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Carlyle Plans $500M IPO for Indian Auto Arm
22 Jun
Summary
- Carlyle plans $500 million IPO for Highway Roop Precision Technologies.
- Highway Roop Precision Technologies is valued at an estimated $2 billion.
- Healthcare RCM platform also set for a $400-500 million offering.
Private equity firm Carlyle is preparing for major initial public offerings (IPOs) in India. The firm intends to list its automotive platform, Highway Roop Precision Technologies, with a planned IPO size of $500 million. This platform is currently valued at an estimated $2 billion.
Highway Roop was formed in February 2025 through Carlyle Asia Partners' acquisition of Highway Industries and Roop Automotives. The merged entity specializes in components for electric, hybrid, and internal combustion engine vehicles. It is projected to generate approximately ₹3,000 crore in revenue and ₹700 crore in EBITDA in FY27.
In parallel, Carlyle is also initiating the IPO process for its healthcare revenue cycle management (RCM) platform. This offering is expected to raise between $400 million and $500 million through a combination of primary and secondary share sales. This healthcare RCM asset was created after Carlyle acquired majority stakes in Knack RCM and EqualizeRCM in May 2026.
Investment bankers have begun pitching for mandates for both offerings. The proposed listings for both the automotive and healthcare platforms are anticipated by mid-2027, signaling substantial growth and investment activity for Carlyle in India.
