Carlyle hires banks for $2bn India auto parts IPO
Carlyle Group has hired Goldman Sachs, Nomura and Axis Capital to lead a $2 billion initial public offering for its Indian automotive platform, signalling renewed private equity exit momentum in the country's manufacturing sector.
Carlyle Group has selected Goldman Sachs, Nomura and Axis Capital to manage the public listing of Highway Roop Precision Technologies. The offering is expected to value the Indian automotive components manufacturer at approximately $2 billion, or ₹19,000 crore.
The proposed listing will primarily take the form of an offer for sale. This structure will allow Carlyle and other existing backers to partially cash out their investments rather than raising fresh capital for the business. For market participants, a large offer for sale provides immediate secondary liquidity and establishes a clear valuation benchmark for similar unlisted manufacturing assets.
Highway Roop was established in February 2025 when Carlyle acquired controlling stakes in Highway Industries and Roop Automotives. The speed at which the private equity firm is moving toward a public listing highlights the current institutional appetite for Indian industrial assets. The combined entity produces forged components, steering assemblies, transmission parts and powertrain products for electric, hybrid and internal combustion engine vehicles.
Once public, the company will compete directly with established Indian precision engineering firms such as Bharat Forge and Sona BLW Precision Forgings. Highway Roop's diversified product portfolio across multiple powertrain types makes it a relevant barometer for investor sentiment toward the broader automotive supply chain.
The automotive listing is part of a dual exit strategy for Carlyle in India. The firm is simultaneously preparing an initial public offering for a healthcare revenue cycle management platform. That healthcare entity was built by merging Knack RCM and EqualizeRCM following Carlyle's acquisitions of both companies.
These concurrent listings underscore a deliberate strategy of consolidating fragmented Indian industries and rapidly scaling them for public markets. Carlyle is one of the most active private equity investors in India, having deployed more than $8 billion in the country across sectors. Its historical portfolio includes SBI Cards, PNB Housing Finance, Hexaware Technologies, VLCC and Nido Home Finance.
