Swedish private equity major EQT is gearing up for its second major IPO in India within a year. This time with Straive, it is a Singapore-headquartered edtech-focused data and solutions provider. The Straive IPO is expected to be around INR 3,500–4,000 crore, which is seen as a strong vote of confidence in India’s capital markets and tech-enabled services sector.
Bankers Appointed, Investor Talks Underway
EQT has already brought in a trio of heavyweight investment banks—Axis Capital, JP Morgan and Morgan Stanley—to guide the listing process. That process is already well underway, with preliminary discussions underway with potential institutional investors. Those talks are a sign that the groundwork for the IPO is very much in motion.
That follows the successful IPO of Sagility India last November. Another EQT-backed healthcare BPO firm, which raised INR 2,106 crore through a fully offer-for-sale issue, which was subscribed 3.2 times.
Straive
The company was founded as Saztec Philippines Inc. back in 1980 in the Philippines. Over the years, it has gone through a few name changes: to SPi Technologies in 1996, and finally to Straive in 2022.
Currently, it is a leader in professional services and content technology, employing over 18,000 people. The company provides data, insights, knowledge, and AI-driven solutions to a diversified client base across industries such as:
- Financial and Information Services
- Insurance
- Healthcare and Life Sciences
- Scientific Research
- Edtech
- Logistics
The company is operational in the US, UK, Europe, Singapore, India, Philippines, Nicaragua, and Vietnam. This reflects a broad network of delivery and services.
EQT–Straive Relationship
In August 2021, EQT acquired a majority stake in Straive from Partners Group at a valuation of around USD 1 billion (~INR 8,524 crore). By selling this majority stake in 2017, Partners Group exited the company.
Straive IPO aligns with EQT’s strategy of unlocking value through public markets, especially in sectors experiencing rapid digital transformation. The PE firm’s Indian portfolio includes investments in Virtusa, O2 Power, Indium Software, Indira IVF, Citius Tech, Credila Financial Services, and IGT Solutions, in addition to Sagility and Straive.
IPO Market Showing Green Shoots Again
Straive IPO proposal comes amid renewed optimism in India’s primary markets, particularly for technology-enabled and healthcare-focused companies. Investor appetite appears strong, and EQT seems poised to capitalize on favorable market sentiment.
Interestingly, EQT had also filed a confidential DRHP for Credila Financial Services, a digital-focused NBFC, and had previously filed and later withdrawn a DRHP for Indira IVF, citing timing and valuation concerns. The group is reportedly preparing to refile the Indira IVF IPO papers shortly.
Looking Ahead
Straive’s IPO is not just another exit opportunity for EQT—it’s also a reflection of how global PE firms are doubling down on Indian tech-enabled plays. With a rich history, a robust operational backbone, and a future-oriented service model that leverages AI and data sciences, Straive represents a compelling narrative for institutional investors looking at long-term structural growth stories.
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