Private equity firm Carlyle is planning a $500 million initial public offering (IPO) for its Indian automotive platform, Highway Roop Precision Technologies, which is expected to value the company at approximately $2 billion. This IPO is anticipated by mid-2027 and will primarily be an offer for sale, allowing Carlyle and other existing shareholders to monetize their holdings.
Highway Roop Precision Technologies was formed in February 2025 through the merger of Highway Industries and Roop Automotives, both manufacturers of forged and precision-machined components for electric, hybrid, and internal combustion engine vehicles. The founders, Umesh Munjal and Mohit Oswal, retain a combined 25-30% stake in the merged entity. Dharmesh Arora, former Asia-Pacific CEO of Schaeffler Group, was appointed CEO in June 2025 to lead the combined business.
The company is projected to achieve revenue of around ₹3,000 crore (approximately $350 million) and an EBITDA of about ₹700 crore (approximately $85 million) in fiscal year 2027, reflecting anticipated synergies from the merger. For the IPO, Carlyle has appointed Goldman Sachs, Nomura, JM Financial, and Axis Capital as lead managers. Highway Roop competes with other listed Indian auto-component manufacturers like Bharat Forge and Sona BLW Precision Forgings.
In parallel, Carlyle is also initiating the IPO process for its healthcare revenue cycle management (RCM) platform, created by merging Knack RCM and EqualizeRCM. This healthcare IPO is expected to raise $400-500 million. Carlyle, one of the most active private equity investors in India, has invested over $8 billion in the country, with notable past successes including a nearly 10x return on its investment in SBI Cards.
