Carlyle Eyes $1 Billion Raise Through Auto and Healthcare IPOs

Global private equity giant Carlyle is preparing to tap the Indian public markets with two major Initial Public Offerings (IPOs) expected to raise nearly $1 billion. The firm is targeting significant liquidity through its specialized automotive platform and a consolidated healthcare revenue cycle management (RCM) entity.

Highway Roop Precision Technologies: A $2 Billion Auto Play

Carlyle’s first major move involves its Indian automotive platform, Highway Roop Precision Technologies. The firm plans to launch a $500 million IPO for this entity, which is currently eyeing a valuation of approximately $2 billion. The listing is tentatively scheduled for mid-2027.

The platform was formed following Carlyle Asia Partners' acquisition of controlling stakes in Highway Industries and Roop Automotives in February 2025. These companies specialize in forged and precision-machined components, steering systems, and transmission parts for electric, hybrid, and internal combustion engine (ICE) vehicles. To drive this high-growth platform, Carlyle appointed Dharmesh Arora, the former Asia-Pacific CEO of Schaeffler Group, as CEO in June 2025.

Financial projections for Highway Roop are robust, with expected revenues of roughly ₹3,000 crore and an EBITDA of ₹700 crore by FY27. The founders, Umesh Munjal and Mohit Oswal, retain a combined 25-30% stake. In the competitive landscape, Highway Roop will go head-to-head with established listed players like Bharat Forge and Sona BLW Precision Forgings.

Scaling Healthcare via RCM Platform Consolidation

In parallel, Carlyle is initiating the IPO process for its healthcare revenue cycle management (RCM) platform. This asset was strategically built through the merger of Knack RCM and EqualizeRCM, following Carlyle's majority stake acquisitions in May 2026.

The healthcare RCM offering is expected to raise between $400 million and $500 million through a mix of primary and secondary share sales. This consolidated business has demonstrated strong profitability, posting a revenue of approximately $160 million and an EBITDA of $65 million in FY26. Like the automotive play, this healthcare listing is also expected to materialize by mid-2027.

Carlyle’s Expanding Footprint in India

These upcoming listings underscore Carlyle's aggressive commitment to the Indian market. As one of the most active private equity investors in the country, the firm has already deployed over $8 billion across various sectors. Its diverse Indian portfolio includes notable names such as PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies, and Nido Home Finance.

By transitioning these specialized platforms from private to public ownership, Carlyle aims to unlock significant value from its sector-specific consolidation strategies in the manufacturing and healthcare services industries.

Key Takeaways

  • Dual IPO Strategy: Carlyle plans to raise nearly $1 billion via two separate listings in the automotive and healthcare RCM sectors by mid-2027.
  • Automotive Valuation: The Highway Roop Precision Technologies platform is targeting a $2 billion valuation with projected FY27 revenues of ₹3,000 crore.
  • Healthcare Strength: The healthcare RCM platform, formed by merging Knack RCM and EqualizeRCM, reported an EBITDA of $65 million in FY26.