Private equity giant Carlyle has opened the bidding round for advisers on a potential India IPO of its newly acquired healthcare revenue‑cycle‑management platform. Bank presentations began this week as the firm moves to list the business formed by merging Knack RCM and EqualizeRCM. Details on deal size or valuation remain undisclosed. The IPO could raise hundreds of millions, depending on investor appetite.

The combined entity inherits Knack RCM’s global footprint: more than 8,000 staff across ten delivery centers in India, the Philippines and the United States. It supports hospitals and health systems on clinical, financial and technology functions, giving Carlyle a foothold in a sector that has outperformed India’s broader listings market, which has seen a double‑digit slump this year.

Investors have watched recent hospital IPOs, including Manipal Health Enterprises and ASG Hospital, signal lingering appetite for healthcare assets despite a 10% fall in the Nifty 50. Carlyle’s move could add significantly scale to that niche, offering a rare equity story in a market where most listings stall. The final adviser selection will shape pricing and investor demand.