Carlyle Eyes $1 Billion Raise via Automotive and Healthcare IPOs

Global private equity giant Carlyle is gearing up for a massive liquidity event in India, targeting a combined $1 billion through two major initial public offerings. The firm plans to list its specialized automotive platform and its healthcare revenue cycle management (RCM) business, signaling strong confidence in India's industrial and service sectors.

Highway Roop: A $2 Billion Automotive Powerhouse

Carlyle is preparing to launch a $500 million IPO for Highway Roop Precision Technologies, its integrated automotive platform. Formed following the acquisition of controlling stakes in Highway Industries and Roop Automotives in February 2025, the entity is expected to command a valuation of approximately $2 billion.

The platform focuses on high-precision components, including forged parts, steering system assemblies, and transmission parts for electric, hybrid, and internal combustion engine (ICE) vehicles. To drive this growth, Carlyle appointed Dharmesh Arora, the former Asia-Pacific CEO of Schaeffler Group, as the platform's CEO in June 2025.

Financial projections for Highway Roop are robust, with an estimated revenue of ₹3,000 crore and an EBITDA of ₹700 crore for FY27. The company will compete in a high-stakes market against established listed players like Bharat Forge and Sona BLW Precision Forgings. The founders of the original entities, Umesh Munjal and Mohit Oswal, are expected to retain a combined 25-30% stake in the merged entity.

Healthcare RCM: Scaling via Strategic Mergers

In tandem with the automotive play, Carlyle is initiating the IPO process for its healthcare revenue cycle management (RCM) platform. This asset was created 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. The combined business has already demonstrated significant scale, posting a revenue of approximately $160 million and an EBITDA of $65 million in FY26. This dual-sector approach allows Carlyle to tap into both India's manufacturing resurgence and its expanding specialized services market.

Strategic Exit and India Footprint

These proposed listings, expected to materialize by mid-2027, represent a significant milestone in Carlyle's Indian investment journey. The firm has been one of the most active private equity investors in the country, having deployed over $8 billion across diverse sectors.

Carlyle's existing Indian portfolio includes notable names such as PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies, and Nido Home Finance. The upcoming IPOs serve as a testament to the firm's "build-to-exit" strategy, where it acquires niche leaders, integrates them into larger platforms, and eventually scales them for public markets.

Key Takeaways

  • Dual-Sector Focus: Carlyle plans to raise nearly $1 billion through two distinct IPOs in the automotive and healthcare RCM sectors by mid-2027.
  • High-Value Automotive Play: The Highway Roop platform is targeting a $2 billion valuation with projected FY27 revenues of ₹3,000 crore.
  • Strong Financial Foundations: Both the automotive and healthcare assets show significant profitability, with the healthcare RCM unit posting $65 million in EBITDA for FY26.