Carlyle preps for potential $400m Highway Roop IPO

Carlyle Group is preparing for a potential initial public offering of its Indian auto-parts platform Highway Roop Precision Technologies that could raise up to $400m, according to a report by Bloomberg citing unnamed people familiar with the plans.

The private equity firm is working with Kotak Mahindra Capital, JM Financial, Goldman Sachs and Nomura on a proposed listing that could take place during the first half of next year, the people said.

The offering is expected to include both newly issued and existing shares, although the size, valuation and timing remain under discussion and could change depending on market conditions.

The potential listing would provide Carlyle with another exit route from its Indian portfolio as the country’s IPO market gathers momentum. Indian companies have raised about $10.4bn through initial public offerings so far this year, compared with $22.3bn for the whole of 2025.

Carlyle is also preparing a possible listing of another Indian portfolio company. The buyout firm appointed advisers earlier this year to explore an IPO of Knack RCM, its healthcare revenue-cycle management business, which could also target proceeds of around $400m.

Highway Roop Precision Technologies was established by Carlyle last year after the firm acquired controlling interests in Highway Industries and Roop Automotives, two established Indian auto-component manufacturers.

Roop Automotives is a major producer of hot-forged steering yokes, while the combined platform has annual production capacity of about 38 million yokes across more than 200 variants.

Carlyle and the banks involved in the proposed offering reportedly did not comment.