Private equity firm EQT is exploring a US listing for its technology services company Virtusa, said two sources familiar with the situation.

The company is actively engaging with bankers for the potential IPO, said the sources. Both sources added that JP Morgan is likely to be awarded the mandate as the left lead. Meanwhile, four to five other banks will also be part of the syndicate.

IPO roadshows are likely to commence in three to four months, said the first source adding that a dual listing is also being explored.

Both sources mentioned that EQT, which will exit through the listing, is targeting a valuation of at least USD 6bn. One of the sources noted that EQT received strong buyer interest last year. However, the private equity firm prefers the IPO exit route as it will yield higher returns.

The same source mentioned that Virtusa’s EBITDA was USD 300m in 2025 clocking 3% growth, with EBITDA margin growing to 17% in 2025.

The robust EBITDA margin growth, as well as the acquisition of engineering solutions firm SmartSoc, has given EQT increased confidence to market the Virtusa IPO with higher expectations, the second source opined.

In December 2025, Virtusa acquired Bengaluru-based SmartSoC Solutions to strengthen its semiconductor engineering capabilities, according to an official press release. The terms of the deal were not disclosed.

In February 2021, EQT (then known as BPEA) and its affiliated funds completed the acquisition and privatization of Virtusa (NASDAQ GS:VRTU), as per an official announcement.  JP Morgan Securities and Citi acted as financial advisors for Virtusa. BofA Securities served as financial advisor to EQT, it said.

Massachusetts-headquartered Virtusa is a global technology and engineering services company. It provides a broad range of services and solutions, including AI advisory and services, digital engineering, data and analytics, digital assurance, cloud and security, and managed services across industries such as financial services, healthcare, communications, media, manufacturing, and technology, according to its website.

JP Morgan declined to comment. EQT and Virtusa did not respond to request seeking a comment.