Carlyle preps for potential $400m Highway Roop IPO

Carlyle Group is in the process of preparing for a potential initial public offering (IPO) of its Indian auto-parts platform, Highway Roop Precision Technologies, worth up to $400 million, according to a Bloomberg report citing unnamed sources close to the plans. The private equity firm is collaborating with Kotak Mahindra Capital, JM Financial, Goldman Sachs, and Nomura on a listing that may occur within the first half of next year.

The offering is anticipated to involve both new and existing shares, although the exact size, valuation, and timing are still under discussion and may be influenced by market conditions.

The IPO would provide Carlyle with an additional exit option from its Indian portfolio as India's IPO market experiences a surge. So far this year, Indian companies have raised approximately $10.4 billion through initial public offerings, whereas the entire year of 2025 saw $22.3 billion in IPO proceeds. Carlyle is also considering a possible IPO for another Indian portfolio company, Knack RCM, its healthcare revenue-cycle management business, which could also aim for around $400 million in proceeds. Carlyle engaged advisers earlier this year to evaluate an IPO for Knack RCM.

Highway Roop Precision Technologies, Carlyle's Indian auto-parts platform, was established last year after the firm acquired controlling stakes in Highway Industries and Roop Automotives, two prominent Indian auto-component manufacturers. Roop Automotives is a leading producer of hot-forged steering yokes, and the combined platform boasts an annual production capacity of approximately 38 million yokes across more than 200 variants. Carlyle and the banks associated with the proposed offering have not commented on the matter.