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(Bloomberg) — Carlyle Group Inc.-backed Quest Global Services Pte has begun discussions with investment banks for a potential initial public offering in Mumbai that could raise as much as $1 billion, according to people familiar with the matter.
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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.
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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.
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A representative for Quest Global didn’t respond to a request for comment.
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Hillhouse Investment Management Ltd. 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.
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India’s primary market has had a subdued start to 2026 following two record years for listings. About $1.6 billion has been raised through IPOs this quarter, compared with $2.3 billion in the same period last year and nearly $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 defense, automotive, energy, technology, health care and semiconductors, according to its website. The company operates in more than 18 countries.
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