EQT IPO: Swedish PE firm EQT plans Rs 4,000 crore IPO for Straive

EQT has appointed Axis Capital, JP Morgan and Morgan Stanley to manage the offering for the edtech-focused data and solutions provider, the people said.

“The IPO is in the works, and the company has already initiated discussions with potential investors,” one of the persons said.

Straive is a Singapore-based professional services and content technology company with over 18,000 employees. Originally founded in 1980 in the Philippines as Saztec Philippines Inc., it was rebranded as SPi Technologies in 1996 and later as Straive in 2022. In August 2021, EQT acquired a majority stake in Straive from Partners Group at a valuation of $1 billion. Partners Group had previously held a controlling interest in the company since August 2017.

EQT, Straive, JP Morgan, Axis Capital, and Morgan Stanley did not respond to ET’s queries regarding the IPO plans.

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Straive specialises in helping clients leverage data, insights, knowledge, and AI-driven solutions. The company’s clientele spans sectors, including financial and information services, insurance, healthcare and life sciences, scientific research, edtech and logistics. It has a global footprint with operations spanning the US, the UK & Europe, Singapore, India, the Philippines, Nicaragua and Vietnam. EQT has a significant presence in India, with investments in companies such as Virtusa, Sagility, O2 Power, Indium Software, Indira IVF, IGT Solutions, Credila Financial Services, Citius Tech, and AIG Hospitals. With the IPO market gradually reviving, EQT is expected to push ahead with its India listings, leveraging strong investor interest in technology-driven and healthcare-focused businesses.

Last November, EQT launched an IPO for Sagility India. The ₹2,106 crore public issue, which was a complete offer-for-sale, was subscribed 3.2 times.

EQT had also planned an IPO for Indira IVF, filing a draft red herring prospectus (DRHP) confidentially with market regulator Sebi in February for a ₹3,500 crore public issue. However, the company withdrew the IPO papers last month and is now planning to refile them.