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01-05-2026
Bureau Report + Agencies
NEW DELHI/ MUMBAI/ STOCKHOLM: Virtusa Corp, a global information technology services firm owned by Swedish private equity giant EQT, is exploring an initial public offering in India that could value it at $7 billion or more, four people with knowledge of the matter said.
The company is looking to raise at least $1 billion, two of the sources said. A road show in the second half of this year will help determine the listing venue, deal size, valuation, and whether to proceed, one of the sources said.
Citigroup, JPMorgan, and Morgan Stanley have been tapped to work on the deal, and more could be added later, three of the sources said.
Significant Indian presence
Founded in 1996 and headquartered in Massachusetts, Virtusa employs 30,000 people in 32 countries, and its presence in India includes IT delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai, and Gurugram, according to its website.
All the sources declined to be named as the matter was still private. Virtusa and Morgan Stanley did not respond to requests for comment, while EQT, Citi and JPMorgan declined to comment.
At around $1 billion, Virtusa’s potential listing would be India’s biggest so far in what shapes up to be a busy year, with $2.75 billion already raised from 64 listings, LSEG data shows.
A Virtusa listing would allow EQT a exit from one of its main Asia technology bets at a time when private equity firms globally are under pressure from investors to return capital. EQT, which had around 270 billion euros ($316 billion) in assets under management at the end of last year, gained control of Virtusa in 2022 when it acquired Baring Private Equity Asia, which took the technology firm private from NASDAQ in 2021.
The Swedish investment firm last week raised $15.6 billion for its latest private equity Asia fund, the largest pool of capital ever assembled for the region.
Earlier, Sweden-based private equity fund EQT said on Wednesday it had agreed to buy investment firm Baring Private Equity Asia (BPEA) in a deal worth 6.8 billion euros ($7.5 billion). EQT said the deal consisted of 191 million new EQT shares valued at 5.3 billion euros and 1.5 billion euros in cash.
BPEA has 17.7 billion euros ($19.4 billion) of assets under management.
“The combination with BPEA, a leading pan-Asian private markets firm, provides a step-change to EQT’s presence in Asia, and ideally positions EQT to execute on the structural growth opportunity in Asian private markets,” it said in a statement.
Sweden-based global private equity firm EQT AB said on Tuesday it had completed fundraising for its new Asia-focused buyout fund after securing capital of $15.6 billion, making it the region’s largest private equity fund.
The fundraising reflects strong investor interest in Asia despite the global volatility fueled by the Iran crisis.
The fund, which will focus on control deals in sectors including technology, healthcare and services, was oversubscribed with strong participation from existing investors and more than 75 new investors, EQT said.
Commitments to the BPEA Private Equity Fund IX were broadly balanced across the Americas, Europe, the Middle East and Asia Pacific, with pension funds and sovereign wealth funds among the largest contributors, EQT said. About $14.9 billion of the fund will generate fees.
“The opportunity in Asia today has shifted from chasing growth to leading profound structural transformation,” said Hari Gopalakrishnan and Nicholas Macksey, deputy co-heads, Private Capital Asia at EQT.
