Carlyle Eyes $1 Billion Raise via Auto and Healthcare IPOs

Global private equity giant Carlyle is gearing up for a massive liquidity event in India, planning to raise approximately $1 billion through two major initial public offerings. The firm is targeting the automotive and healthcare sectors, aiming to list its specialized platforms by mid-2027.

Highway Roop: A $2 Billion Automotive Powerhouse

Carlyle’s primary focus involves the IPO of its Indian automotive platform, Highway Roop Precision Technologies. This entity was formed following Carlyle Asia Partners' acquisition of controlling stakes in Highway Industries and Roop Automotives in February 2025. The platform specializes in critical components, including forged and precision-machined parts, steering systems, and transmission assemblies for electric, hybrid, and internal combustion engine (ICE) vehicles.

The automotive platform is expected to command a valuation of approximately $2 billion, with a planned IPO size of $500 million. To drive this massive entity, Carlyle appointed Dharmesh Arora, the former Asia-Pacific CEO of Schaeffler Group, as CEO in June 2025. Financial projections for Highway Roop are ambitious, with expected revenues of ₹3,000 crore and an EBITDA of ₹700 crore by FY27. The platform will enter a competitive arena alongside listed giants such as Bharat Forge and Sona BLW Precision Forgings.

Scaling Healthcare via Revenue Cycle Management

Parallel to the automotive move, Carlyle is initiating the IPO process for its healthcare revenue cycle management (RCM) platform. This asset was built through the strategic merger of Knack RCM and EqualizeRCM, both of which were acquired by Carlyle Asia Partners in May 2026.

The healthcare platform aims to raise between $400 million and $500 million through a mix of primary and secondary share sales. As a global, multi-specialty RCM provider, the combined business demonstrated strong financial health in FY26, posting revenues of approximately $160 million and an EBITDA of $65 million. This move highlights Carlyle’s strategy of building large-scale, specialized platforms in high-growth service sectors before exiting via public markets.

Carlyle’s Growing Footprint in the Indian Economy

These proposed listings underscore Carlyle's aggressive deployment strategy in India, where the firm has already invested more than $8 billion. Its diverse Indian portfolio includes notable names such as PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies, and Nido Home Finance.

As investment bankers begin pitching for mandates for both the Highway Roop and the healthcare RCM offerings, the market is watching closely. If successful, these IPOs will mark a significant milestone in the exit cycle for one of the most active private equity players in the Indian subcontinent, providing a bellwether for the upcoming mid-2027 listing window.

Key Takeaways

  • Dual Listing Strategy: Carlyle plans to raise up to $1 billion via two distinct IPOs in the automotive and healthcare RCM sectors by mid-2027.
  • High-Value Auto Platform: Highway Roop Precision Technologies is expected to be valued at $2 billion, targeting ₹3,000 crore in revenue by FY27.
  • Robust Healthcare Fundamentals: The healthcare RCM platform, formed from Knack RCM and EqualizeRCM, reported $160 million in revenue and $65 million in EBITDA for FY26.