The proposed IPO is estimated to be valued at around $2 billion (₹19000 cr). ET reported last month that Carlyle was preparing to list the company.
The proposed IPO will primarily consist of an offer for sale (OFS), which will allow existing shareholders led by Carlyle to partially monetize their holdings.
A spokesman for Carlyle did not respond to questions.
Carlyle formed Highway Rupp Precision Technologies in February 2025 by acquiring a controlling stake in Highway Industries and Rupp Automotives, two leading manufacturers of forged and precision-machined components, steering system assemblies, transmission parts and other powertrain products used in electric, hybrid and internal engine (ecom) ecom ICs.
The merged platform continues to be backed by the founding promoters, with Highway Industries founder Umesh Munjal and Roop Automotives founder Mohit Oswal retaining a 25-30% stake, according to people familiar with the shareholding.
Highway Roop is expected to report revenue of around ₹3,000 crore and EBITDA of around ₹700 crore in FY27, reflecting benefits of scale and operational synergies post-merger, the sources said.
To lead the combined business, Carlyle appointed Dharmesh Arora, former Asia-Pacific chief executive of Schaeffler Group, as CEO in June 2025.
In India, Highway Roop competes with listed precision engineering and auto-component manufacturers including Bharat Forge and Sona BLW Precision Forging.
In parallel, Carlyle has also started the IPO process for its Healthcare Revenue Cycle Management (RCM) platform, created by the merger of Knack RCM and EqualizeRCM following their acquisition by the firm.
One of the most active private equity investors in India, Carlyle has invested over $8 billion in the country in investments including PNB Housing Finance, SBI Cards, VLCC, Hexaware Technologies and Nido Home Finance.
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