Quest Global Selects Banks for Upcoming $1 Billion IPO in India

Quest Global Services Pte, an engineering services firm backed by Carlyle Group Inc., is poised to enter the Indian public markets with a potential initial public offering (IPO) that could raise up to $1 billion. The Singapore-based company has enlisted a consortium of banks, including Axis Capital Ltd. and Morgan Stanley, to facilitate the offering, and a draft prospectus is anticipated to be submitted by December. This IPO is expected to incorporate a blend of new share issuance and sales from existing shareholders, though the specific details regarding size and timing remain under negotiation and may be subject to changes.

Carlyle’s investment in Quest Global earlier this year not only marked a transition away from Bain Capital and Advent International but also indicated robust investor confidence in Quest Global’s business model. Hillhouse Investment Management Ltd. further solidified its interest by acquiring a minority stake alongside a capital infusion, underscoring the enduring appeal of engineering services in a diversified industrial landscape. Quest Global’s operations span multiple high-growth sectors, including aerospace, automotive, and technology, which positions it well for sustained growth as demand for engineering services continues to rise globally.

Following a sluggish start to 2023, India’s IPO market appears to be regaining momentum, with approximately $7.3 billion raised year-to-date, signaling a revitalization after a previous record of $22.4 billion in 2025. Recent successful IPOs, such as those by SBI Funds Management Ltd. and Manipal Health Enterprises Ltd., suggest a positive shift in market sentiment towards new share offerings. This backdrop could serve to enhance investor interest in Quest Global’s IPO, as institutional and retail investors look for opportunities in a recovering market.

As Quest Global prepares for its market debut, the company’s workforce of over 23,000 professionals across 20 countries positions it effectively to leverage the upcoming industry demands in sectors crucial to global supply chains. Given the strategic backing from prominent investment firms and the broader positive trends observed in the Indian capital markets, this IPO could represent a significant opportunity for both investors and the company, fueling further expansion and innovation in the engineering services sector.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)