Quest Global said to pick banks for $1 billion India IPO

Carlyle Group-backed Quest Global Services has secured bank underwriters for an upcoming initial public offering (IPO) in Mumbai with the potential to raise up to $1 billion, according to sources familiar with the matter. The engineering services firm, based in Singapore, has engaged Axis Capital Ltd., Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley and Citigroup Inc. to assist with the share sale, the sources revealed, declining to be named due to the private nature of the discussions.

The draft prospectus for the IPO, which could be filed by December, is expected to encompass a blend of new shares and existing investor stock sold, the sources added. However, details such as the size and timing of the offering remain under negotiation and may be subject to change, the sources noted. Neither Quest Global nor the participating banks have provided comment on the matter.

Quest Global was acquired by Carlyle in 2023, marking the exit of Bain Capital and Advent International. Prior to that, Hillhouse Investment Management Ltd. had acquired a minority stake in the company earlier this year, alongside a capital infusion and the purchase of shares from current shareholders, as per Bloomberg data.

India's market for new share sales has shown signs of recovery after a sluggish start to the year, with recent significant offerings including SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. In 2025, companies have raised approximately $7.3 billion through IPOs, down from a record $22.4 billion in all of 2025, according to Bloomberg data.

With over 23,000 employees across 20 countries, Quest Global provides engineering services to sectors such as aerospace and defense, automotive, energy, technology, healthcare and semiconductors, as stated on its website.