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 Private Equity Wire, citing a Bloomberg report that referenced unnamed people familiar with the plans.
The proposed listing could take place during the first half of next year, and Carlyle is working with Kotak Mahindra Capital, JM Financial, Goldman Sachs and Nomura on the offering, according to Private Equity Wire.
Banks and structure under discussion
The offering is expected to include both newly issued and existing shares, according to Private Equity Wire.
The size, valuation and timing remain under discussion and could change depending on market conditions, the report said.
Carlyle and the banks involved in the proposed offering reportedly did not comment.
India IPO market comparisons cited in the report
The report framed the potential listing as providing 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.
Another Carlyle India IPO in preparation
Carlyle is also preparing a possible listing of another Indian portfolio company, according to the report.
Earlier this year, the buyout firm appointed advisers to explore an IPO of Knack RCM, its healthcare revenue-cycle management business.
That potential Knack RCM IPO could also target proceeds of around $400m.
How Highway Roop was formed and what it makes
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 described as a major producer of hot-forged steering yokes.
The combined platform has annual production capacity of about 38 million yokes across more than 200 variants.
