Temasek eyes stake in Quest Global at US$4.6 billion pre-IPO price

[MUMBAI] Singapore state investor Temasek Holdings is in advanced talks to buy a stake in Quest Global Services, a deal that will value the engineering services firm at US$4.6 billion, according to sources with knowledge of the development.

Temasek is planning a stake purchase of about 5 per cent in Quest Global in a pre-initial public offering (IPO) round, the sources said, requesting not to be named because the matter is private. Other backers could emerge as the discussions are ongoing and subject to change, the sources added.

Temasek declined to comment. Quest Global did not respond to a request for comment.

Quest Global is preparing for an IPO in India, joining a wave of companies tapping the country’s buoyant capital markets. The firm was last valued at US$1.8 billion when Carlyle Group acquired a stake in 2023, sources familiar said at the time.

Quest Global provides engineering manufacturing and services to companies in aerospace and defence, automotive, energy, tech, health care and semiconductors, according to its website. Quest is shifting its domicile from Singapore to India to facilitate a listing, the Economic Times reported in September. BLOOMBERG