The Virtusa IPO moved a step closer on 30 September 2026. According to a report by Mint, the EQT-owned IT services company is sounding out Indian investment banks for a listing in India that could value it at $7 billion, or about ₹67,000 crore. The share sale is targeted for 2027.
Nothing has been filed with SEBI yet. There is no draft prospectus, no price band and no date. What exists is a bank line-up, and that is usually the first visible sign that a large issue is being built.
What the report says
Virtusa has already hired Citigroup, Morgan Stanley and JPMorgan Chase for the proposed issue. It is now adding domestic banks to that syndicate. According to the same report, a person familiar with the plan said the company wants local banking relationships, and that domestic institutions bring placement reach for an offering of this size. The same report published on 30 September 2026 says preparations are running to schedule.
EQT and Virtusa did not answer emails sent before that report went out. So treat every figure below as a reported number, not a confirmed one.
| What | Reported figure |
|---|---|
| Valuation being targeted | $7 billion, about ₹67,000 crore |
| Amount to be raised | At least $1 billion (Reuters, April 2026) |
| Target year for listing | 2027 |
| Banks already hired | Citigroup, Morgan Stanley, JPMorgan Chase |
| Indian banks | Being sounded out now |
| Owner | EQT AB |
| DRHP status | Not filed |
Who Virtusa is
Virtusa was founded in 1996 and is based in Massachusetts in the United States. It employs about 30,000 people across 32 countries. In India it runs IT delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai and Gurugram, so a large part of the workforce behind the company already sits here.
Why list in India and not on Nasdaq
Virtusa used to be a Nasdaq-listed company. Baring Private Equity Asia took it private in 2021 in a deal worth about $2 billion. EQT gained control in 2022 when it merged with Baring Private Equity Asia. Set the 2021 take-private value against the valuation now being discussed and the arithmetic is simple: $7 billion is about three and a half times $2 billion.
The reason given for choosing Mumbai is valuation. The report says Cognizant, a far larger IT services peer, is also looking at an India listing to capture higher local multiples. Indian listings of foreign-parented businesses have become a recurring theme this year. We covered one in late September, when Coca-Cola's India bottling arm was reported to be heading for a December draft filing.
What happens next
The next real milestone is a DRHP, the draft prospectus a company files with SEBI before an IPO. That document carries the actual issue size, the split between fresh shares and the offer for sale, how much of its stake EQT intends to sell, and three years of financials. SEBI usually takes one to three months to review a draft, and its approval then stays valid for twelve months. On a 2027 target, a filing during 2026 is the thing to watch for.
Until that paperwork lands, the $1 billion figure from the April 2026 Reuters report can move in either direction. Confirmed filings show up on our upcoming mainboard IPO tracker, and every issue now open or lined up is listed on the mainboard IPO page.
