Carlyle Group Inc. is seeking investment banks to advise on a potential Initial Public Offering (IPO) in India for its recently acquired healthcare revenue cycle management (RCM) business. This RCM platform was formed through the merger of Knack RCM and EqualizeRCM, which Carlyle Asia Partners acquired in May 2026. The private equity firm is expected to appoint advisors soon, though details regarding the share sale's size and valuation are still being determined.
Bankers close to the situation anticipate the healthcare RCM asset will raise between $400 million to $500 million through a combination of primary and secondary share sales. This IPO is part of a broader strategy by Carlyle, which also includes a $500 million IPO for its Indian automotive platform, Highway Roop Precision Technologies. Both listings are targeted for mid-2027.
The combined RCM business, Knack RCM and EqualizeRCM, posted approximately $160 million in revenue and $65 million in EBITDA for FY26. These U.S.-based companies provide complementary RCM services to various healthcare providers, including physician groups, durable medical equipment (DME) providers, and rural hospitals. Knack RCM alone employs over 8,000 people across 10 delivery centers in India, the Philippines, and the U.S.
