Virtusa Corp, the information technology services company backed by Swedish investment firm EQT, is weighing an initial public offering in India that could raise at least $1 billion and value the business at $7 billion or more. The plan remains exploratory, with people familiar with the matter saying a roadshow in the second half of 2026 will help determine the venue, size, timing and final valuation of the proposed listing. If it proceeds on the scale currently being discussed, the transaction would rank among the most closely watched technology services listings in India this year.
Potential Deal Structure
Citigroup, JPMorgan and Morgan Stanley have reportedly been appointed to work on the potential IPO, with additional advisers possibly joining the process as discussions advance. The listing could take place later in 2026 or in 2027, depending on market conditions and the outcome of investor meetings, according to the report. Virtusa, Morgan Stanley, EQT, Citi and JPMorgan either declined to comment or did not respond to requests for comment, underscoring that the process has not yet moved into a public filing phase.
India Operations and Business Profile
Founded in 1996 and headquartered in Massachusetts, Virtusa has developed a substantial global delivery footprint, including major operations in India. The company employs about 30,000 people across 32 countries and operates Indian delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai and Gurugram, according to company information cited in the report. EQT describes Virtusa as a technology services business focused on digital transformation, engineering and IT services, combining sector expertise with technology integration for enterprise clients.
Ownership Background
Virtusa has been privately held since 2021, when Baring Private Equity Asia completed its acquisition and privatization of the company, ending its listing on Nasdaq. At the time, BPEA said Virtusa would continue investing in digital capabilities and technical talent to support clients’ cloud and digital transformation priorities. EQT later gained control of Virtusa through its 2022 acquisition of Baring Private Equity Asia, bringing the company into one of its key Asia technology investments.
Market Context
The potential IPO comes during an active year for Indian listings, with Reuters reporting that 64 deals had already raised $2.75 billion in 2026, based on LSEG data. A $1 billion offering by Virtusa would therefore stand out as a major test of investor appetite for technology services companies, especially as public-market valuations remain central to private equity exit planning. For EQT, a listing would also provide a possible path to monetize part of its investment as private equity firms face pressure to return capital to fund investors.
The proposed Virtusa IPO remains subject to roadshow feedback, market conditions and a final decision from its owners and advisers. Still, the size under discussion, the company’s deep India delivery base and EQT’s ownership make the prospective float significant for both India’s capital markets and the private equity exit landscape. If completed, Virtusa’s India listing would mark a notable public-market return for a company that moved off Nasdaq five years ago and has since become part of EQT’s broader Asia platform.