2 billion.

The healthcare RCM asset, created through the merger of Knack RCM and EqualizeRCM after their acquisitions by the private equity major, should raise $400–500 million through a combination of primary and secondary share sales, bankers cited above told ET.


Investment bankers have begun pitching for mandates on both offerings.

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

A Carlyle spokesperson declined to comment.

In February 2025, Carlyle Asia Partners acquired controlling stakes in Highway Industries and Roop Automotives, leading manufacturers of forged and precision-machined components, steering system assemblies, transmission parts and other powertrain applications used in electric, hybrid and internal combustion engine (ICE) vehicles.

To lead the combined platform, Carlyle appointed Dharmesh Arora, former Asia-Pacific CEO of Schaeffler Group, as chief executive officer in June 2025.

The founders of Highway Industries and Roop Automotives, Umesh Munjal and Mohit Oswal, respectively, continue to hold a combined 25–30% stake in the merged entity. According to sources, Highway Roop is expected to generate revenue of about Rs 3,000 crore and EBITDA of Rs 700 crore in FY27.

Precision Parts

In India, Highway Roop mainly competes with listed precision engineering and auto-component manufacturers such as Bharat Forge (Market cap of Rs 97,652 cr), and Sona BLW Precision Forgings ( Market cap of Rs 38,180 cr).

Separately, Carlyle Asia Partners acquired majority stakes in Knack RCM and EqualizeRCM in May 2026 to create a global, multi-specialty healthcare revenue cycle management platform. The combined business posted revenue of approximately $160 million and EBITDA of $65 million in FY26, sources said.

The US-based Knack and Equalize provide complementary RCM services to physician groups, durable medical equipment (DME) providers, rural hospitals and other specialty healthcare providers.

Earlier, Carlyle delivered one of its most successful exits in India through its investment in the second largest credit card provider in the country - SBI Cards.

In 2017, the private equity firm acquired a 26% stake in the company from GE Capital for about Rs 2,000 crore, valuing SBI Cards at approximately Rs 7,200 crore at the time.

Following SBI Cards' successful IPO in 2020, Carlyle gradually exited its holding through a series of stake sales. By the time it fully monetised its investment, the firm is estimated to have generated nearly a 10x return, making it one of the most successful private equity exits in the Indian market.