Carlyle Targets $1 Billion Raise via Major Auto and Healthcare IPOs

Global private equity powerhouse Carlyle is gearing up for a massive liquidity event in India, targeting nearly $1 billion through two high-profile initial public offerings. The firm is eyeing listings for its specialized automotive platform and its consolidated healthcare revenue cycle management (RCM) business, marking a significant milestone in its Indian investment journey.

Highway Roop: A $2 Billion Automotive Powerhouse

Carlyle is planning a $500 million IPO for its Indian automotive platform, Highway Roop Precision Technologies, which is expected to be valued at approximately $2 billion. This platform was formed following Carlyle Asia Partners' acquisition of controlling stakes in Highway Industries and Roop Automotives in February 2025. These two companies are key manufacturers of forged and precision-machined components, steering systems, and powertrain parts for electric, hybrid, and internal combustion engine (ICE) vehicles.

The combined entity is being positioned as a formidable player in the precision engineering space, competing with established listed giants like Bharat Forge and Sona BLW Precision Forgings. To lead this massive 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 an expected revenue of ₹3,000 crore and an EBITDA of ₹700 crore by FY27. The original founders, Umesh Munjal and Mohit Oswal, are expected to retain a combined 25-30% stake in the merged entity.

Scaling Healthcare through Revenue Cycle Management

Parallel to the automotive push, Carlyle has initiated the IPO process for its healthcare RCM platform. This asset was strategically built through the May 2026 acquisition of majority stakes in Knack RCM and EqualizeRCM. By merging these two entities, Carlyle has created a global, multi-specialty healthcare revenue cycle management platform.

Investment bankers suggest that this healthcare listing could raise between $400 million and $500 million through a mix of primary and secondary share sales. The business demonstrates strong fundamentals, having posted approximately $160 million in revenue and $65 million in EBITDA for FY26. These dual listings are tentatively scheduled to hit the markets by mid-2027.

Carlyle’s Growing Footprint in the Indian Market

These upcoming IPOs are a testament to Carlyle's aggressive and successful deployment of capital in India, where the firm has invested more than $8 billion to date. Its diverse portfolio includes significant stakes in notable companies 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 to see how these high-value exits will shape the private equity landscape in India over the next two years.

Key Takeaways

  • Massive Capital Target: Carlyle aims to raise roughly $1 billion via two separate IPOs in the automotive and healthcare sectors by mid-2027.
  • Automotive Valuation: The Highway Roop platform is expected to command a $2 billion valuation, with projected FY27 revenues of ₹3,000 crore.
  • Healthcare Consolidation: The healthcare RCM platform, built from the merger of Knack RCM and EqualizeRCM, aims to raise up to $500 million following a strong FY26 performance.