Singapore-based Quest Global invites banks to pitch for US$1 billion India IPO: sources

[SINGAPORE] Carlyle Group-backed Quest Global Services has begun discussions with investment banks for a potential initial public offering in Mumbai that could raise as much as US$1 billion, according to people familiar with the matter.

The Singapore-based engineering services firm has held talks with bankers in recent weeks and is expected to appoint advisers soon, the people said, asking not to be identified because the deliberations are private.

The proposed IPO is expected to include a mix of primary shares and secondary sales by existing investors, the people said. Details including the size and timing of the offering remain under discussion and could change.

A representative for Quest Global did not respond to a request for comment.

Hillhouse Investment Management last month acquired a minority stake in Quest Global through a transaction that included a primary capital infusion as well as the purchase of shares from select existing shareholders. Carlyle acquired a significant minority stake in the company in 2023 in a deal that marked the exit of Bain Capital and Advent International.

India’s primary market has had a subdued start to 2026 following two record years for listings. About US$1.6 billion has been raised through IPOs this quarter, compared with US$2.3 billion in the same period last year and nearly US$11 billion in the previous quarter, according to data compiled by Bloomberg.

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Quest Global employs more than 21,000 people and provides engineering services across industries including aerospace and defence, automotive, energy, technology, health care and semiconductors, according to its website. The company operates in more than 18 countries. BLOOMBERG