Carlyle Group has tapped JM Financial and Goldman Sachs to steer a potential initial public offering of Knack RCM, its India-based healthcare revenue cycle management unit. The private equity firm aims to raise as much as $400 million through the share sale, according to people familiar with the deliberations.

The offering could debut as early as the second half of this year or in early 2027, the sources said. Carlyle plans to bring additional banks onto the syndicate at a later stage. Knack RCM processes medical billing and collections for U.S. healthcare providers, a segment that has drawn steady private equity interest.

A successful listing would mark one of the larger India-domiciled IPOs in the healthcare services space this year. The deal tests appetite for specialized business-process outsourcing assets at a time when Indian capital markets have absorbed a record pipeline of new issues across sectors.

Carlyle acquired a controlling stake in Knack RCM in 2021 and has since expanded its client roster. The firm now positions the business for a public-market exit that could value the company well above its acquisition price.