Virtusa, the global IT services firm founded in Sri Lanka in 1996 and backed by Swedish private equity firm EQT, is exploring an initial public offering in India that could raise at least USD 1 billion and value the company at USD 7 billion or more, according to sources cited by Reuters and republished by Colombo Gazette.
The IPO is expected to take shape after a roadshow planned for the second half of 2026, which will help determine the listing venue, valuation, deal size and timing. The listing itself could take place later in 2026 or extend into 2027. Citigroup, JPMorgan and Morgan Stanley have been engaged as advisors, with the possibility of additional firms joining the process.
Headquartered in Massachusetts but with a substantial Indian footprint, Virtusa operates in 32 countries and employs around 30,000 people, with delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai and Gurugram. If completed, the offering would rank among the largest Indian listings of the year — India has raised about USD 2.75 billion across 64 IPOs so far in 2026.
The deal would also provide EQT with an exit from one of its key Asian technology investments. EQT gained control of Virtusa in 2022 after acquiring Baring Private Equity Asia, which had taken the firm private from Nasdaq in 2021. EQT manages around EUR 270 billion in assets and recently raised USD 15.6 billion for its largest Asia-focused private equity fund.
Virtusa’s diaspora roots came back into Sri Lankan focus this week when longtime executive Shanil Fernando stepped down from the NDB board to focus on his role at the firm.
Source: Colombo Gazette (citing Reuters).
